Pour diffusion

Triax Resource Limited Parnership II Announces Meeting of Limited Partners

November 2, 2001 - Triax Resource (II) General Partner Inc., the General Partner of Triax Resource Limited Partnership II, announces that it has called a meeting of the Limited Partners to be held on January 23, 2002 to consider certain changes to the mandate and structure of the Partnership. The General Partner's proposals will include the following:

1. To grant Altamira Management Ltd., the Partnership's investment advisor, an expanded investment mandate to include companies that engage in the exploration, production, transportation and distribution of all forms of energies, and in companies that support them. This may include, but would not be limited to, companies in the oil and gas, electricity, pipeline and industrial sectors, and alternative energies. The expanded mandate is designed to take advantage of the following emerging investment themes: the BTU convergence, the environmental challenge, deregulation, privatization and consolidations.

2. To give the General Partner the authority to implement a monthly redemption feature. Under the proposal, the monthly redemptions will 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 II trades on The Toronto Stock Exchange under the symbol TXL.UN.

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