FOR
IMMEDIATE RELEASE:
October
23, 2007
INVESTMENT-BACKED
CREDIT FACILITY
Tri
Origin Exploration (TOE:TSX-V), (“the Company”) reports
that the Company has now established a Cdn$1.25 million credit facility with
National Bank of Canada.
The credit facility will be used by the Company to compliment funding of its
ongoing corporate and project expenditures as required pending realization of
the Company’s investments in asset backed commercial paper, as described
in the Company’s news release of September 4, 2007. The liquidity of the
Company’s holdings of asset backed commercial paper is still being
resolved.
The credit facility is
repayable on demand no later than 180 days following the first draw down on the
facility, and is secured by a charge on the Company’s account with
National Bank Financial, in which the Company holds its investments in asset
backed commercial paper. The Company intends to draw down on the credit
facility in the near future.
The Company is actively
exploring mineral projects in northern Ontario
and intends to conduct drilling programs at the Red Lake Extension gold
project, Red Lake Ontario and North Abitibi gold project north of Kirkland Lake, Ontario,
during the fall/winter field season. The Company also holds a 51% interest in
its subsidiary, Tri Origin Minerals Limited (“TRO”), an Australian
company listed on the Australian Securities Exchange. TRO owns the Woodlawn
property located 200 km southwest of Sydney, NSW and is now conducting a
bankable feasibility study on the Woodlawn Zinc Copper projects which is
scheduled for completion during the 1st calendar quarter of 2008.
Feasibility work and other project and corporate expenditures are financed
independently by TRO in Australia
which has adequate funds to meets its current needs.
For
further information please contact:
Tri
Origin Exploration Ltd.
Dr. Robert Valliant, President
Tel: (905) 294-9942
Fax: (905) 294- 9943
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.