Tri Origin is Granted Extensions to Property Options
Aurora, Ontario--(Newsfile Corp. - June 17, 2014) - Tri Origin Exploration Ltd. (TSXV: TOE) ("Tri Origin" or the "Company") announces that the Company has amended property option agreements for its North Abitibi Project with Vista Gold Corp. ("Vista") and for certain claims held by Manicouagan Minerals Inc. ("Manicouagan") comprising its Sky Lake Project.
On January 20, 2010, Tri Origin entered into an option agreement with Vista Gold Corp. (the "Vista Agreement") whereby Vista agreed to transfer a 100% interest in its claims comprising the North Abitibi gold project to the Company. In consideration for the transfer, the Corporation must incur expenditures of $1.0 million on the North Abitibi property (the "Property") in order to fully vest its interest by January 20, 2015. The terms of the Agreement have been amended by extending the time period to incur $1.0 million of expenditures on the Property by two and one-half years from January 20, 2015 to July 20, 2017. In consideration for the extension, the Corporation has issued to Vista 1,000,000 common share purchase warrants (the "Warrants") with an exercise price of $0.05 per Warrant and expiring 24 months from the date of issuance. Each Warrant is exercisable into one common share in the capital stock of the Company.
On August 2, 2011, Tri Origin entered into an option agreement with Manicouagan Minerals Inc. (the "Manicouagan Agreement") to earn an undivided 51% interest in 2 claims comprising its 34 claim Sky Lake project by incurring a total of $200,000 of exploration expenditures on the claims by August 2, 2014. The terms of the Manicouagan Agreement have been amended by extending the time period to incur $200,000 of expenditures on the claims by one and one-half years from August 2, 2014 to February 2, 2016 for no further consideration.
The North Abitibi project is comprised of 16 claims covering an area of 7,076 acres. It is within the Abitibi Greenstone Belt, one of the world's most prolific metal-producing regions and approximately 40 kilometres west of the Casa Berardi gold mine in Quebec. The North Abitibi property is located within the same geological terrain as a number of past and currently producing gold and base metal districts and mines including Matagami, Joutel, Selbaie and the Detour Lake Mine. Two significant gold occurrences have been identified by previous drilling at North Abitibi. Additional drilling is required to determine if a resource can be delineated or if these zones exhibit economic potential.
The Sky Lake project consists of 24 claims 100%-owned by Tri Origin, 8 claims optioned from Kitrinor Metals Inc. and 2 claims optioned from Manicouagan Minerals Inc. all of which cover a number of gold occurrences within a 23 kilometre long portion of a well-mineralized belt of volcanic and sedimentary rock that lies midway between the past-producing gold deposits of the 2 million ounce Pickle Lake Gold District to the northeast and the Golden Patricia gold mine to the west. The geological environment being investigated by the Company strongly resembles that hosting the important 25 million ounce Bousquet-LaRonde Gold District in Quebec.
Planning is underway for continued exploration at both the North Abitibi and Sky Lake projects. The extension to the time frames for both agreements is of benefit to Tri Origin by allowing for more flexible allocation of its finances over the coming season.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.
CAUTIONARY STATEMENT: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
