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TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has received assay results from the seven holes drilled in December 2010/January 2011 on its Blackfly gold property near Atikokan, Ontario. At Blackfly Northeast, where TerraX drilled two holes, hole BF11-11 intercepted 2.0 m of 10.96 g/t Au, including 0.7 m of 29.8 g/t Au, at a vertical depth of 93 meters. Drilling is continuing at the nearby Sunbeam-Pettigrew property.

The Blackfly property consists of five claims totaling 10.1 sq km, straddling the western margin of the Archean Marmion Batholith, in a similar geological environment to the Hammond Reef gold deposit, presently being explored by Osisko Mining Corporation. The Hammond Reef deposit 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).

TerraX completed two drill holes in the northeastern portion of the Blackfly property, testing along strike from a TerraX drill intersection of 1.47 m @ 2.7 g/t Au in hole BF10-05, which was obtained from veins within a distinct, highly magnetic mafic intrusive. The holes were collared 75 m on either side of BF10-05. Both holes intersected mineralization within the same geological setting, presumably part of the same structure. BF11-11, drilled northeast of BF10-05, had an intersection of 2.0 m of 10.96 g/t Au, which includes 0.7 m @ 29.8 g/t Au with an adjacent sample of 1.3 m @ 0.821 g/t Au. Hole BF11-12, drilled southwest of BF10-05, returned 1.4 m @ 0.452 g/t Au on this same structure. This hole also had isolated intersections of 3.34 m @ 0.396 g/t Au and 0.76 m @ 0.777 g/t Au related to individual quartz-ankerite veins. The mineralized structure is open along strike and down-dip, and will be the target of future drill testing.

Previous work in the southern part of the property has established that there are two mineralized trends, Blackfly Main and Blackfly Northwest. Blackfly Main is a narrow, locally high grade system which has returned grab samples up to 167 g/t Au and drill intercepts up to 1.07 m @ 15.1 g/t Au. Blackfly Northwest is wider and lower grade, of a similar style to mineralization in the Hammond Reef deposit. It has returned grab samples up to 2.08 g/t Au and drill intersections up to 8.26 m @ 0.94 g/t Au. Five holes were drilled in this area but the first hole was abandoned so only four holes were completed, intersecting both mineralized zones.

The Blackfly Main vein system was recognized in two of the holes. In hole BF10-07, multiple quartz-ankerite-sericite-pyrite veins returned 1.1 m @ 361 ppb Au. In hole BF10-09, the structure occurs as a 0.8 m shear zone which ran 82 ppb Au. The vein system was not recognized in the other two holes. These results corroborate surface observations that the thickness and grade of this vein system fluctuate dramatically along strike; clearly the same behaviour occurs down dip. The Blackfly Northwest mineralized trend was recognized in all four holes. In hole BF10-07A it is a pyrite-rich shear zone which returned 0.91 m @ 0.873 g/t Au. In hole BF10-08, the Blackfly Northwest trend is a quartz vein-rich zone which ran 12.06 m @ 77 ppb Au. In hole BF10-09 the zone produced 6.37 m @ 98 ppb Au. Hole BF11-10, drilled 50 m along strike from all previous drilling, generated two intersections which could plausibly be related to Blackfly Northwest: 3.75 m @ 611 ppb Au, and 2.16 m @ 124 ppb Au.

The Blackfly Main trend has now been identified on surface over a strike length of 345 m and drill tested over a strike length of 210 m. It has been tested by a total of seven holes, to a maximum vertical depth of 70 m. Although high grade in places, the trend is a challenge to quantify because it varies erratically in character. The Blackfly Northwest trend appears to be relatively continuous over the 210 m strike length of drill testing, to a vertical depth of at least 135 m. It contains significant widths of anomalous gold (true thicknesses up to 9.5 m encountered to date). Future exploration will concentrate on delineating higher grade portions of this mineralized trend.

Three holes have been completed at the Road prospect on the nearby Sunbeam-Pettigrew property and assay results are expected shortly. A further three holes have been completed at the AL198 prospect on Sunbeam-Pettigrew, where TerraX grab samples returned up to 16.2 g/t Au. Two holes are presently being drilled at the Roy prospect, where TerraX grab samples returned up to 3.83 g/t Au.

For more information on TerraX's properties, please visit our website atwww.terraxminerals.com.

The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."

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 Corporation's (TSX-V: 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. The Brett Resources Technical Report on this project 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 property in the Burin Peninsula, 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, including the past-producing Hope Brook deposit in Newfoundland.

On behalf of the Board of Directors

"JOSEPH CAMPBELL"

Joseph Campbell, P.Geo
President

Contact: Paradox Public Relations

Phone: 514-341-0408
Toll Free: 1-866-460-0408

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.
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