Mineral Exploration And Option Agreement With Santa Fe Gold

SIERRA BLANCA, TX - Texas Mineral Resources Corp. (TMRC) reported the execution of a definitive agreement to negotiate and subsequently enter into a joint venture agreement with Santa Fe Gold Corp. to jointly explore and develop a target silver property which has been selected by TMRC among patented and unpatented mining claims held by Santa Fe Gold within the Black Hawk Mining District in Grant County, New Mexico.  Completion of a joint venture agreement is subject to the successful outcome of a multi-phase exploration plan leading to a bankable feasibility study to be undertaken shortly by TMRC. Under the terms of the joint venture agreement, TMRC would be the project operator and initially own 50.5% of the joint venture while SFEG would initially own 49.5%.