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Triex Acquires Stony Road Property, Eastern Athabasca Basin,
Saskatchewan
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Vancouver, BC - Triex Minerals Corporation (TXM-TSX.V) ("Triex") and
Magnum Uranium Corp. (MM-TSX.V) ("Magnum") are pleased to announce that
they have entered into an Option/Joint Venture Agreement under which
Triex has the right to acquire up to a 70% interest in Magnum's
property in the eastern Athabasca Basin. Triex believes this property
has similar uranium potential as has recently been identified at the
Company's Pasfield Lake property, located to the southeast.
The Stony Road property consists of 15 contiguous mineral claims
covering a total area of 73,996 hectares, approximately 45% of a larger
claim block held by Magnum (see concurrent Magnum news release for
details). It is located on the northern extension of Highway 905 in the
northeastern part of the Athabasca Basin of northern Saskatchewan,
approximately 75 kilometres northwest of operating uranium mines at
McClean Lake and Rabbit Lake. The Company's website
(www.triexminerals.com) contains a property location map, and all maps
referenced below.
The Stony Road property is approximately 40 kilometres northeast from
Triex's Pasfield Lake property where recent drilling has confirmed the
presence of a basement uplift feature with more than 600 metres of
vertical relief (see Triex news release dated May 1, 2007). This uplift
feature is at the core of a prominent, eight kilometre in diameter
magnetic low that is located adjacent to the regional Cable Bay Shear
Zone. The Stony Road property shares the some key geological features
with Pasfield: it is centred on a regionally prominent magnetic low
approximately 12 kilometres in diameter that is associated with the
interpreted trace of the Cable Bay Shear Zone (see basin-scale magnetic
intensity map on website).
Triex will advance the Stony Road property using the same exploration
model developed to reveal the exploration potential at Pasfield Lake. A
$500,000 exploration program will be conducted this summer. Planned
work includes a 3-D Full Tensor gravity gradient airborne survey to
compliment the MEGATEM II airborne EM survey already completed by
Magnum (see Magnum news release dated September 5, 2006), detailed
geochemical surveys and prospecting, and a ground-based AMT survey
(audiomagnetotellurics) which proved effective in delineating both the
Pasfield Lake uplift feature and Cable Bay Shear Zone.
Triex can earn an initial 60% joint venture interest in the Stony Road
property by making a cash payment of $25,000 and incurring $1,500,000
of exploration expenditures on or before April 30, 2009. Triex can
increase its interest to 70% by incurring an additional $1,500,000 of
exploration expenditures on or before November 1, 2011, and making an
additional cash payment of $25,000. Upon completion of the earn-in
requirements, a joint venture will be formed with Triex as Operator.
This transaction is subject to receipt of all necessary regulatory
approvals.
Ross McElroy, P.Geo., Exploration Manager at 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 Triex
in the Athabasca Basin. 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 is a Canadian junior mineral exploration company focused on
uranium opportunities in North America. The company is working in three
proven districts, advancing eight projects which span grass roots
reconnaissance exploration to advanced-stage resource delineation. The
2007 exploration budget is $8.7 million.
Magnum is a Vancouver-based minerals exploration company focused on the
acquisition and development of uranium assets in North America.
Currently, Magnum's primary property holdings are located in the
Western United States, specifically Wyoming, Utah, Idaho, and New
Mexico, and in Canada's Athabasca Basin.
TRIEX MINERALS CORPORATION
"Michael Gunning"
Michael Gunning, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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Copyright (c) 2007 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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