TerraX Enters Acquisition Agreement for Additional Claims at Yellowknife City Gold Project

TerraX Minerals Inc. announces that it has entered into a purchase agreement with two arm's length parties for the purchase of two mining claims totaling 235 hectares (2.35 sq km) that will be incorporated into TerraX's Yellowknife City Gold Project.

The claims adjoin TerraX's Southbelt claim block and cover the mafic volcanic-granite contact immediately west and south of the Con Mine leases. The claims have potential strike extensions of gold bearing structures sampled by TerraX on its Southbelt property in the summer of 2015, where six of these structures returned gold values of greater than 0.5 g/t, with a high value of 94.9 g/t Au (see our news release of September 23, 2015).

Subject to acceptance for filing by the TSX Venture Exchange, TerraX will issue to the vendors 15,000 common shares each (a total of 30,000 shares) as consideration for the claims. The common shares will be subject to a four-month hold period in accordance with applicable securities laws. Each vendor will retain a 1.5% net smelter return on their claim, 1% of which can be purchased for $1,000,000.