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Triax Resource Limited Parnership Announces Meeting of Limited Partners

November 2, 2001 - TRF General Partner Inc., the General Partner of Triax Resource Limited Partnership, announces that it has called a meeting of the Limited Partners to be held on January 23, 2002 to consider the implementation of a monthly redemption feature.

Under the proposal, the monthly redemptions would be limited to 2% of the units outstanding as at the beginning of the month, i.e., 24% annually. This "cap" would remain in place until such time as all the private companies in the portfolio have been disposed of or have sufficient liquidity in the opinion of the General Partner. The monthly redemptions will also be subject to a redemption fee of 2% of the net asset value of the units on the applicable redemption date.

The record date for the meeting is November 30, 2001 and meeting materials will be mailed to Limited Partners on December 20, 2001.

Triax Resource Limited Partnership trades on The Toronto Stock Exchange under the symbol TRF.UN.

For more information, please call the General Partner at (416) 362-2929 or (800) 407-0287.