Tri Origin Exploration Ltd

Published : December 10th, 2007

Feasibility Study Progress at Woodlawn, NSW

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FOR IMMEDIATE RELEASE:

 

December 10, 2007

 

FEASIBILITY STUDY PROGRESS AT WOODLAWN, NSW

 

Tri Origin Exploration Ltd. (TOE-TSX-V) is pleased to announce a progress update for the Woodlawn Zinc-Copper Projects, located 200 km southwest of Sydney, NSW, prepared by Bruce Robertson, Managing Director of Tri Origin’s 51% - owned Australian subsidiary, Tri Origin Minerals Ltd. (“TRO”) which is listed on the Australian Securities Exchange. 

 

Tri Origin is pleased with the progress made by TRO toward the completion of the Woodlawn Zinc-Copper Projects Bankable Feasibility Study (“BFS”).  As previously stated, the BFS is scheduled for completion during the 1st quarter of 2008.  As outlined in the following TRO update, work is progressing well and Tri Origin’s management looks forward to a promising outcome from the BFS.

 

SHAREHOLDER UPDATE - FROM THE MANAGING DIRECTOR OF TRO

 

As we approach the end of 2007 the Company is on track for completing a bankable feasibility study (BFS) for the Woodlawn Zinc-Copper Projects (WZP). Albeit we are a relatively newly publicly listed company having completed our IPO in January 2004, we will shortly make our first project development decision at the completion of the BFS.

 

Importantly, we see the current market capitalisation of the Company as a great starting point to build a substantial business for shareholders such that the business becomes more than the WZP through a series of strategic alliances and networks formed over time. In the July Shareholder Update we outlined a five-year pathway to build the market capitalisation of the Company, with stage one being the delivery of a BFS for the key WZP.

 

Through the progress made over the last number of months we will deliver the BFS in the first quarter of 2008.

 

The study is targeting a project development scenario which will provide maximum value to shareholders. This may ultimately entail an integrated project – being a retreatment operation (the Woodlawn Retreatment Project, WRP) and an underground mine and plant (Woodlawn Underground Project, WUP). These two operations could have a combined mill throughput rate close to 2 million tonnes per annum. Of this, the WRP is expected to contribute about 1.5 million tonnes per annum and the WUP around 400,000 tonnes per annum.

 


The scale of an integrated operation of this size would potentially produce an aggregate of greater than 140,000 tonnes of zinc, copper and lead concentrate a year, with a targeted initial mine life of eight years. The optimum approach to integrating the WUP and WRP will be defined in the BFS.

 

Tri Origin is planning to apply significantly different mining methods to the underground project than used in the past. During January mine design and scheduling activities for the underground project are scheduled to be completed. We have also finished a regional geological rock model for the underground project as part of this planning exercise, which is considered to provide significant further insight into the prospectivity of the geological sequences down plunge and adjacent to the currently defined WUP resources.

 

As well, an improved metallurgical approach with near final locked cycle test work in progress has been successful in producing concentrates from the WRP and applying these technology changes to the WUP will likely allow us to extract a greater proportion of the base metal minerals by way of concentrate from the higher grade underground resources than was achieved in the past. Although over 13 million tonnes of open pit and underground ore have been processed at Woodlawn in the past and provide a substantial benchmark, as part of the refinement process and in consideration of a potential increased metallurgical performance through the development of new technologies since mine closure, locked cycle test work for the WUP will commence early in the new year.

 

Geotechnical drilling has been completed for the two process plant sites, surface infrastructure and the underground portal design requirements, with confirmatory deep drilling underway.

 

In addition, the statutory approvals process has commenced, and we remain on track to secure approval in mid 2008. Under the State development planning guidelines the WZP has been designated a “major project” by the Government of New South Wales.

 

Unlike most new projects the company also has the benefit of being able to consider various risk management strategies through the integration of the two projects at Woodlawn. The operating cost structure of the integrated projects are expected to provide certain economies of scale gained from increased milling rates, with the option of blending concentrates from the WRP with those from the WUP. As a “brownfields” rather than “greenfields” project substantial capital cost benefits are expected from the existing infrastructure and services at Woodlawn.

 

We continue to pursue value-adding strategic partnerships and alliances, including offtake agreements for our products.

 

The company’s growth will also benefit the local community with up to 250 jobs expected to be created, generating economic spin-offs in the area for over a decade. A human resources strategy is being devised as part of the project evaluation and implementation process to ensure best use of this key resource.

 


Priorities for the next few months include advancing the BFS to a stage whereby the community consultation process can be advanced; drilling of the north tailings dam so that resources may be estimated and included in forthcoming production schedules; completing geotechnical work for the new mine decline and metallurgical drilling to confirm design criteria for the WUP; and continuing infrastructure and services studies, along with regional exploration drilling.

 

With the right people in place, a favourable long term metals outlook and a promising project in a great location, Tri Origin is well placed for another productive year in 2008 as we move up the value curve and towards production targeted for the third quarter of 2009.

 

On behalf of the board and management, I would like to extend our best wishes to all our shareholders for Christmas and New Year and look forward to your continued support in the year ahead.

 

Yours sincerely

Bruce Robertson

Managing Director

 

This release was prepared by Tri Origin Exploration Ltd. from information supplied by its subsidiary Tri Origin Minerals Ltd (TRO). TRO’s news release can be publicly accessed at www.asx.com.au under Listed Company Documents filed by TRO. TRO’s reporting of mineral resources, exploration results and qualifications of competent persons are in accordance with the 2004 Edition of the Australasian Code for Reporting of Exploration Results and the JORC Code of December 17, 2004. Although these codes may differ in some regards to Canadian Standards including NI 43-101, it is the opinion of TOE management that statements made in the TRO report are, in all material regards, compliant with NI 43-101standards.

 

 

 

 

 

For further information please contact:

Tri Origin Exploration Ltd.

Dr. Robert Valliant, President

Tel: (905) 294-9942

Web page: www.triorigin.com

E-mail: invest@triorigin.com

 

Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE.  Tri Origin has leveraged exposure to mineral discoveries in Australia through its 51% equity interest in its subsidiary, Tri Origin Minerals Ltd., a publicly traded company listed on the Australian Stock Exchange under the symbol TRO.

 

Tri Origin Exploration Ltd

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CODE : TOE.V
ISIN : CA89557L1031
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Tri Origin is a cobalt and nickel exploration company based in Canada.

Tri Origin develops cobalt, nickel, copper, gold, lead, silver and zinc in Australia, and holds various exploration projects in Australia and in Canada.

Its main assets in development are WOODLAWN UNDERGROUND and WOODLAWN RETREATMENT in Australia and its main exploration properties are OVERFLOW, CALARIE, LEWIS PONDS and WOODLAWN MINING DISTRICT in Australia and RED LAKE EXTENSION / CONFEDERATION, BURNTBUSH, COCHENOUR and CITADEL CUSTOM GOLD (SURLUGA) in Canada.

Tri Origin is listed in Canada and in Germany. Its market capitalisation is CA$ 20.9 millions as of today (US$ 16.8 millions, € 13.9 millions).

Its stock quote reached its highest recent level on April 05, 2007 at CA$ 1.39, and its lowest recent point on March 18, 2020 at CA$ 0.01.

Tri Origin has 99 370 000 shares outstanding.

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