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Acquisition And Exploration Update
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Vancouver, BC - Triex Minerals Corporation (TXM-TSX.V) (the "Company")
is pleased to announce it has expanded its holdings in the Athabasca
Basin, Saskatchewan by acquiring two claims immediately to the east of
its West Carswell property. The two claims cover 2,101 hectares and are
located 25 kilometres northwest along strike from Shea Creek and 15
kilometres southwest of the Cluff Lake mine, from which there is road
access through the claims. Maps are available at the Company's website
www.triexminerals.com.
The new claims cover the Harrison Fault, a regional shear zone which
runs along the eastern boundary of the West Carswell property. Drill
holes WC-001 and 004 were the closest to the fault of the four holes
completed during the 2006 program on the West Carswell property. Both
warranted follow-up drilling based on anomalous boron in more than 100
metres of Athabasca Group sandstone in Hole 001, and on extensive
brecciation and dissolution textures over more than 400 metres of
sandstone in Hole 004 (see September 20, 2006 News Release).
The Harrison shear zone will be explored on the new claims as the
possible control to the alteration evident in the 2006 drill holes. A
ground-based transient magnetotelluric geophysical survey (AMT) will be
done this summer to refine the position of the shear zone and identify
any associated conductors, followed by drilling planned for 2009.
A two-stage Option to Purchase agreement grants the Company an option
to purchase a 100% interest in the two claims from an unrelated private
company by:
(i) making a committed cash payment of $50,000 and issuing 50,000
common shares within 5 days of regulatory acceptance, and
(ii) making an additional cash payment of $225,000 on or before
November 1, 2009, with no further shares to be issued.
The vendor has retained a 2.5% royalty interest, with the Company
having the right to buy back three fifths for $1,500,000 at any time
prior to, or within six months after, the date commercial production
has been achieved on the claims.
The addition of the new West Carswell claims adds a top tier drill
target to the portfolio for 2009. At the same time, the Company has
notified Uranerz Energy Corporation that based on results from the
previous two years of exploration, the Company has terminated the
Cochrane River Option and Joint Venture agreement dated November 4,
2005. Further, Roughrider Uranium Corp. has been informed by Triex, as
Operator, that there will be no exploration program proposed for 2008
for the Wollaston NE property located north and east of the margin of
the Athabasca Basin, and immediately north of the Cochrane River
claims.
Exploration Update
Hornby Basin
Drilling has started for the Hornby Bay Basin 50:50 Joint Venture
program with Pitchstone Exploration Ltd. Two holes of a planned 18 hole
program are complete. Ground resistivity work on the Mountain Lake and
Dismal Lake properties was completed during camp set up.
This year's drilling is designed primarily to test for additional
deposits in the district, and should be completed before the end of
July. First-pass drilling of the Mountain Lake uranium deposit itself
was completed in 2006 and 2007.
Mann Lake
The second part of the winter drill program at Mann Lake ended in
April. Hole MN08-010 was completed to 752 metres depth. No significant
zones of radioactivity were encountered. A fixed-loop EM conductor that
occurs on Marean Lake along the east-west structure that transects the
property remains to be tested. Holes MN06-002 and 005 which intersected
elevated boron, and clay-altered Athabasca Group sandstone, are located
along this structure to the east of the lake (see photos at
www.triexminerals.com).
The property is located 25 kilometres southwest of Cameco Corporation's
McArthur River mine. The Company is Opertor and has a 60% interest in
the property, in Joint Venture with Consolidated Abbadon Resources Ltd.
Dr. Allan Armitage, Ph.D., P.Geo., Vice President - Exploration of
Triex, is a Qualified Person as defined by National Instrument 43-101,
and is responsible for program design and quality control of
exploration undertaken by the Company. This release has been reviewed
by Dr. Michael Gunning, Ph.D., P.Geo., President of Triex and a
Qualified Person as defined by National Instrument 43-101.
Triex Minerals Corporation is a Canadian junior exploration company
with a diverse portfolio in three districts. The exploration budget for
2008 is approximately $5.4 million, primarily for drilling. The current
focus is on early-stage drill projects in the Athabasca Basin which
have the potential for world class grade and thickness intersections,
and on advancing the resource at the Mountain Lake deposit in Nunavut.
TRIEX MINERALS CORPORATION
"Michael Gunning"
Michael Gunning, President
For further information please contact Investor Relations at
604-687-6680 or info@triexminerals.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for
the adequacy or accuracy of the contents of this news release.
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Copyright (c) 2008 TRIEX MINERALS CORPORATION (TXM) All rights
reserved. For more information visit our website at
http://www.triexminerals.com/ or send mailto:info@triexminerals.com
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