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Triax Resource Limited Partnership Announces Update on Monthly Redemption Feature

TRF General Partner Inc., the general partner of Triax Resource Limited Partnership, wishes to follow-up on its press release of September 9, 2002 which commented on the possibility of opening up the Partnership to full redemptions following the announcement by Canadian 88 Energy Corp. ('Canadian 88') of the prospective acquisition by Canadian 88 of all of the issued and outstanding shares of RMX Exploration Ltd.('RMX').

The Partnership has now learned that the proposed acquisition closed on October 4, 2002. As a result, the Partnership is now able to eliminate the 4% limit on monthly redemptions, and accordingly all units of the Partnership tendered for redemption in October will be redeemed.

The sale of RMX will not have an impact on the net asset value of the Partnership's units.

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.