The net proceeds from this private placement will be used to accelerate exploration drilling currently underway on the Company's Blackfly, Sunbeam-Pettigrew and Central Canada gold exploration projects near Atikokan in northwestern Ontario as well as exploration of the Stewart gold-copper property in Newfoundland in early 2011.
About TerraX Minerals
TerraX Minerals Inc. is 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 inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au (approximately 6.7 million ounces of gold). The Brett Resources Technical Report on this deposit is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Blackfly and Central Canada 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. TerraX recently optioned the ~43 sq km Stewart gold-copper property in the Burin Peninsula of Newfoundland, which is part of the Avalon terrane, a geologic structure which can be traced from eastern Newfoundland through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia. The Avalon terrane hosts several epithermal/porphyry gold-copper deposits.
On behalf of the Board of Directors
Joseph Campbell, P.Geo
TerraX Minerals Inc. has agreed to increase the previously announced non-brokered private placement of 2,700,000 flow-through units to 4,727,565 flow-through units at a price of $0.30 per unit for gross proceeds of $1,418,270. Each unit will be comprised of one flow-through common share and one half of one non-flow-through warrant, with each full warrant entitling the holder to purchase an additional non-flow-through common share at an exercise price of $0.40 per share for a period of two years from the closing date of the private placement. Finders fees will be payable on a portion of this placement, which is subject to acceptance for filing by the TSX Venture Exchange.