Tribune Uranium Corp.

Tribune Uranium Corp.

October 24, 2007 03:00 ET

Tribune Uranium Finalizes Option Agreement With W.S. Ferreira Ltd. for Green and Quartz Claims, Located in the Reed Lake Mining District of Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Tribune Uranium Corp. (TSX VENTURE:TCB)(FRANKFURT:S8QA) (the "Company") ("Tribune") is pleased to announce that further to its news release of October 9, 2007, the Company has signed two formal option agreement 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 hole grading 11.19% Cu over 10.50 meters.

Under each option agreement Tribune may earn a 100-per-cent undivided interest in each property by paying the holder a total of $170,000 cash over four years and issuing an aggregate of 500,000 common shares over the same period. Tribune's interest in the property will be subject to a 2% net smelter royalty.

Quartz Claims

The Quartz Claims are located northeast of Snow Lake Manitoba and cover a 4800 foot long electromagnetic conductor which is interpreted to lie in a fold axis. Previous drilling in the 1980's by Hudbay Minerals 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.

A finder's fee of $50,000 will be issued to an arm's-length party in connection with each agreement for a total amount of $100,000.

"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, CEO and Chairman of Tribune Uranium Corp.

The Company also announces that it has granted a total of 350,000 incentive stock options (the "Options") to certain directors, officers, employees and consultants. The Options have a term of five (5) years and are exercisable at a price of $1.03.

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).

This news release has been prepared under the supervision of Ed Kruchkowski, P. Geol., who is a Qualified Person under National Instrument 43-101.


Graham Harris, Chairman and CEO

"This news release may contain forward -looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

"The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release."

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