Tribute Minerals Inc.

Tribute Minerals Inc.

October 09, 2009 18:15 ET

Tribute Minerals Announces Further Debt Settlement

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2009) - Tribute Minerals Inc. (the "Company" or "Tribute") (TSX VENTURE:TBM) wishes to announce that it has negotiated a further debt settlement with one arm's length creditor to settle $207,000 worth of debt in consideration for the issuance of Units of the Company priced at $0.09 per Unit. Each Unit is comprised of one (1) common share and one-half (1/2) of a common share purchase warrant with each full warrant exercisable to purchase a further common share $0.15 for one year. An aggregate of 2,300,000 Units will be issued. The further debt settlement is subject to the approval of the TSX Venture Exchange.

The Company also wishes to announce that, further to its press release issued September 24, 2009, it is proposing to settle an aggregate of $457,910.90 of debt (the "Prior Debt Settlement"), including an aggregate of $229,762.30 of debt related to insiders (an increase of $33,834.62). The TSX Venture Exchange requires that a total of $180,974.94 of the insider debt (the "Insider Debt") to be settled for the issuance of 2,262,186 common shares priced at $0.08 per share be subject to approval by disinterested shareholders of the Company to be sought at the next annual meeting, anticipated to be held in June of 2010.

The Company will be settling $276,935.96 of the Prior Debt Settlement on the terms set out in the September 24, 2009 press release. The Insider Debt which is subject to disinterested shareholder approval relates to $92,166.62 of management fees payable to Ian Brodie-Brown, President, C.E.O. and a director of Tribute, over the period from June 30, 2008 to September 30, 2009, which is to be settled for 1,152,083 common shares; $38,975 of directors fees payable to three (3) independent directors over the period from July 2007 to September 30, 2009 to be settled for 487,187 common shares; and $49,833.32 of salaries payable to Peter Brodie-Brown, Vice-President Shareholder Relations, over the period from June 30, 2008 to September 30, 2009, which is to be settled for 622,916 common shares.

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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