TerraX Options Sunbeam-Pettigrew Gold Property, Atikokan Area, Northwest Ontario



    TSX-V Symbol: TXR

    VANCOUVER, April 16 /CNW/ - TerraX Minerals Inc. has entered into an
option to acquire a 100% interest in the Sunbeam-Pettigrew gold property in
northwest Ontario. The property consists of 27 claims totalling 350 claim
units (~55 km(2)) located 25 km northeast of the town of Atikokan, 180 km west
of Thunder Bay and 15 km from Brett Resources' Hammond Reef deposit, which
contains a National Instrument 43-101 compliant resource of 141.5 Mt @ 1.05
g/t Au (approximately 4.8 Moz Au). The geology and known mineralization on the
Sunbeam-Pettigrew property are similar to the Hammond Reef deposit where Brett
Resources (TSX-V: BBR) has reported wide zones of mineralization, such as
154.5 m @ 1.21 g/t Au.
    The option agreement provides for an immediate non-refundable payment of
$10,000 to the vendors, followed by a due diligence period that ends on May
30, 2009. TerraX can earn a 100% interest in the property over a three year
period by making option payments totalling $210,000, issuing 600,000 shares,
and funding $450,000 of exploration and development work. The vendors will
retain a 2.5% NSR, 1% of which can be purchased by TerraX for $1,000,000. An
annual pre-production royalty of $20,000 will also be in effect, commencing on
April 15, 2013.
    The property occurs in the Archean Marmion Batholith, which contains a
number of phases, varying from tonalite to quartz diorite. Gold mineralization
is associated with northeast-trending lineaments traceable for up to 80 km
within and along the margin of the batholith. The lineaments are thought to
represent faults or shear zones. Mineralization occurs in and adjacent to
quartz vein systems within the shear zone, and is associated with pyrite and
alteration consisting of sericitization, saussuritization, carbonatization and
chloritization. The Hammond Reef deposit occurs on the western edge of the
Marmion Batholith.
    The Sunbeam-Pettigrew property occurs in the central part of the
batholith, 15 km from the Hammond Reef deposit. The property contains two
northeast-trending intermittently mineralized zones: the so-called
Sunbeam-Atiko Shear Zone and the Pettigrew-Jack Lake Shear Zone. Both shear
zones contain significant gold occurrences, including past producers, over
approximately 15 km of strike length. Historic gold values from these showings
reportedly range from less than one gram per tonne to 898 grams per tonne
(sample collected by Ontario Geological Survey). The majority of the previous
work on the property was around 1900; exploration activity since then has been
highly intermittent, and no work has been completed since 1990. A 1982 drill
hole on the property intercepted 8.5 m @ 4.8 g/t Au, including 1.8 m @ 15.8
g/t Au. The presence of regional shear zones as controls on mineralization
does not appear to have been recognized during previous exploration, and all
previous work was concentrated on exposed quartz veins. Exploration for a
large low grade deposit similar to Hammond Reef has not been undertaken.
Although the over-riding target for TerraX is a large, low grade gold deposit,
the grade reported from some of the showings on the property suggests that a
smaller, higher grade deposit might also be present.
    TerraX's initial plans for the property include following up known
mineralization and mapping/prospecting of structural targets. The discovery of
the Rubble showing (up to 48.6 g/t Au grab sample) during staking in 2008
attests to the strong possibility of finding additional mineralization at
surface on the property. Results from a government-sponsored airborne magnetic
survey, justified in part by the results of Brett Resources' exploration, will
be released in the next several months. This data should help TerraX develop
additional targets on the property.
    The technical information contained in this news release has been
verified by Dr. Tom Setterfield, PhD, PGeo., Vice President Exploration, who
is a Qualified Person as defined in "National Instrument 43-101, Standards of
Disclosure for Mineral Properties." Closing of the proposed transaction is
subject to satisfactory completion of due diligence by TerraX and to
acceptance for filing by the TSX Venture Exchange.

    
    On behalf of the Board of Directors

    "Stuart Rogers"

    Stuart Rogers
    Chief Financial Officer


    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    





For further information:

For further information: Stuart Rogers, Tel: (604) 689-1749,
www.terraxminerals.com

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TerraX Minerals Inc.

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