FOR
IMMEDIATE RELEASE:
MAY
16, 2007
Tri
Origin Issued Additional Shares in Subsidiary and Australian Activities Gearing
Up.
Tri
Origin Exploration Ltd. (TOE:TSX-V) is pleased to announce
that the remaining 2,750,000 performance shares held in its Australian
subsidiary Tri Origin Minerals Ltd (TRO) have been converted to ordinary shares
in TRO. The conditions of conversion for all 11.5 million performance shares
originally held by TOE were met as per TOE’s news release dated December
13th, 2006 however the conversion of the final 2.75 million was
subject to Australian Corporations Act rules. As a result of this final
conversion, TOE holds 49,037,010 ordinary shares in TRO representing 50.99% of
TRO’s issued capital.
TRO, as part of its
long term business strategy, continues to explore the Lachlan Fold Belt of New
South Wales while also progressing the bankable feasibility study on its
Woodlawn Zinc-Copper Projects.
At Woodlawn TRO has appointed key consultants to
advance both the bankable feasibility study and statutory approval process for
the Woodlawn Underground and Woodlawn Retreatment Projects.
The bankable
feasibility study is on schedule for completion in first quarter 2008.
The Woodlawn
Underground Project component of the study is evaluating the opportunity to
mine and treat around 440,000 tonnes per annum of ore. The Woodlawn Retreatment
Project will be evaluated as part of the bankable feasibility study on an
integrated basis to treat up to 10 Mt of tailings. The combined projects would
produce in the order of 120,000 tonnes per annum of concentrate.
The Company has
appointed Intermet Engineering Pty Ltd (Intermet) to act as the overall
managing contractor (study manager), with all other activity areas reporting
into the Intermet study process. Tri Origin will manage specialist areas, which
will also feed into the Intermet final report.
Intermet is an
experienced mineral project study management group and in the past has managed
a number of feasibility studies and plant construction developments similar to
Tri Origin’s projects.
Tri Origin has
appointed Parsons Brinckerhoff as manager for the Part 3A Environmental
Planning & Assessment programme.
Parsons Brinckerhoff is
highly experienced in assisting clients to address community and environmental
issues, and provides environmental and other services to some of the
world’s largest mining, petrochemical, power and manufacturing companies.
TRO has also announced
that it has commenced drilling at its Overflow zinc/copper/gold Project. This project
is centred over a belt of felsic volcanic rocks that is known to host
high-grade and gold rich base metal sulphide deposits - such as the emerging
Hera discovery and the now closed Mineral Hill Mine.
The Overflow Project is
located approximately 180 kilometres west of Dubbo and is a key exploration
tenement of the Company. In the past the property was in joint venture with
Triako Resources Ltd (Triako) prior to that company’s take over by CBH
Resources Ltd. An exploration priority of Triako was the delineation of
additional mill feed for its nearby Mineral Hill Mine prior to the mines
closure.
TRO will follow up on
work conducted by Triako around the Overflow Mine with the objective of scoping
the potential of the project at depth, rather than adding incrementally to the
existing mineralisation. Previously reported results from drilling by Triako
include TBB001 : 5 metres @ 7.61 g/t Au, 36 g/t Ag, 0.12% Cu, 2.24% Pb and
5.10% Zn and TBB008 : 10 metres @ 5 g/t Au, 16 g/t Ag, 0.20% Cu, 1.00% Pb and
1.40% Zn. These results and others adjacent to the old mine are encouraging and
show the exploration potential of the geological system.
The Company’s
core focus at Overflow is on greenfield
opportunities associated with extensive geochemical anomalism, and related
geophysical targets. Relatively shallow drilling conducted by previous
explorers in the 1970-80’s period at several of these targets has
identified numerous zones of elevated lead, zinc, copper, silver and gold in
oxidised ferruginous material such as drill hole BOBP9 drilled by Amoco
Minerals in 1982 which returned 10 m @ 0.14% Cu, 0.77% Pb, 0.2% Zn and 7g/t Au
from surface. TRO believes these targets have the potential to host significant
mineralisation at depth similar to other large deposits in the Cobar Basin.
A general characteristic of Cobar type deposits is a small surface footprint,
strong vertical continuity and a depleted-leached ferruginous to gossanous zone
above primary sulphide mineralisation. TRO plans to test several of these targets
to approximately 120 m below surface.
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.