Tribute Minerals Inc.

Tribute Minerals Inc.

November 07, 2005 08:45 ET

Tribute Announces Re-Pricing of Flow-Through Units and Results of Indium Analyses

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2005) - Tribute Minerals Inc. (TSX VENTURE:TBM) ("Tribute" or the "Company") is please to announce the results of recent indium microprobe analyses of selected Zn-Cu rich ore grade samples obtained from the Arrow Zone of the Garnet Lake Property, Confederation Lake area, Red Lake Mining Division, Ontario. This preliminary study was conducted as part of an overall petrographic analysis of the mineralized sections with the purpose of better understanding the metallurgical characteristics of the ore grade material.

The results suggest that the Zn-sulphide, sphalerite is the predominant host of the indium in the samples with values that range between less than 80 - 1450 ppm (average 751 ppm) from the point analyses of individual sulphide grains. Chalcopyrite grains possess much less indium ranging from less than 70 to 447 ppm (average 186 ppm). Mass balance calculations comparing these results with previously announced bulk analytical analyses of the mineralized intersections ranging between 32.0 - 67.1 ppm indium (March 8, 2005 news release), suggest that over 95% of the indium resides in the sphalerite. These results suggest that there will not be any significant challenges to extracting the indium in a sulphide concentrate. More microprobe work and petrographic study is planned for the samples.

A compendium of significant results from the property by both Noranda and Tribute (with indium and gallium grades for the recent Tribute holes) is listed below for public interest and disclosure.

Hole # Width(m) Zn% Cu% Au g/t Ag g/t In g/t Ga g/t
GL-1997-2C 6.3 19.12 2.15 1.58 35.10 N/A N/A
GL-1997-4 6.2 8.8 1.50 0.77 36.00 N/A N/A
GL-1997-7 6.2 11.70 0.64 .33 11.25 N/A N/A
GL-1997-12 6.90 2.63 1.14 0.76 10.43 N/A N/A
GL-2004-03 7.5 2.20 1.29 1.06 18.54 67.1 43.4
GL-2004-04 12.75 6.63 0.31 0.22 13.2 N/A N/A
including 4.25 17.41 0.68 0.32 28.0 31.2 60.0
GL-2004-05 0.40 6.45 3.01 1.42 39.4 60.5 40.4
GL-2004-08 10.2 8.5 0.95 1.00 24.89 34.9 86.6
GL-2004-09 8.5 4.10 0.42 0.34 11.85 32.0 51.5

- Original Noranda holes were never tested for Indium.

Recent indium prices were quoted as U.S.$0.86-0.87/gram or U.S.$27.00/troy ounce.

The Company also wishes to announce that it is re-pricing to $0.12 the Flow-through Units ("FT Units") portion of the brokered private placement announced by Press Release dated October 14, 2005. Each FT Unit will now consist of one (1) flow-through common share priced at $0.12 and one (1) common share purchase warrant. Each warrant entitles the holder to acquire a further common share at a price of $0.12 for a period of twenty-four (24) months from closing. As a result, the Company is offering up to 4,166,667 FT Units for gross proceeds of up to $500,000.

The Company currently has 39,656,910 common shares issued and outstanding.

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

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