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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (522)	2/6/2013 10:12:46 AM
From: Goose94	Read Replies (1) \| Respond to of 203630

Tri Origin (TOE-V) optionee Osisko Mining (OSK-T) renews RLE option Feb 6, 2013 - News Release Osisko Mining Corp. has advised Tri Origin Exploration Ltd. that it intends to renew its earn-in option on the company's 100-per-cent-owned Red Lake Extension property at Red Lake, Ont. 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.