Last updated on April 21, 2014 at 5:04 EDT

TerraX completes Due Diligence and agrees to Purchase of Northbelt Gold Mining Leases near Yellowknife, NWT

February 5, 2013

Frankfurt: TX0

VANCOUVER, Feb. 5, 2013 /PRNewswire/ – TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed a positive due diligence study and plans to proceed with
the purchase of the Northbelt leases (the “Property”) in the
Yellowknife area of the Northwest Territories, Canada. Closing of the
acquisition is scheduled for mid February, 2013 and is subject to
receipt of a vesting order from the Superior Court of Quebec as the
Property forms part of the assets of Century Mining Corporation which
is currently under the receivership of Samson Belair/Deloitte & Touche

The property consists of 121 leases totalling 8802 acres (3562 hectares)
which cover approximately 13 kilometres of strike along the prolific
Yellowknife Belt, 15 km north of the city of Yellowknife (see our news
release of January 2, 2013). TerraX is purchasing an unencumbered 100%
ownership of the Property (no private royalties or option payments, no
assessment requirements) with low annual maintenance fees. Our due
diligence included review of historic information obtained from Giant
Yellowknife Mines and currently filed at the NWT Geoscience Office in
Yellowknife. TerraX’s due diligence studies revealed an abundance of
information confirming that the Property is underlain by highly
prospective geology with substantial potential for discoveries of
economic deposits. TerraX technical staff is currently in Yellowknife
reviewing and verifying this data, the results of which will be
announced when complete.

Access and logistics for the project are excellent. There are no known
substantial environmental liabilities associated with the Property. The
southern part of the Property is accessible by road and the remainder
is accessible by all terrain vehicles. Northbelt is situated on the
northern strike continuation of the Yellowknife gold camp, immediately
west of the major break controlling gold mineralization within the
camp. This spatial location is host to all known gold deposits in the
Yellowknife camp, including the past producing 7.6 Moz Giant and the
5.5 Moz Con mines. The Property is host to multiple shears that are the
recognized hosts for gold deposits in the Yellowknife camp, and it
contains innumerable gold showings. Known mineralization on the
Property contains free milling gold.

TerraX has reviewed information on the property tenure, permitting,
property access, and much of the historical technical data; all of
these issues were deemed satisfactory for TerraX to proceed with the
purchase. Our review of technical information revealed that 300-400
historical drill holes were completed on the Property between 1945 and
1996, mostly concentrated on the Crestaurum deposit (approximately 200
holes) which was staked in 1944 with the discovery of the outcropping
deposit. Subsequent exploration revealed numerous other sub-parallel
structures hosting gold occurrences along the main camp ‘break’. In
addition, a precious metal (Au, Ag) enriched base metal (Zn/Pb +/-Cu)
play was identified in the northern part of the Property.

The technical information contained in this news release has been
approved by Joseph Campbell, the President of TerraX, who is a
Qualified Person as defined in “National Instrument 43-101, Standards
of Disclosure for Mineral Projects.”

TerraX Minerals Inc. is also one of the major landholders of prospective ground in the
burgeoning Marmion Batholith gold district near Atikokan, Ontario, host
to Osisko Mining Corporation’s (TSX: OSK) Hammond Reef gold deposit
which contains a National Instrument 43-101-compliant global inferred
resource of 530.6 million tonnes at 0.62 grams per tonne Au (10.52
million ounces gold). The Osisko Technical Report on this project is
available on SEDAR. TerraX is actively exploring three wholly-owned
gold exploration projects, the Sunbeam-Pettigrew, Central Canada and
Blackfly properties, all of which are located within 20 km of the town
of Atikokan, 180 km west of Thunder Bay, and are within 19 km of the
Hammond Reef gold deposit. In addition TerraX holds the Stewart
property in Newfoundland which contains targets for porphyry Au-Cu (111
m of 0.13 g/t Au and 0.05% Cu at Stewart showing) and epithermal Au
mineralization (up to 59 g/t Au and 2290 g/t Ag at Forty Creek).

On behalf of the Board of Directors


Joseph Campbell, P.Geo

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.

This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Important
factors – including the availability of funds, the results of financing
efforts, the completion of due diligence, approval of the Quebec
Superior Court in respect of the acquisition of the Property and the
results of exploration activities – that could cause actual results to
differ materially from the Company’s expectations are disclosed in the
Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

SOURCE TerraX Minerals Inc.

Source: PR Newswire