TRIBUTE MINERALS TO DRILL DIXIE ANOMALY IN CONFEDERATION LAKE BELT - RED LAKE MINING DISTRICT
June 12, 2003
Tribute Minerals is pleased to announce that it has signed a deal with Major Drilling Group International Inc. to drill a minimum of 6,000 metres (19,685 feet) commencing on the Dixie property, in the Red Lake Mining District. The targets are geophysical anomalies detected by Quantec's state of the art deep penetrating technology and defined over the last 14 months, located on the approx. 80,000 acres of previously productive Confederation Lake volcanic belt in Tributes property portfolio. Tribute expects drilling to commence the week of June 16th.
The first target is on the Dixie property which is host to numerous results including an historical resource of 110,000 tons of 12.5% Zn (zinc) and 0.5% Cu (copper); located 1.5 kilometres along strike from Tribute's current target zone. Keeping with Tribute's belief that the ore bodies of the future in the Canadian Shield and elsewhere, are to be found at previously untested depths, Tribute is prepared to drill down to and if necessary below 2,000 metres (6,561 feet). The past results of Gold Corp, 35 kilometres to the north-northwest of the Dixie property, which have revived the Red Lake camp, were found at similar deep depths.
Tribute has chosen Major due to its expertise in deep drilling, as well as its position as the number one drilling company in the Red Lake camp. Staff, service, and parts are readily available to perform a contract of this size. It is estimated that the program will run for approximately four to six months.
Major Drilling will assist the financing of this project by taking a private placement of $150,000 dollars in Tribute Minerals Inc. The terms of the financing are as follows: 500,000 units at a price of 0.30 cents, each unit consisting of one common share, and one half share purchase warrant exercisable at 0.40 cents for one year from the date of closing. This placement is subject to regulatory approval.
On Behalf of the Board of Directors,
Ian A. Brodie-Brown President & C.E.O.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
info@tributeminerals.com
www.tributeminerals.com
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release.
