Further, Triex has executed a second joint venture agreement with Full Metal Minerals to expand the recently announced Boulder Creek Project, the largest known uranium deposit in Alaska (see Sept. 28, 2005 news release). This second agreement covers the McCarthy Marsh claims located approximately 25 kilometres to the southwest of Boulder Creek, and approximately 40 kilometres north of the coastal town of Elim. The property consists of 42 State claims covering 6,720 acres (2,720 hectares) of State Selected Lands on the Seward Peninsula, Alaska. By incurring exploration expenditures of US$1,000,000 over four years (ending April 1, 2009), and issuing 25,000 shares each year (totaling 100,000 shares), Triex can earn into an initial 65% joint venture interest in the property. Following earn-in, Triex has the option to increase its interest to 80% by incurring an additional US$750,000 in exploration expenditures on or before April 1, 2010, and issuing an additional 200,000 shares. Airborne geophysics and follow-up ground work is planned for the McCarthy Marsh claim block and surrounding area starting in the spring of 2006; budgets are pending formal program proposals.
The agreement in respect of the McCarthy Marsh property is subject to acceptance by the TSX Venture Exchange.