Tri Origin Increases Stake In Red Lake Exploration
MARKHAM, ONTARIO--Tri Origin Exploration Ltd. (TOE:TSX Venture
Exchange) is pleased to announce that it has acquired
100%-interest in one of the largest exploration properties in
Ontario's Red Lake greenstone belt. Under the terms of a new
agreement with Goldcorp Inc. ("Goldcorp") (G:TSE, GG:NYSE),
Goldcorp has transferred its interest in the Red Lake Extension
property and the nearby Confederation property to Tri Origin. The
properties are not subject to royalties or other encumbrances.
The Red Lake Extension adjoins Goldcorp's Red Lake mine property,
10 kilometres southeast of the Red Lake mine and extends for
another 16 kilometres to the southeast. The property consists of
525 claim units totaling 21,000 acres originally staked as to a
50%-50% interest between Tri Origin and Goldcorp (Tri Origin's
news release - February 5, 2003). In addition, Tri Origin's 218
claim unit Confederation property, a further 5 kilometres to the
southeast, which was subject to an on-going 70% earn-in joint
venture with Goldcorp has been returned to Tri Origin.
The Red Lake Extension property is of particular exploration
interest as it is believed to be cross cut, for its entire
length, by the important, gold-hosting geological structure which
extends in a southeast direction from the Red Lake mine. For the
most part, the property is covered by overburden making past
exploration ineffective. Furthermore, there has been confusion
in past geological interpretation of the area. Older geological
maps show it as being underlain by granite and not part of the
Red Lake greenstone belt, which hosts the mines in the District.
Recent geological and airborne geophysical data indicates that
the property covers an important continuation of the greenstone
belt and the southeast extension of the structure associated with
gold at the Red Lake mine, which is believed to continue as far
to the southeast as the Confederation property.
Tri Origin has commenced the "Red Lake Extension" project and has
now finalized a detailed, exploration program and budget. Field
surveys are planned to commence in late May to be followed by a
drilling program later in the summer.
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture
Exchange under the trading symbol "TOE". Tri Origin has been in
the exploration business of over a decade and has 20 million
shares outstanding of which management owns 20%.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tri Origin Exploration Ltd.
Catherine Hill
Investor Relations
(905) 294-9942
(905) 294-9943 (FAX)
E-mail: explore@triorigin.com
Visit our website at: www.triorigin.com