Tribune Resources Corp.

May 01, 2007 16:52 ET

Tribune Signs Option Agreement to Acquire a 26% Interest in Leases Covering Some 34,000 Hectares in the Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Tribune Resource Corp. (the "Company") (TSX VENTURE:TCB)(FRANKFURT:S8QA) is pleased to announce, further to its news release of February 8, 2007, that it has entered into a formal option agreement with each of Thunder Sword Resources Inc. (THU) and 10107351 Saskatchewan Ltd. (Sask Co.) whereby Tribune will have the right to acquire a 26% interest in certain mineral claims covering some 34,374 hectares (the "Claims") along the southern edge of the Athabasca Basin in Northern Saskatchewan. The Claims provide exploration opportunities for economic unconformity uranium deposits and Eagle Point type uranium deposits.

The Claim areas included in the option agreement are as follows:

Location Area (ha.)
Virgin Lake 1,985 ha.
Dufferin Lake - East 12,290 ha.
American/Botham Lake 19,099 ha.
TOTAL 34,374 ha.

The Dufferin Lake-East property is located adjacent to Cameco's Virgin River uranium project. As recently announced, drilling on Cameco's adjacent ground has resulted in the new discovery of the Centennial zone, where it intersected 18.3 per cent U3O8 over 5.3 meters in drill hole VR-22W2 and 6.72% U3O8 over 5.2 meters in drill hole VR-024. Tribune's management team is encouraged by the results encountered by Cameco et al., in that the Dufferin East property immediately offsets and is adjacent to the properties surrounding the Centennial discovery zone.

Under the terms of the option agreement the Company must expend $3 million on the properties between now and October 1, 2008, following which the Company will have earned a 26% working interest. To this end, the Company is currently working with its joint venture participants to design and implement a stage 1, 4000 meter drill program on the Botham Lake prospect. The cost of the program is estimated to be $1 million and will be paid for by the Company, forming part of its 2007 expenditure obligations. The option agreement is subject to the approval of the TSX Venture Exchange.

The Company earlier announced that it was negotiating with Sask Co. to acquire an additional 25% interest in the properties. The Company and Sask Co. could not reach a mutually acceptable agreement and as such the Company will not be proceeding with the acquisition of the additional 25% interest in the claims from Sask Co., nor will the Company be paying the 200,000 common share finder's fee disclosed in its news release of February 8, 2007.

Robert Schafer, P. Geol. is the Qualified Person as defined by NI 43-101 who has reviewed the contents of this news release.

Tribune Resources Corp. is a Canadian exploration company committed to the acquisition of advanced stage, drill defined, uranium exploration projects. Lead by an experienced management team, the company plans to aggressively explore its current portfolio of properties while continuing to build a strategic position in the Athabasca Basin. The company headquarters are in Vancouver and shares are traded on the TSX Venture Exchange (TCB) and the Frankfurt Exchange (S8QA).


Graham Harris, Chairman and CEO

Forward-Looking Statements

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and contents of upcoming work programs, geophysical, geological interpretations, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ substantially from those currently anticipated in such statements. Tribune relies on litigation protection for forward-looking statements.

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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