Press Releases

Triax Resource Limited Partnership Unitholder Meeting

TRF General Partner Inc. (the "General Partner"), the general partner of Triax Resource Limited Partnership (the "Partnership"), is pleased to announce that at a special meeting of the Limited Partners of the Partnership held on September 25, 2000, the overwhelming majority of Limited Partners approved two special resolutions proposed by the General Partner.

The first special resolution approves the amendment of the Partnership's investment strategy to provide the Partnership's investment advisor - Altamira Management Ltd. - with the ability to invest in a wider variety of issuers. This amendment will permit Altamira to try to take advantage of investment opportunities available in a number of businesses involved with or on the periphery of the energy business. These may include companies involved in the exploration, production, transportation and distribution of all forms of energies, including but not limited to oil, gas, electricity and alternate forms of energy, or in other related resource sector businesses.

The second special resolution grants the General Partner the authority to implement certain redemption rights for Limited Partners when the General Partner determines that the Partnership is capable of honouring redemptions without adversely affecting the Partnership. This determination depends largely on the timing of the disposition of the illiquid investments in the Partnership's portfolio. It is not anticipated that this redemption right will be implemented until after March, 2001.

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

For further information: please contact: Paul V. Dinelle, Executive Vice-President, TRF General Partner Inc., (416) 362-2929 or 1-800-407-0287