FOR IMMEDIATE RELEASE:
April 2, 2007
Tri Origin Exploration Ltd (TOE: TSX-V) has
received notification from its 53.9%-owned Australian subsidiary Tri Origin
Minerals Ltd (TRO) that it has completed the prefeasibility study for the
Woodlawn Underground project at the past-producing Woodlawn zinc/copper/silver
deposit in NSW, Australia. Results were positive and TRO will immediately
commence a feasibility study which will define parameters required to re-develop
the Woodlawn Underground mine.
Management at TOE is encouraged by this
result and looks forward to the project being moved ahead as quickly as
possible with the definitive feasibility study.
The News Release as lodged to the Australian Stock
Exchange (ASX) by TRO is as follows:
WOODLAWN UNDERGROUND
PROJECT TO PROCEED TO FEASIBILITY
The Board of Tri Origin Minerals Ltd
(TRO) is pleased to announce to its shareholders that the Company has:
·
Completed the prefeasibility study for the
redevelopment of the Woodlawn Underground Project and will immediately commence
a definitive feasibility study;
·
Scheduled the feasibility study for completion during
the first quarter of next year;
·
Scheduled statutory development approval activities in
parallel with the feasibility study;
·
Secured the services of a very experienced and well
respected manager who has been appointed to the new position of General Manager
Development; and
·
Budgeted $2.6 million to complete the feasibility
study and $5 million to access the existing underground workings to ensure
study outcomes are to the requisite level of confidence.
WOODLAWN
The Woodlawn Underground Project comprises a zinc dominant polymetallic
deposit located approximately 40 kilometres south of Goulburn in New South Wales.
TRO is evaluating the redevelopment of the underground mine which as
previously reported has a total JORC (Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code, 2004 edition)) compliant
resource base of 10.1 Mt comprising 8.5 Mt of combined Measured and Indicated
resources grading 10.3% Zn, 1.8% Cu, 4.0% Pb, 0.53g/t Au and 85g/t Ag, with the
remaining resources being of Inferred status.
The prefeasibility study provided the initial assessment of the
potential to economically mine and treat these resources. Although not a
definitive study it identified key issues to be addressed during the definitive feasibility study.
The feasibility study will commence immediately and target:
·
An average annual
mine production rate of 440,000 tonnes per annum or greater;
·
An initial mine
life in excess of 8 years;
·
Production of
greater than 80,000 tonnes per year of concentrates; and
·
Underground
access to confirm operational and mine geotechnical parameters.
Gaining access to underground through existing development is a priority
of the Company to confirm mine geotechnical parameters within areas of remnant
mining to enable resources to be converted to reserves under the JORC code. Geotechnical
criteria have a significant influence on the proposed mining methods and
operating cost structure. Obtaining access will also enable the Company to
determine the condition of the mine and assist in the scheduling and costing of
various mine rehabilitation and other activities to the requisite level of
confidence.
Tri Origin has budgeted $2.6 million to complete the definitive feasibility
study and a further $5 million to gain access to the underground workings as
part of the evaluation process.
GENERAL MANAGER DEVELOPMENT
Mining engineer Richard Procter has joined the Company and will assume
responsibility for all group development activities. Richard, previously
known to both the executive and the Board of the Company, has more than 30
years industry experience.
In the short term he will be responsible for the management of the
definitive feasibility study for the development of the Woodlawn Underground Project.
Amongst the broad industry experience Richard brings to this role is
his expertise in the management of project development activities and
feasibility studies supported by his underground mining experience. His
appointment is significant for the Company and complements and further builds
Tri Origin’s technical services capability and judgement. As a manager,
consultant and executive in previous roles Richard’s experience in base
and precious metal mining projects spans Australasia, Africa, North and South
America, Europe and the Middle East.
In the past Richard has
worked in senior roles with Minproc Engineers, Avocet Gold Ltd, and Lonhro
Limited.
His management expertise is complemented with an MBA and a
bachelor’s degree in science, majoring in engineering (University of the
Witwatersrand, South Africa).
This news release can be publicly accessed
at www.asx.com.au under Listed Company
Documents filed by Tri Origin Minerals Ltd. 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 43-101.
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 53.9% equity interest in its subsidiary, Tri Origin Minerals Ltd.,
a publicly traded company listed on the Australian Stock Exchange under the
symbol TRO.