News
TRIBUNE URANIUM SIGNS LOI WITH W.S. FERREIRA LTD. FOR GREEN AND QUARTZ CLAIMS, LOCATED IN THE REED LAKE MINING DISTRICT OF MANITOBA
October 9, 2007
Tribune Uranium Corp. (TSX-V: TCB) (Frankfurt: S8QA) (the “Company”) (“Tribune”) has entered into two letters of intent (“LOI”) with W.S. Ferreira Ltd., whereby Tribune will have the right to acquire a 100-per-cent interest in the Green Claims and a 100-per-cent interest in the Quartz Claims, located in the Reed Lake Mining District of Manitoba. Both properties are located near the recent VMS Ventures Inc. discovery (10.50 meters of 11.19% Cu).
Under the terms of each LOI, Tribune may earn a 100-per-cent undivided interest in each property by paying the holder $170,000 cash and issuing an aggregate of 500,000 common shares over a 5 year period. Tribune's interest in each property will be subject to a 2% net smelter royalty. The LOI provides for Tribune to have a period of 90 days in which to conduct due diligence with respect to each property.
Quartz Claims
The Quartz Claims are located northeast of Snow Lake, Manitoba and cover a 4,800 foot long electromagnetic conductor which is interpreted to lie in a fold axis. Previous drilling in the 1980’s by Hudbay Minerals Inc. intersected significant gold mineralization and alternation mineralization that is commonly associated with volcanogenic massive sulphides. Highlights from historical drilling along the eastern end of the conductor included 0.64 oz/t Au over 4.2 feet and 0.43 oz/t Au over 4.5 feet. The western end of the conductor contains two EM conductor bodies which have not been previously drilled. Management believes that these two conductor bodies have the potential to host significant gold mineralization and are currently developing a drill program to test these targets in the 1st quarter of 2008.
Green Claims
The Green Claims are located south of Snow Lake, Manitoba and straddle the east shoreline of Blue Lake. Limited historical drilling designed to test a strong UTEM response intersected 0.75% Cu over 46.9 feet and massive sulphide exhalite grading 3.12% Cu and 2.25% Zn over 1.3 feet. The significant copper and zinc mineralization is thought to be associated with a major hydrothermal alternation system. Management believes the Green Claims have the potential to host significant massive sulphide mineralization and are currently developing a drill program for 1st quarter of 2008.
In an effort to unlock and maximize shareholder value, management is evaluating alternatives to achieve full recognition of the value of Tribune’s collective assets. These alternatives include spinning off Tribune’s non-uranium assets into a separate corporate entity. Currently, Tribune’s non-uranium assets include the 149.5 square kilometer Potonico epithermal gold/silver system in El Salvador and the recently announced Green and Quartz claims in the Reed Lake Mining District. The Company is currently assessing additional projects that complement these non-uranium assets to be included in the new venture.
"Tribune is excited to acquire two advanced stage properties in a well established mining area. The addition of the Quartz and Green claims in the Reed Lake Mining District of Manitoba is an integral part of Tribune's strategy to aggressively acquire and explore advanced-stage, drill-ready properties." states Graham Harris, Chairman and CEO of Tribune Uranium Corp.
Tribune Uranium Corp. is a Canadian exploration company committed to the strategic acquisition of drill ready projects. Led by an experienced management team, the Company plans to aggressively explore its current portfolio of highly prospective properties. The Company headquarters are in Vancouver, BC and shares are traded on the TSX Venture Exchange (TCB) and the Frankfurt Exchange (S8QA).
To find out more about Tribune Uranium Corp., please contact Graham Harris, Chairman and CEO, at 604-662-8183 or email investor@tribuneuranium.com. You may also visit our website at www.tribuneuranium.com
This news release has been prepared under the supervision of Ed Kruchkowski, P. Geol., who is a Qualified Person under National Instrument 43-101.
TRIBUNE URANIUM CORP.
“Graham Harris”
Graham Harris
Chairman and CEO
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
Forward-looking statements:
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that Tribune Uranium Corp expects to occur, are forward looking statements.
Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Tribune Uranium Corp believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tribune Uranium Corp’s management on the date the statements are made. Tribune Uranium Corp undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
