TerraX Awards Drill Contract; Drilling to Commence in January at the Core Gold Area, Yellowknife City Gold Project

YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Dec 22, 2014) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) has awarded the drill contract for its winter drill program at the Yellowknife City Gold Project to Foraco Canada Ltd. of Yellowknife, with drilling scheduled to start in mid-January 2015. Drilling will be concentrated on the 5 km x 3 km "Core Gold Area" of high grade gold mineralization, defined by exploration in 2014, which hosts multiple gold bearing vein sets such as the advanced Crestaurum and Barney shear zones, as noted in large mineralized systems worldwide, and results that included:

• 22.42 m @ 6.35 g/t Au, inclusive of 5.16 m @ 18.40 g/t Au, at Barney Shear (the extension of the shear that hosts the Con and Giant Mines)
• 2.85 m @ 33.60 g/t Au, 3.07 m @ 13.84 g/t Au and 5.10 m @ 7.01 g/t Au near surface at Crestaurum
• Assays of 34.9, 75.8, 346 and 547 g/t Au in grab samples from the VSB Vein near Crestaurum, and
• Assays 878 and 712 g/t Au in grab samples from two more new veins near Crestaurum, and
• A grab sample with 126 g/t Au in veining within a new shear in the Core Gold Area, between Barney and Crestaurum, that is 300 m north of a grab sample grading 44.3 g/t

A map outlining the YCG and the Core Gold Area is now available on our web site under "The Yellowknife City Gold project" at www.terraxminerals.com.

View Yellowknife City Gold Project Video at: http://juniorresourcemedia.com/terrax/

Foraco was chosen over nine other companies that put in competitive bids for the drill contract. In addition to being cost effective, well qualified and capable of carrying out the program, Foraco has the added advantage of having an operational base in Yellowknife. This will significantly reduce logistical demand on the drill program, and will provide direct employment and economic impact to the local communities, something of great importance to TerraX as it moves the Yellowknife City Gold project forward.

To prepare for the 2015 drill program, TerraX has initiated a road repair program on the main access road that extends from the southern property boundary up to the Crestaurum deposit. A contract has been awarded through competitive bid to Aurora Telecom Services, again a locally based company. The Yellowknife City Gold project has all weather road access from Yellowknife city to the southern boundary of the property. Repairs will take place from that point to the Crestaurum deposit on the access road (approximately 7 km). The work will be to repair rutting and culvert washouts that have accumulated over the 70 year life of this road. Following repair the road will be suitable for light vehicle usage into the center of the Core Gold Area, greatly facilitating drill program logistics.

It should be noted that, due to their selective nature assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area. The technical information contained in this news release has been approved by Joseph Campbell, President of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About the Yellowknife City Gold project

The Yellowknife City Gold ("YCG") encompasses 94.9 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada - and the least explored.

The project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and high grade drill results this year that serve to indicate the project's potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.

For more information on Yellowknife City Gold, please visit our web site at www.terraxminerals.com.

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.