Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

November 09, 2005 18:07 ET

Triex Provides Acquisition and Project Updates

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) -

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Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") is pleased to announce the execution of two exploration agreements regarding the expansion of its Wollaston NE Project, Saskatchewan and its Boulder Creek Project, Alaska. The Company is also pleased to provide an update on its West Carswell and Mann Lake Projects, both located in Saskatchewan.

Wollaston NE Project, Saskatchewan

Through a joint venture agreement with Uranerz Energy Corporation on its Cochrane River Property, Triex has expanded its Wollaston NE Property, located northeast of the Athabasca Basin in northern Saskatchewan. The Cochrane River Property consists of two Mineral Prospecting Permits. These permits adjoin the southern boundary of Triex's Wollaston NE Property and comprise a total of 67,480 hectares (166,747 acres). Cameco Corporation's Eagle Point Mine is located approximately 80 kilometres to the southeast (See www.triexminerals.com for property location).

Triex can earn an initial 60% joint venture interest in the Cochrane River Property by incurring $1,500,000 in exploration expenditures on or before May 1, 2008, and making cumulative cash payments of $75,000 in three annual installments of $25,000 each. Following earn-in, Triex has a second option to earn an additional 10% interest in the joint venture by incurring an additional $1,500,000 in exploration expenditures on or before November 1, 2009.

The detailed, helicopter-borne DIGHEM V geophysical survey for the Wollaston NE permits announced on October 25, 2005, will now be expanded to include four new grid areas on the Cochrane River permits. A total of 4,750 line-kilometres will be flown over a total of eight grid areas selected from previous exploration results (e.g. conductors, geochemical anomalies, etc.), as well as the location of major boundary zones from recent airborne magnetic surveys. There are numerous reported uranium occurrences within the expanded Wollaston NE project area. Ground geophysics will be conducted during the first quarter of 2006, with follow-up prospecting, mapping and geochemistry to be conducted during the summer of 2006.

Boulder Creek Project, Alaska

Further, Triex has executed a second joint venture agreement with Full Metal Minerals to expand the recently announced Boulder Creek Project, the largest known uranium deposit in Alaska (see Sept. 28, 2005 news release). This second agreement covers the McCarthy Marsh claims located approximately 25 kilometres to the southwest of Boulder Creek, and approximately 40 kilometres north of the coastal town of Elim. The property consists of 42 State claims covering 6,720 acres (2,720 hectares) of State Selected Lands on the Seward Peninsula, Alaska. By incurring exploration expenditures of US$1,000,000 over four years (ending April 1, 2009), and issuing 25,000 shares each year (totaling 100,000 shares), Triex can earn into an initial 65% joint venture interest in the property. Following earn-in, Triex has the option to increase its interest to 80% by incurring an additional US$750,000 in exploration expenditures on or before April 1, 2010, and issuing an additional 200,000 shares. Airborne geophysics and follow-up ground work is planned for the McCarthy Marsh claim block and surrounding area starting in the spring of 2006; budgets are pending formal program proposals.

The agreement in respect of the McCarthy Marsh property is subject to acceptance by the TSX Venture Exchange.

West Carswell and Mann Lake Projects, Saskatchewan

Compilation and planning is ongoing for winter exploration programs at the Company's West Carswell and Mann Lake properties in the Athabasca Basin, Saskatchewan. At West Carswell, SJ Geophysics Ltd. has been contracted to carry out ground-based moving loop and UTEM surveys over the MP anomaly. Permits are in-hand and work is planned for early December upon freeze-up. Hy-Tech Drilling Ltd. has been contracted for drilling, with mobilization set for early January. Approximately 4,000 metres of drilling are proposed for this property. At the Mann Lake Property, Patterson Geophysics Inc. has been contracted to complete ground-based moving loop EM surveys, and Robertshaw Geophysics Ltd. has been contracted to co-ordinate a concurrent ground-based gravity survey. Permits have been granted and mobilization is currently underway. Geophysical work will commence as soon as freeze-up is sufficient. Approximately 4,000 metres of drilling are proposed for this property upon completion of the ground geophysics.

Dr. Michael Gunning, Ph.D., P.Geo., Vice President Exploration of Triex Minerals, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex Minerals Corporation.

Triex is a Canadian junior exploration company focused on uranium opportunities in North America. Seven main projects span grass roots reconnaissance to advanced-stage resource delineation. For further information, including property locations, visit the Company's website at www.triexminerals.com.

TRIEX MINERALS CORPORATION

Robert F. Weicker, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Triex Minerals Corporation
    Robert F. Weicker
    Director
    (604) 687-6680
    (604) 687-1448 (FAX)
    www.triexminerals.com