Communiqués de presse

Triax Resource Limited Partnership Unitholder Meeting

TRF General Partner Inc. (the General Partner"), the general partner of Triax Resource Limited Partnership (the "Partnership"), announces that it intends to call a meeting of the Limited Partners 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. Examples of alternative energy companies include Ballard Power, Plug Power and Unisource Energy. 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 add the ability of the Partnership to repurchase Units in the marketplace under certain circumstances; and

  3. To give the General Partner the flexibility to implement quarterly redemption rights.

Proposals 2 and 3 are designed to improve liquidity for Unitholders.

Currently, the Partnership's investment objective is to achieve capital appreciation primarily through investment in a diversified portfolio of equity or equity-linked securities of oil and gas and mining corporations based primarily in Canada. The revised investment mandate, which will be implemented by Altamira Management Ltd., will be unique in the Canadian marketplace, combining the best of the old economy energy companies with the growth prospects of the new economy. The General Partner expects to call the meeting in the third quarter of 2000.

As at May 26, 2000, the Partnership's net asset value per Unit was approximately $10.90.

For further information: Paul V. Dinelle, Senior Vice-President, Triax Capital Holdings Ltd., (416) 362-2929 or 1-800-407-0287