Osisko Renews Option on Tri Origin's RLX Property, Red Lake, On
FSC / Press Release
Osisko Renews Option on Tri Origin's RLX Property, Red Lake, Ontario
Aurora, Ontario CANADA, February 06, 2013 /FSC/ - Tri Origin Exploration Ltd. (TOE - TSX Venture)("Tri Origin" or the "Company") is very pleased to announce that Osisko Mining Corporation ("Osisko") has advised the Company that it intends to renew its earn-in option on the Company's 100%-owned Red Lake Extension ("RLX") property at Red Lake, Ontario. The second year of the option commences February 16 and allows Osisko to earn an equity interest in the property by funding exploration programs at RLX over a four year period.
Robert Valliant, CEO of Tri Origin stated, "We are very excited that Osisko continues to recognize the exploration potential of the RLX property and will continue to support Tri Origin in its efforts to unlock this potential. Osisko's significant expertise in the gold mining business will be of great benefit to our search for gold at Red Lake in the coming year."
As per the terms of the agreement, a first year expenditure commitment of $600,000 was met by Osisko and the second year calls for a further $800,000 exploration expenditure. Tri Origin operated the project during year 1 and Osisko has indicated that it would like Tri Origin to continue to operate the project during year 2. Osisko has the right to earn an initial 51% interest in the property by funding $5.0 million on exploration over a 4 year period commencing February 16, 2012 and by paying Tri Origin a total of $800,000 in cash during the period. If these conditions are met, Osisko will then have the right to either earn up to a total of 65% interest in the property by completing detailed deposit delineation and a bankable feasibility study or to enter into a 51% Osisko-49% Tri Origin joint venture to further explore the property. Osisko also has the option to become operator at any time during the future term of the agreement.
The RLX property covers an area of 141 square kilometres along the south-eastern extension of the Red Lake greenstone belt and adjoins Goldcorp's Red Lake mine property 10 kilometres southeast of the Red Lake Mine. Tri Origin has conducted regional geological, geophysical, geochemical and drilling programs at RLX. This work has successfully established that the important gold hosting rock units and structures of the Red Lake District extend across the property and has resulted in prioritization of target areas that now require detailed exploration. The agreement with Osisko will allow detailed exploration to proceed with expedient and full evaluation of selected target areas within this large, well-located property that, prior to Tri Origin, had not been explored for gold.
The second year exploration programs are now being planned and budgeted. It is anticipated that a new phase of field work will commence this winter. Shareholders will be informed of upcoming activities.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec which is anticipated to produce approximately 500,000 ounces of gold during 2013, and is pursuing exploration and resource delineation on a number of properties, including the Hammond Reef Gold Project in north-western Ontario and the assets of recently acquired Queenston Mining Inc. near Kirkland Lake, Ontario. Osisko employs more than 700 individuals.
For further information about Tri Origin, please refer to the Company's website www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President Tri Origin Exploration Ltd. Tel: (905) 727-1779 E-mail: firstname.lastname@example.org
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 the Canadian Shield. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in its affiliate, TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.
To view this press release as a web page, click onto the following link: http://www.usetdas.com/pr/triorigin06022013.htm
Provider ID: 00021069 -0- Feb/06/2013 14:59 GMT