TerraX begins drilling at Blackfly Gold Property, Atikokan, Ontario

TSX-V: TXR
Frankfurt: TX0  

VANCOUVER, Nov. 30 /PRNewswire/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has commenced core drilling at its wholly-owned Blackfly gold project near Atikokan, Ontario, where previous TerraX drilling from the Blackfly Zone assayed 1.07 meters @ 15.1 g/t Au in a high grade quartz vein and 8.26 meters @ 0.94 g/t Au in a Hammond Reef style altered granite zone.  This follow-up drill program will test along strike and down dip of these mineralized zones and will consist of four holes totaling approximately 930 meters of diamond drill core.

Following the drilling on the Blackfly Zone, TerraX plans to test the Blackfly Northeast anomaly where previous TerraX drilling in the spring of 2010 identified a gold mineralized quartz diorite that returned assays up to 1.47 meters @ 2.70 g/t Au. This mineralized unit was subsequently encountered on surface during geological mapping in September 2010 and returned assays up to 1.80 g/t Au. This target will be tested down dip and along strike from the mapped exposures. The Blackfly Northeast target is a 1.6 km long by up to 200 m wide chargeability anomaly within an 8 km long airborne magnetic lineament.  This lineament contains the Blackfly Zone and an auriferous zone immediately northeast of the Blackfly property.  Alteration and anomalous gold values were noted on surface along the length of this anomaly during TerraX's 2009 field program. The Blackfly Northeast drill program will consist of two holes totaling approximately 310 meters of diamond drill core.

The Blackfly property consists of five claims totaling 64 claim units (~10.1 km²) located 10 km northwest of the town of Atikokan, 180 km west of Thunder Bay and 17 km from Osisko Mining Corporation's (TSX: OSK)  Hammond Reef gold deposit.  As does the Hammond Reef deposit, the Blackfly property occurs on the western edge of the Marmion Batholith.  The geology and known mineralization on the Blackfly property are similar to the Hammond Reef deposit and the Blackfly deposit appears to be along strike from Hammond Reef.

Once drilling is completed on the Blackfly property the drill will be moved to the Sunbeam-Pettigrew property to test four targets, including the Road Zone which had a historical drill intersection of 8.5 meters @ 4.8 g/t Au. It is expected that the Sunbeam-Pettigrew drill program will consist of approximately 1,500 meters of drilling. This drill program is scheduled to start in January 2011, following the Christmas break.

TerraX is also actively exploring its Central Canada property located to the south of the Sunbeam-Pettigrew property. Channel sampling of sheared and veined volcanics and felsic dikes is being completed on zones that returned gold grades in grab samples up to 39.6 g/t Au. Results of this channel sampling should be available before the end of the year and be used to plan a drill program on the Central Canada property in 2011.

For more information on the Blackfly property, as well as the other properties that TerraX will be drilling in the Atikokan area this field season, please visit the company's website at www.terraxminerals.com.

The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., Vice President Exploration, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties." The historic information provided has not been verified by TerraX and is for reference only.

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'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"

Joseph Campbell, P.Geo
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.

SOURCE TerraX Minerals Inc.