Tribute Minerals Inc.

Tribute Minerals Inc.

February 08, 2010 14:17 ET

Tribute Announces the Signing of an Exploration Agreement With Webequie First Nation

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2010) - Tribute Minerals Inc. (the "Company" or "Tribute") (TSX VENTURE:TBM) is please to announce the signing of an exploration agreement with the Webequie First Nation ("WFN"). This agreement is a sign of mutual respect between Tribute and the people of the Webequie First Nation. "I would just like to say that we look forward to working with Tribute Minerals Inc. and look forward to a long business relationship and to the betterment of both parties." Chief Cornelius Wabasse of the Webequie First Nation stated. Ian Brodie-Brown, President of Tribute added "This agreement will allow Tribute's exploration to move forward in an organized and cooperative fashion."

Tribute will begin drilling immediately on its Sunday Anomaly targets on the South Bend Property which is part of its "Ring of Fire" property package in the James Bay Lowlands (the "Property").

Under the terms of the agreement, Tribute and WFN set out their mutual respect for the rights of each party and the terms of their ongoing relationship including Tribute's right to proceed with exploration of the Property over the term of the agreement. The agreement has a term of the greater of five (5) years and the date Tribute proceeds to advanced exploration and development of the Property. Tribute will pay WFN 1.5% of its exploration budget on mining claims within the ancestral, traditional and customary lands of the WFN on an annual basis and issue 394,751 warrants to purchase common shares of Tribute exercisable at $0.12 per share for five (5) years to fund a Community Sustainability Fund for the WFN. On an annual basis during the term of the agreement, Tribute will issue further warrants to the WFN equal to 0.5% of the number of common shares issued by Tribute during the prior year and priced at market at the time of grant. The grant of warrants is subject to regulatory approval.

The results of Tribute's fall drill program were highly encouraging and 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 to 07.

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

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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