FOR
IMMEDIATE RELEASE:
September 4, 2007
FinancialInvestment Update
Tri
Origin Exploration Ltd. (TOE:TSX-V) has been
informed by National Bank Financial (NBF) that investments made by NBF on
behalf of TOE were exposed to the Asset Backed Commercial Paper (ABCP)
liquidity problem now being suffered by investment markets.
NBF informed TOE on Wednesday, August 27th
that the impact of recent disruptions in global credit markets has affected the
$2,536,887.00 currently invested with NBF. TOE is currently investigating the
implications of these events, which appear to be a result of the lack of
liquidity for asset backed securities of this type held by NBF rather than the
creditworthiness of their underlying securities. TOE does not know when
liquidity of these investments will be restored. At present, NBF has informed
TOE that investments will be rolled over and interest will be compounded to the
investment until a longer term solution is arrived at or liquidity returns to
the ABCP market.
TOE’s current understanding is that
there is significant risk that some of the original capital investment may be
lost and/or that there may be a significant period of time before liquidity is
restored to the ABCP market and investment funds can be redeemed. Management is
working toward a resolution of the investment liquidity problem. As part of a
short term cash flow solution, TOE is working toward establishing a credit
facility with National Bank backed by the investments. TOE is also
investigating other solutions with the National Bank to provide access to
working capital and limit TOE’s future downside.
TOE has secure cash accounts to meet its
corporate cash requirements on an ongoing basis. Furthermore, in other
investments, TOE holds 49 million shares of its Australian subsidiary Tri
Origin Minerals. Tri Origin Minerals trades on the Australian Securities
Exchange and the value of TOE’s holding at September 4th was $48.5
million.
The Company remains in a strong asset and
investment position and has more than adequate ability to meet its ongoing
commitments and plans for growth.
For further information please contact:
Tri Origin Exploration Ltd.
Dr. Robert
Valliant, President
Tel: (905) 294-9942.
Web page: www.triorigin.com
E-mail: invest@triorigin.com
Tri Origin
Exploration Ltd. is publicly listed on the TSX
Venture Exchange under the trading symbol TOE. Tri Origin has leveraged
exposure to mineral discoveries in Australia through its 51% equity
interest in its subsidiary, Tri Origin Minerals Ltd.; a publicly traded company
listed on the Australian Stock Exchange under the symbol TRO.