Trivello Energy Corp.

Trivello Energy Corp.

February 02, 2010 10:27 ET

Trivello Acquires Historic Tom Mine in the Northwest Territories

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Trivello Energy Corp. (TSX VENTURE:TRV) (the "Company") is pleased to announce that it has acquired the historic Tom Gold Mine and related claims, located approximately 10 km northeast of Yellowknife, NWT.

Under the terms of the Acquisition Agreement, Trivello will acquire 100% mineral interest in the Tom Gold Mine related claims from Zimtu Capital Corp. and 877384 Alberta Ltd. Total consideration of the Acquisition is $100,000.00 cash, and the issuance of 2.0 million common shares of the Company.

Arndt Roehlig, President of Trivello, states; "Trivello has navigated through a very challenging year with a primary focus on natural gas. Management and the board invested considerable time and effort considering all available options to maximize shareholder value. Given the volatility still present in the global economy, and suppressed natural gas prices, it was determined that expanding our resource holdings into the gold sector was a prudent course of action for our Company. The Tom Gold Mine's historical production, and the vendor's credibility in the sector, gave us added comfort that the Tom Gold Mine opportunity was the right opportunity for our gold strategy. Moving forward, we will expand our gold strategy and continue to review all options to maximize value from our natural gas assets."

About Tom Gold Mine Project

The Tom Gold Mine Project includes five mineral claims totaling 650 acres (263 hectares) situated approximately 10 km northeast of Yellowknife, NWT and is accessible year round via an all-weather road. The Tom Mine Property was first worked by Cominco in the early 1940's in tandem with bringing the Ptarmigan Mine, located approximately 1.5 km to the south, into production. The Ptarmigan Mine was closed in 1942, shortly after it opened, due to the war. The Tom Property and Ptarmigan Mine were then acquired by Treminco Resources Ltd. in 1985 and both put into production from 1986 to 1997 when low gold prices forced Treminco to close operations (gold traded within the range of $283 to $362.15 per ounce in 1997).

In the later years of production, the Tom Mine represented a growing percentage of Treminco's overall gold production and represented approximately 1/3 of their total production in 1997. From February 1986 to July 1987, 19,000 tonnes of ore were extracted from the Tom Mine producing approximately 4,083 ounces of gold. Between 1987 and 1995 production from Tom was not recorded as it was grouped with Ptarmigan's production. However, another 2000 ounces of gold were produced from Tom from 1995 to 1997.

The Tom Property is underlain by amphibolite-grade metaturbidites of the Burwash Formation. At the property, at least four quartz veins were drilled. The primary producer was the Tom No. 3 vein with the C-vein becoming the major producer by 1991-1992. The Tom No. 3 vein was discontinuous to 8 m wide, over a strike length of about 365 m. The quartz vein contained less than 1% other minerals, including pyrite, sphalerite, galena and lesser amounts of other sulphides.

Additional information about the Tom Gold Mine project and Trivello's gold strategy will distributed in due course.

The technical information provided above for the Tom Gold Mine project was prepared by Darren Smith, M.Sc., P.Geol, a qualified person as defined by NI 43-101.

On behalf on the Board of Directors:

Arndt Roehlig, President

The TSX Venture Exchange has not reviewed this news and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Trivello Energy Corp.
    Arndt Roehlig
    (604) 687-3113 or Toll Free: 1-888-687-3113