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Tri Origin Enters into Abitibi Gold & Base Metal Exploration Alliance (newsfile)
Aurora, Ontario--(Newsfile Corp. - May 28, 2015) - Tri Origin Exploration Ltd (TSXV: TOE) ("Tri Origin" or the "Company") is pleased to announce that it has entered into a preliminary joint venture agreement with Sumac Mines Ltd. ("Sumac") a subsidiary of Sumitomo Metal Mining Co. Ltd. ("SMM") to conduct gold and base metal exploration in the Abitibi greenstone belt of Ontario.
The preliminary joint venture agreement is structured as an alliance whereby Tri Origin researches, acquires and explores properties under the guidance of a management committee formed from representatives of both companies. Initially, target areas are to be identified with Sumac funding the initial phase of work at these target areas to a maximum total expenditure of C$4.5 million. If results warrant, following the initial work the two companies will enter into specific joint venture agreements to conduct advanced exploration and project development at successful properties on a pro-rata funded basis. Tri Origin will be the initial operator during the preliminary Sumac funded phases of work. A nominal first year exploration budget of C$1.0 million including a minimum budget commitment of C$500,000 has been agreed to.
The Alliance will focus its search on high-grade and high-value gold and gold-rich, poly-metallic sulphide deposits in selected areas of the Abitibi Greenstone Belt of Ontario- one of the most prolific metal-producing areas in the world.
Preliminary target areas have been selected and programs of field and office-based research and data collection are being initiated. It is anticipated that exploration programs will commence by mid-summer. This Alliance provides a unique opportunity for Tri Origin to capitalize on its strategy of identifying and acquiring prospective, district-scale properties in well-mineralized mining areas and advancing these properties toward making new discoveries.
Tri Origin is pleased to participate with Sumac in its mineral exploration efforts and values Sumac's contributions to this Alliance. SMM, Sumac's parent company, is a Japanese firm engaged in gold and base metals mining, smelting and refining, manufacturing of semiconductor and advanced materials and other business. For more information about SMM, please visit www.smm.co.jp/E/
For 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 |
