TerraX Completes Airborne Geophysical Survey and Field Exploration Program at Northbelt Gold Property, Yellowknife, NWT; Interpretation of Assay Results Pending

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 22, 2013) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0) has completed its initial exploration programs on its wholly-owned Northbelt property in the Yellowknife gold camp, Northwest Territories. These programs included a detailed airborne magnetic, electromagnetic (EM) and radiometric survey as well as a three week field program. TerraX's initial field work concentrated on locating historical drill collars in the field, preliminary surface sampling and first-pass examination of the airborne EM anomalies. In addition, Terrax was able to locate drill core from 176 holes drilled by prior operators. One hole has been re-logged and re-sampled, with assay results pending.

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 property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable gold showings.

The airborne geophysical survey was conducted by Aeroquest Ltd. of Aurora, Ontario. The survey consisted of a total of 520 line km, comprised of east-west lines spaced 100 m apart, and two north-south tie lines 3 km apart. While only preliminary data has been received to date, the magnetic survey revealed a major magnetic high in the northern part of the property, as well as strong north-northeast anomaly orientations interpreted to be caused by both stratigraphy and structures. The preliminary radiometric count-per-second (CPS) data for potassium showed highs corresponding to granites, and several moderate strength north-northeast trending linear highs that could represent hydrothermal alteration along mineralized structures.

The EM survey revealed a 1.2 km long, north-trending conductor in the northern part of the property, 400 m of which is highly conductive. The source of this conductor is not apparent from surface examination, but numerous base metal occurrences are present in the general area (see below). A 4 km long, north-northeast trending intermittent conductor is present in the central part of the property, and an 800 m long conductor is present in the southern part of the property. Small amounts of graphitic sediments were noted in the central part of the property, and initial reconnaissance of the southern anomaly indicated that it likely has a structural association. Preliminary images of the geophysical data are provided on our website at www.terraxminerals.com.

Historical reports indicate that at least 463 drill holes have been drilled on the Northbelt property, including approximately 190 on the Crestaurum trend, 95 focused on other well defined structures in the southern part of the property, 80 on the base metal targets in the northern part of the property, and the remainder spread across the property. TerraX found the drill collar locations in the field for 123 of the Crestaurum holes, 29 of the 95 holes focused on structures in the southern part, 39 of the 80 holes targeted on base metals, and 39 of the other holes on the property. Many of the historical collars that were not located were drilled from winter ice over lakes and ponds; their locations are known with a considerable degree of accuracy as they were drilled from the same surveyed ground grids as drill collars that were located onshore.

All drill hole locations were recorded with a hand-held GPS and 155 of the most important holes in the southern part of the property were subsequently surveyed with a differential GPS to <1 m accuracy by Ollerhead & Associates Ltd. of Yellowknife. Precise knowledge of the location of historical drill holes will allow TerraX to twin specific holes and also to create accurate 3-D models where drilling is sufficiently dense. In many drill holes casing has been left intact and capped, offering the option of carrying out downhole geophysical surveys and wedging directly from holes with mineralized intersections.

A substantial amount of historical core from the Northbelt property is stored at a storage facility on the Giant mine site. Approximately 30 holes from the northern part of the property, drilled in 1973 and 1974, are present along with 86 holes drilled in the 1990's from the southern part of the property. Partial intervals (typically the ore intersections) from at least 60 Crestaurum holes drilled in 1985 were also preserved. TerraX moved five complete holes, the Crestaurum intersections and two pallets of core representing mineralized intersections from 1990's drilling to its own core facility in Yellowknife. The remainder of the Northbelt core at Giant will be moved later this summer.

One hole (NB95-16) was completely re-logged and re-sampled (66 samples) with assay results pending. TerraX will also be able to re-log, re-sample and conduct extra sampling of the many drill hole cores discovered at the Giant mine site.

TerraX also conducted preliminary examination and sampling of selected mineralized structures, with 300 surface samples (grabs and chip samples) collected. The structural regime of the property is dominated by north to north-northeast (000 to 030° trending), sub-vertical 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 in the northern part of the property and less common in the southern part. In all cases these bands are interpreted to be structurally controlled. Galena and sphalerite predominate in these bands; arsenopyrite is common and chalcopyrite less so.

TerraX's geophysical survey and first round of fieldwork have set the stage for future work leading up to an initial drill program. The airborne electromagnetic anomaly in the northern part of the property is ringed by structurally controlled base metal showings. Once the final geophysical data is received and the data for this part of the property is examined in detail, it is anticipated that one or more excellent drill targets will emerge.

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."

On behalf of the Board of Directors

Joseph Campbell, P.Geo, President

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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.