TerraX Minerals Inc. announced that it has won a competitive bid to acquire the Northbelt claims in the Yellowknife area of the Northwest Territories, Canada. The property consists of 121 leases totaling 8,802 acres (3,562 hectares) which cover approximately 13 km of strike along the prolific Yellowknife Belt, 15 km north of the city of Yellowknife. The property abuts the Giant Mine property (historical production of 7.6M oz Au, source: Guide to Mineral Deposits, Northwest territories, 2007), and is directly north of the mine along the known mineralized trend.

Many of the geological characteristics of the property are reported to be similar to the Con Mine (historical production of 5.5M oz Au, source: Guide to Mineral Deposits, Northwest territories, 2007), which is the second largest gold producer on the belt. It contains several known occurrences, including the Crestaurum deposit, which has an historic resource of 290,000 tonnes of 7.52 g/t Au (source: Treminco Annual Report, 1990). TerraX believes the historic resource is relevant but investors are cautioned that the estimate was prepared before the introduction of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

A Qualified Person has not completed sufficient exploration work nor conducted an examination of past work to define a resource that is currently compliant with NI 43-101. The property was offered for sale by Samson Belair/Deloitte & Touche Inc., acting as receiver of the assets of Century Mining Corporation, which had acquired the ground in 2005 and was subsequently put into receivership on May 29, 2012 by its secured lender. The financial difficulties of Century Mining Corporation were mostly due to production losses at its Sigma-Lamaque property in Quebec, Canada.

TerraX has agreed to pay $211,000 to acquire 100% ownership of the mining leases with no retained interest by any outside parties. The acquisition is subject to a due diligence period that expires on January 31, 2013 following which TerraX will announce its exploration plans for the property, should its due diligence prove satisfactory.