TerraX Collects 293 Grab and Chip Samples at Northbelt; Results Include Values Up to 49.3 g/t Au and 529 g/t Ag, >20% Pb and 9.44% Zn in Grab Samples

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 31, 2013) - TerraX Minerals Inc. (TSX VENTURE:TXR) (FRANKFURT:TX0) is pleased to report the results of initial surface sampling completed on its wholly-owned Northbelt property in the Yellowknife gold camp, Northwest Territories. The sampling program comprised a total of 293 samples, including 165 chip samples from 80 separate locations and 128 grab samples. The majority of the sampling was from structures identified at the Homer Lake area in the northern part of the property, with sampling also conducted on the Pinto structure in the eastern part of the property, the Jed structure in the central part of the property, on the southwestern extension of the Crestaurum deposit, and in several other locations (see maps on our website at www.terraxminerals.com). Results ranged from below detection to assay values of 49.30 g/t Au and 55.2 g/t Ag in one grab sample at Pinto and 529 g/t Ag, >20% Pb and 9.44% Zn in one grab sample from Homer Lake (see Table 1 below).

The first round of surface sampling by TerraX on the Northbelt property has generated very encouraging results from a number of structures. As noted by previous workers, the northern part of the property contains more base metals and silver than gold, whereas the southern part is more gold-rich. However, notable gold values have been obtained in the northern part, and locally high base metals and silver have been observed in the southern part. The initial interpretation is that in spite of the difference in mineralization styles between the northern and southern parts of the property, the overall structural regime is similar throughout the property, with most of the mineralization occurring in north-northeast trending structures. It may be important that auriferous north-northwest trending structures were noted at both Crestaurum Southwest and Homer Lake; the intersection of the two structural trends could be very significant.

Previous work and TerraX's initial fieldwork has shown that the structural regime of the property is dominated by north to north-northeast (000 to 030° trending), subvertical structures, with lesser north-northwest (typically 340°) structures. Structures observed on surface consist of 0.5 to 15 m wide zones of iron carbonate alteration, with or without sericite or chlorite. One or more quartz veins typically occur within the structure; such veins can be up to 1 m wide and have varying amounts of pyrite, arsenopyrite and base metal sulphides (galena, sphalerite, less commonly chalcopyrite). Bands of semi-massive sulphide up to 1 m wide are common within the structures in the northern part of the property and less common in the southern part.

Homer Lake Area

Six mineralized structures, labeled Structure 1 to Structure 6, were delineated during reconnaissance prospecting in the Homer Lake area in the northern part of the Northbelt property. Five of these trend north-northeast and the sixth trends north-northwest. Numerous precious and base metal values were obtained from these structures; each structure has at least one sample with ≥2 g/t Au or ≥100 g/t Ag, or both, and four of the six have at least one sample with greater than 5% of both Pb and Zn (Table 1). Structure 2 is the most predominant structure. It has been traced for 1,200 m and has a best chip sample result of 7 m @ 0.50 g/t Au, 90.2 g/t Ag, 4.25% Pb and 0.89% Zn. An intersection of 2.44 m @ 0.69 g/t Au, 162 g/t Ag, 9.95% Pb and 7.64% Zn from hole G-2, drilled in 1973, is interpreted to be from this structure, as is an intersection of 3.35 m @ 0.49 g/t Au, 90.4 g/t Ag, 3.77% Pb and 1.35% Zn from hole 92-1, drilled in 1992. Drill logs from historical holes suggest that a number of sulphide bearing structures exist which have not yet been recognized on surface by TerraX. A significant EM anomaly identified by TerraX's airborne geophysical survey earlier this year (see news release of July 22, 2013) occurs in the Homer Lake area, but none of the known mineralized structures are interpreted as the cause of the anomaly.

Pinto Area

The Pinto area in the southeast part of the property consists of at least three subparallel north-northeast trending structures. The northernmost, Pinto #1, is a 1 m wide quartz vein with local galena and chalcopyrite, surrounded by iron carbonate alteration. The structure is exposed in a series of trenches and pits over a strike length of 120 m. Grab samples from this vein returned the two highest gold assays from TerraX's sampling program, 49.3 and 38.5 g/t, and a chip sample assayed 2 m @ 7.15 g/t Au, 5.6 g/t Ag, 0.23% Pb and 0.20% Zn. The Pinto South zone, 1.5 km south of Pinto #1, likewise consists of quartz veins and iron carbonate alteration in a structure exposed in trenches and veins over a 300 m strike length. Gold grades up to 12.85 g/t were obtained from this zone, and a chip sample ran 1 m @ 4.76 g/t Au, 0.6 g/t Ag and 0.13% Zn. TerraX has not yet attempted to trace either of these zones beyond the historical pits and trenches. Importantly, neither zone has been drill tested. An intervening structure was followed for 150 m along strike but only returned a high of 150 ppb Au.

Jed Structure

The north-northeast trending Jed structure was sampled by TerraX over a strike length of 600 m. The best chip sample results were 1.40 m @ 16.85 g/t Au, 23.7 g/t Ag and 0.20% Pb in the northern part and 3.40 m @ 2.12 g/t Ag and 19.3 g/t Ag in the southern part. Historical drilling by the Con Mine in the 1940's confirms that the structure has a minimum strike length of 1,700 m, and is gold bearing over its entire length. The higher grade northern vein exposure trends into a lake and the vein can be seen to extend for at least 20 m further north under the water.

Crestaurum Southwest

Sampling was also completed on the southwestern extension of the structure that hosts the Crestaurum deposit. This northeast trending structure was sampled in three locations over a 200 m strike length, yielding a best chip sample result of 3 m @ 15.24 g/t Au, 3.9 g/t Ag, 0.44% Pb and 0.08% Zn, as well as a grab sample with 5.36 g/t Au, 43.2 g/t Ag, 3.11% Pb and 10.6% Zn. The main structure is cut by a number of northwest trending (340°) structures. One of these was sampled over a strike length of 80 m, producing a chip sample of 1 m @ 8.51 g/t Au and 0.3 g/t Ag, and a best grab sample result of 21.0 g/t Au and 0.3 g/t Ag. The intersection of the main northeast trending Crestaurum structure with the numerous northwest structures could provide a control on the interpreted high grade lodes defined in historical resource estimates made at Crestaurum.

Prospecting/sampling to date by TerraX has only covered a small portion of the property. TerraX is presently on site conducting a more detailed examination of historical drill core (see news release July 22, 2013). Compilation of previous exploration is continuing, and an additional prospecting program is planned for September. Access to potential drill sites will be examined at this time, in preparation for drilling.

Table 1: Selected Assay Results from June 2013 Sampling of Northbelt 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."

The Northbelt gold property encompasses 3,562 hectares on the prolific Yellowknife belt, 15 km north of the city of Yellowknife, and covers 13 km of strike on the northern extension of the geology that contained the Giant (7.6 Moz) and Con (5.5 Moz) gold mines. The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable gold showings.

On behalf of the Board of Directors

Joseph Campbell, President

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 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.