Tribune Resources Corp.

February 26, 2007 17:00 ET

Tribune Signs MOU for Large Epithermal Vein System in El Salvador and Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 26, 2007) - Tribune Resources Corp. ("the Company") (TSX VENTURE:TCB) -

Tribune also announces that it has entered into a memorandum of understanding ("MOU") with Aura Silver Resources Inc ("Aura Silver") to purchase the outstanding shares of Aura Silver's wholly owned Salvadoran subsidiary and therefore, all of its Salvadoran assets. The assets comprise a total of 100 square kilometers of contiguous exploration licenses and host a large low sulphidation epithermal gold/silver system. Early exploration efforts by Aura Silver have delineated numerous veins over some 12 square kilometers with anomalous gold values ranging from trace amounts up to 52.2 g/t Au. A summary of 413 reconnaissance vein samples is outlined below.

Interval (g/t Au) No. of Samples % of Samples
------------------ -------------- ------------
Greater than 10.0 11 2.7
5.0 to 10.0 15 3.7
1.0 to 4.99 85 20.7
0.5 to 0.99 41 10.0
0.1 to 0.49 101 24.6
Less than 0.1 160 38.3

The veins display classic low sulphidation vein textures and vary in thickness from a few tens of centimeters to over eight meters in width. Individual veins can be traced for up to two kilometers along strike. Veins within the claim blocks occur along prominent northwest and northeast regional structural features and in particular at the intersection of these broad regional structures. Field work to date, including alteration and metal zonation appraisal, suggests that the known mineralized area can be further expanded. Gold systems such as this one occur along a broad west-northwest trending mineral belt that includes Pacific Rim's nearby El Dorado deposit and Intrepid Mines' San Cristobal project.

The MOU provides that Tribune will spend US$150,000 to finalize environmental permitting and resolve social license issues. At Tribune's discretion, Tribune can opt to continue with the project by issuing 400,000 shares of Tribune over a period of three years. Aura Silver will retain a 2% NSR royalty that Tribune can buy down for US$3,000,000. The parties to the MOU have agreed to negotiate in good faith definitive agreements containing terms consistent with the MOU regarding the acquisition of these claims.

The claims described above are part of a 50/50 Joint Venture agreement with Intrepid Mines. The Joint Venture controls exploration rights to 149.45 square kilometers in this area. Tribune plans to finalize and resolve environmental permitting and social issues and continue with a thorough exploration program upholding the highest environmental norms and social/cultural awareness standards.

Graham Harris, CEO reports, "We are fortunate to have acquired such a large land package in a strategic mineral belt. The El Salvadoran asset will compliment our recently announced LOI to acquire 51% of certain mineral claims covering some 34,374 hectares located within the Athabascan Basin, Saskatchewan. This will allow us to achieve our goal of maintaining an active year round exploration focus."

Robert Schafer, P. Geol. is the Qualified Person as defined by NI 43-101 who has reviewed the contents of this news release. The MOU is subject to final acceptance from the TSX Venture Exchange.

Tribune also announces that it has completed its previously announced private placement of units of securities of Tribune Resources at a price of $1.00 per unit. A total of 1,000,000 units were issued for gross proceeds of $1,000,000. There is a 4 month hold on the securities.

Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.25 per share for a period of one year from the closing of the private placement.

The proceeds from the private placement will be used to fund the Company's initial commitments under a Letter of Intent dated February 8, 2007 among the Company, Thunder Sword Resources Inc. and 10107351 Saskatchewan Ltd. (as announced in its news release dated February 8, 2007) and for general working capital.

Tribune has agreed to pay a finders' fee of 100,000 units, having the same terms and conditions as the private placement units.


Graham Harris, Chairman and CEO

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

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