Major Zinc Mine Targeted For Woodlawn

Sydney, May 14, 2007 (ABN Newswire) - The key focus of the company is on the Woodlawn Zinc Copper Projects. These projects form a core part of the vision of the company.

Over the last year we’ve set about delivering on that vision, and where we’re at this point in time in terms of pursuing a bankable feasibility study at Woodlawn we see as stage one of that vision.

The last three months have been very busy for the company. Key achievements have been the completion of the prefeasibility [study] for the Woodlawn Underground Project and importantly, we’ve also appointed a General Manager Development, Mr Richard Procter.

The prefeasibility study for the Woodlawn Underground Project was the first study that Tri Origin has completed for that project. What we outlined as part of the Woodlawn Underground Project was the potential for an eight year initial mine life at a production rate of 440,000 tonnes per annum, producing around 80,000 tonnes of concentrate per year.

Concerning the Woodlawn Tailings Retreatment Project, we’re still working on the metallurgy there. But at this stage we anticipate it will be an integrated project with the Woodlawn Underground Project.

When compared to other producers in Australia, we anticipate being at that mid-level of production.

From a shareholder point of view, importantly we delivered the prefeasibility study, being our first study for the project, in the first quarter of this calendar year as promised.

Our objective is to deliver the bankable feasibility study by the first quarter of next calendar year.

But we’re very excited about this, because what we have is an opportunity to create a bankable feasibility study for what we believe will be a world-class project.

As we move down the bankable feasibility study route, we’ll also pursue the statutory development approval process for activities at Woodlawn. This way we’re not seeking approvals sequentially, but running in parallel, and therefore from an investor point of view we’re fast-tracking the development at Woodlawn.

Capital Raising

We’ve recently had a capital raising for $9 million. These funds will be applied towards the completion of a bankable feasibility study, as well as gaining access underground.

The capital raising also allows us to fund the exploration activities for the remainder of this year.

We also have offered shareholders a Share Purchase Plan, and we believe we’ll get strong support for that. We’ve had very strong support from existing shareholders in the recent capital raising, as well as new institutions coming onto our books.

Strategy

In terms of adding value for the benefit of shareholders, our strategy is two-pronged.

Firstly, we’ll continue to progress the bankable feasibility study. This should give us as a company a re-rating over the coming 12 months as we build the confidence in terms of what we’re setting out to do.

Secondly, in our exploration program, we’re not trying to add incrementally to our existing resource base, but we’re looking for the big one and we’ve got a number of targets in our tenement areas which may provide us with that opportunity.

We’ve had some major achievements in the last 12 months as we’ve moved the market capitalisation of the company forward from $10 million to around $120 million. These major achievements provide us a fantastic platform for further growth as we continue to deliver on our vision for Woodlawn.