Mr. David Suda reports

TERRAX APPOINTS GERALD PANNETON AS EXECUTIVE CHAIRMAN; COMPLETES ACQUISITION OF GOLD MATTER CORPORATION

Terrax Minerals Inc. has completed the acquisition of Gold Matter Corp., as previously announced on Sept. 30, 2019. On closing, the company appointed Gerald Panneton, founder of Detour Gold, as the company's executive chairman and Louis Dionne, also formerly with Detour Gold, as a director. Joseph Campbell, former executive chairman, will remain a director of the company and serve as chief operating officer.

Concurrently with the completion of the acquisition, Mr. Panneton has subscribed for one million common shares of the company at a price of 36 cents per share for proceeds to the company of $360,000. Such shares are subject to a hold period of four months and one day.

Mr. Panneton stated: "The Yellowknife City gold project represents a very unique opportunity. I am as excited as I was for the Detour Lake acquisition 13 years ago. We look forward to resuming drilling as soon as it is possible on our two best targets, Sam Otto and Crestaurum. We are currently working on a [National Instrument] 43-101-compliant mineral resource estimate prepared by an independent group expected to be delivered in the fourth quarter of 2019. Our goal is to create value for our shareholders and we look forward to doing so on this amazing opportunity."

As consideration for the acquisition, the company issued five million common shares of the company to the shareholders of Gold Matter. The former shareholders of Gold Matter have agreed to a four-month hold on the Terrax shares issued to them, expiring on Feb. 21, 2020, with Mr. Panneton, the founder of Gold Matter, agreeing to a further eight-month hold (for a total 12-month hold), expiring on Oct. 21, 2020.

As a result of the acquisition, the company now holds a 100-per-cent undivided interest in the Mulligan project located in the province of New Brunswick made up of 12 mining claims comprising 413 units and covering 8,200 hectares, subject to a 2-per-cent net smelter returns royalty on production. The highlight of this property is an undrilled gold discovery at surface with a value of 5.67 grams per tonne gold over 16 metres. An IP (induced polarization) survey was just completed recently, and the company plans to drill test the project next summer.

Following the recent addition of Mr. Panneton as executive chairman for Terrax, Mr. Campbell has taken the role of chief operating officer. In this role Mr. Campbell will provide continuity for the company's exploration programs on the Yellowknife City gold project and he will continue his successful involvement with all local stakeholders.

About the Yellowknife City gold project

The Yellowknife City gold (YCG) project encompasses 783 square km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Terrax controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the city of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted 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 recent high-grade drill results that serve to indicate the project's potential as a world-class gold district.

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