TerraX Receives Drill Results from the Needle Gold Property, Nunavut

    TSX-V Symbol: TXR

    VANCOUVER, Oct. 24 /CNW/ - TerraX Minerals Inc. (TSX-V:TXR) has received
assay results from its recently completed drill program at the Needle Gold
Property in Nunavut, located approximately 460 km northeast of Yellowknife,
200 km southeast of the past producing Lupin gold mine owned by Zinifix Canada
Inc., and 70 km south of the George and Goose Lake deposits owned by Dundee
Precious Metals Inc. TerraX can earn up to a 60 percent interest in the Needle
Lake property from Kaminak Gold Corp (TSX-V:KAM).
    The 2008 exploration program comprised a five hole drill program that
tested extensions from the main Needle Gold Zone which was drilled by previous
workers in 1990. In addition, the drill program tested a new vein structure
identified during fieldwork conducted in 2007 by TerraX and a new style of
mineralization that was discovered on the property and consists of zinc and
lead-rich precious metal occurrences. No previous drilling had been completed
over these two new targets.
    Holes TXR08-001, 002 and 004 were drilled on extensions to the main zone
drilled in 1990. All holes intersected the mineralized zones where they had
been projected from previous drilling. Although these holes confirmed strike
and dip extensions to the main mineralized zone on the property, none of the
results were as high grade as previous drilling. TerraX's best intersection in
TXR008-004 (2.47 g/t Au over 3.25 m) is the most southerly drill hole on the
zone and indicates that the zone remains open along a 2 km magnetic trend. The
northern extension of the zone goes under Needle Lake and would require winter
drilling off the ice. TerraX will continue to assess the extensions of this
    Hole TXR08-003 tested the vein structure discovered by surface
prospecting. The hole intersected two narrow zones of quartz veining with
results of 1.17 g/t Au over 0.65 m and 1.03 g/t Au over 1.27 m.
    No significant mineralization was encountered in TXR08-005 which was
designed to test the zinc and lead precious metal occurrence. TerraX will
review the work done to date on this target to ascertain why it was missed in
the drilling, and to better target future exploration.

    2008 Needle Gold Assay Results

                                                                    Au Grade
    Hole No.        From (m)         To (m)       Interval (m)        (g/t)
    TXR08-001         40.15           48.62            8.47            0.44
    TRX08-002         80.35           83.05            2.70            0.80
    TXR08-003         22.00           22.65            0.65            1.17
          and         29.53           30.80            1.27            1.03
    TXRO8-004         34.60           37.85            3.25            2.47
          and         71.40           74.35            2.95            1.09
    TXR08-005      No significant values

    Drill holes were designed to intersect zones at right angles and reported
drill intercepts are approximately true widths.

    The contents of this press release have been reviewed and approved by
Joseph Campbell, P.Geo., TerraX's President and CEO, who serves as a Qualified
Person under the definition of National Instrument 43-101. Drilling assays
were completed at TSL Laboratories in Saskatoon, Saskatchewan. Reference
standards were inserted into the sample streams as part of a comprehensive
QA/QC program to ensure accurate results.

    On behalf of the Board of Directors

    "Joseph Campbell"

    Joseph Campbell, P. Geo

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Stuart Rogers, Tel: (604) 689-1749,

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