Tribute Minerals Inc.

Tribute Minerals Inc.

November 04, 2009 12:32 ET

Drilling on the South Bend Property, Ring of Fire, James Bay Lowlands-Six Holes Have Intersected Favourable Sulphide Mineralization in Ultramafic Rocks

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2009) - Tribute Minerals Inc. (the "Company" or "Tribute") (TSX VENTURE:TBM) is pleased to provide a progress update on its fall exploration program of the Sunday Anomaly VTEM targets located in the "Ring of Fire" property package of the James Bay Lowlands. To-date six diamond drill holes have been completed totalling approxiamately1090 metres of the 1200 metre program on its named "South Bend Property" located 30 km east southeast of the First Nation community of Webequie and 40 km west of the Noront Eagle One Deposit. Ian Brodie-Brown President and C.E.O. comments "drilling to-date has intersected encouraging sections of sulphide mineralization associated with ultramafic rocks over narrow widths in all of its holes. Drilling of the seventh and last hole is commencing. Management is very pleased with the early drilling results of the Sunday anomalies and looks forward to further news as this story develops."

The purpose of the program was to test a 2.1 kilometre long series of VTEM conductors associated with an east-west trending tear-dropped shaped magnetic high anomaly. The six reconnaissance drill holes tested the conductors over a strike length of 1.4 kilometres. Based upon preliminary examination of the drill core, the sulphidic core intersections contain major amounts of pyrrhotite, extensively cut by granitic dykes, associated with pyroxenite and peridotite rocks and appear to be sandwiched between highly-deformed sections of granitic gneiss. The property geology is interpreted to be east-west trending and sub-vertically dipping consistent with the regional magnetic patterns.

Significant sulphide intersections identified in the six holes are summarized as follows:

DDH AZ,dip(deg) Downhole(m) Comments
SB-09-01 000 / -70 95.9-96.3 20-25% semi-massive pods and bands
SB-09-02 000 / -50 59.2-59.6 massive sulphide
    61.0-61.3 massive sulphide
    65.7-66.4 15-20% stringer sulphides
SB-09-03 000 / -50 79.7-87.0 5-20% in discontinuous bands
SB-09-04 000 / -50 86.1-86.3 25-30% stringer sulphides
SB-09-05 000 / -50 95.5-96.4 massive sulphide
    147.3-148.5 10% sulphide
SB-09-06 000 / -70 197.3-197.6 30-35% stringer sulphides
    200.5-200.8 30-35% stringer sulphides
    203.0-204.5 30-35% stringer sulphides
    205.0-205.5 30-35% stringer sulphides
    206.9-207.3 30-35% stringer sulphides
    207.8-210.5 30-35% stringer sulphides

Due to the mostly widely-spaced nature of the drilling pattern and lack of previous work in the area, no estimation can be made at this time of the true widths of the sulphide intersections. It is noted that SB-09-01 was drilled under SB-09-02 and SB-09-06 was drilled under SB-09-05. Drill hole SB-09-07 is presently being drilled 100 metres west of holes SB-09-05 and 06.

Core samples are being cut and gathered from all of the holes with the purpose of completing geochemical analysis for base, ferrous and precious metals at an accredited laboratory in accordance with NI 43-101 regulations and best practices guidelines.

In addition to the drilling, a Crone Pulse EM Borehole survey was completed on drill holes SB-09-01, 02 and 04 with the purpose of pinpointing the location of a ZTEM airborne anomaly which had previously been identified at depth in the vicinity of the VTEM conductors in the area. The results will be interpreted for follow-up exploration drilling. In addition, a high priority VTEM conductor located under a swamp at the western end of the favourable magnetic trend will be drilled tested once weather conditions allow.

In summary, the preliminary results of this program are highly encouraging because they support evidence that the Sunday Anomaly occurs in a setting of sulphide mineralization and host rocks consistent with the possible proximity of magmatic type Ni-Cu-PGE deposits. The sulphidic zones remain open to the east, west and at depth especially in the vicinity of holes SB-09-05 and 06. Additional releases of results will be made once hole SB-08-07 is completed and a full review of the character of the mineralization and host rocks in the drill core for all the holes has been completed.

The technical information in this press release was reviewed and approved by Trevor Boyd, P. Geo., VP Exploration for Tribute and a qualified person (QP) for the purposes of NI 43-101.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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