Tribute Minerals Inc.

Tribute Minerals Inc.

February 29, 2008 17:42 ET

Tribute Minerals Inc.: Exploration Update

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) - Tribute Minerals Inc. (TSX VENTURE:TBM) is pleased to provide an update of its winter exploration program in the Confederation Lake Belt, Red Lake Mining District, Northwestern Ontario. This includes a progress report on the 2.07 Million Tonne 43-101 Indicated Resource Arrow Zone, Garnet Lake Property.

The following detailed descriptions are of work in progress on three projects currently active within the Confederation Lake Land Package.

- Garnet Lake (Arrow Zone) - New Drill Intercepts

- Copperlode - New Drill Intercepts

- Snake Falls - Cutting Edge Geophysics

Garnet Lake Property:

- 13 drill holes totalling 6,800 metres have been completed. 10 Holes remain out for assay.

- A borehole tomographic survey was completed on the Arrow Zone and has delineated the easterly up-plunge and up-dip extensions of the orebody.

- Tribute is continuing the application process to conduct advanced exploration with respect to obtaining a 10,000 tonne bulk sample from the Arrow Zone.

- A preliminary field study has been completed by Golder Associates.

- A geotechnical drill hole in the vicinity of the projected ramp has been completed and a Crown Pillar Stability Assessment Report has been received.

- Environmental Baseline and Geochemical reports remain pending and are expected in March.

- Three metallurgical HQ holes were completed in the Arrow Zone and samples were sent to SGS Minerals Services in Lakefield to conduct bench testing for the recovery of Zn, Cu, Au, Ag, and In.

Drilling at Garnet Lake has been primarily to expand the 2mt indicated resource.

Drill holes GL-2007-62, GL-2008-68 and -69 began testing of the tomographic survey area. Hole Gl-2007-68 intersected significant stringer sphalerite and blebby chalcopyrite from 261 to 269.5 metres down hole. Core samples have been sent for assay and further drilling is intended in this area.

Testing of the Arrow Zone down plunge extension to the west intersected observed base metal mineralization hosted in a 50 to 100 metre wide envelope of highly altered felsic volcanic rocks that appears to be widening. Assays have been completed from only three holes. Hole GL-2007-57 returned anomalous Zn values over 50 metres with a best result of 10.7% Zn over 0.45 metres. Hole GL-2007-58 returned anomalous Zn and Cu values over 80 metres with a best intersection of 9.1 metres (8 metres true width) of 0.97% Zn and 0.20% Cu. Hole GL-2007-59 returned a best assay of 6.2% Zn over 0.46 metres.

Holes GL-2007-60, -61, -63 and -66 have been drilled to follow-up on these results both along strike and down plunge further to the west of the Arrow Zone. Hole GL-2007-63 with intersections of observed significant stringer sphalerite and blebby chalcopyrite at 612.8 -615.5, 648.2 -654.6 and 664.3 -671.2 metres down hole. Core samples have been sent for analysis from all of the holes.

- Drilling continues.


- On the Copperlode Property four drill holes have been completed, totalling 2000 metres.

- All holes are assay pending.

The Copperlode Property is - 5 km west-southwest along strike of the Arrow Zone Garnet Lake Property.

Drill holes CL-2008-4, -5, -6, -7 were completed to the west of the Copperlode E Zone (160,000 tons @ 8.2% Zn, 1.02% Cu, historical resource, not 43-101 compliant) and in the vicinity of the Hornet Zn-Cu Showing previously identified in 1996 with intersections of 4.07% Zn, 1.13% Cu over 5.03 metres, and 7.56% Zn, 0.08% Cu over 6.6 metres, and 9.21% Zn, 0.05% Cu over 1.4 metres.

Two out of the four holes encountered multiple intersections of encouraging base metal sulphides hosted in wide envelopes of altered felsic and intermediate volcanic rocks which appear to be extending the Hornet Showing along strike to the west. Sporadic sphalerite occurrences were observed in the CL-2008-4 core over 160 metres with significant stringer and disseminated sphalerite and chalcopyrite noted from 406.4 - 414.6 and 489.3 - 492.1 metres down hole. Core samples have been sent and assays are pending.

As this is a zone distinct from both the Arrow and Copperlode E zones, Tribute is very excited about this development.

Drilling continues.

Snake Falls

- On the Snake Falls property an eight-line Titan-24 MT and Deep IP survey has been completed by Quantec Geoscience.

- Results are being interpreted with the intent of drill testing targets in the spring.

On the Snake Falls Property, located at the western end of the Confederation Lake Group of Properties, and regionally along strike from the Garnet and Copperlode discoveries, an eight-line Titan-24 MT and Deep IP survey has been completed by Quantec Geoscience.

The results are being interpreted with the plan of drill testing these targets in the spring. The survey was completed over the Dixie 3 Zn-Cu Showing (91,000 tons @ 10% Zn, 1.0% Cu, historical resource, not 43-101 compliant).

The drill core samples sent for assay were split in half using a diamond saw and sealed in secure packages, shipped by bonded carrier from Ear Falls to ALS Chemex in Thunder Bay for preparation, and to ALS Chemex in North Vancouver for AU-AA62 assay (gold by fire assay with AA finish) and ME-MS61 47 element analysis (4 acid dissolution and ICP-MS). High analyses (greater than 10,000 ppm, 1%) for copper, zinc and (greater than 100 ppm) silver were submitted for ore grade AA62 analysis (4 acid dissolution with AA finish). A duplicate unknown to the laboratory is submitted per batch of ten samples. A polymetallic standard, unknown to the laboratories, is included with each submission of samples. ALS Chemex fulfilled standard QA/QC protocols.

Resource estimation on Confederation Lake Property

On August 14, 2007 the Company announced an updated National Instrument 43-101 compliant technical report titled Garnet Lake Property (also known as the Arrow Zone), Confederation Lake Belt prepared by Qualified Person G.S. Carter, P. Eng. of Broad Oak Resources which updated the previous report dated July 12, 2006.

At a cut-off grade of 3% per cent zinc ("Zn") equivalent, Broad Oak Associates estimated an indicated resource of 2.071 million tonnes plus an inferred resource of 120,552 tonnes as presented in the following table:

Category Tonnes Zn Cu Au Ag
(%) (%)
(g/t) (g/t)
At a 3% per cent zinc equivalent
Indicated 2,070,888 5.92 0.75 0.58 21.1
(Plus an average indium value of
34.6 g/t for 19 out of 24 holes
intersecting the Arrow Zone.)

Inferred 120,552 2.60 0.56 0.40 21.5

At a 5% per cent zinc equivalent
Indicated 1,762,211 6.75 0.79 0.61 22.3
(Plus an average indium value of
28.7 g/t for 18 out of 23 holes
intersecting the Arrow Zone.)

Inferred 51,631 3.86 0.79 0.58 23.8

At a 10% per cent zinc equivalent
Indicated 633,429 14.3 1.11 0.85 31.7
(Plus an average indium value of
55.2 g/t for 10 out of 13 holes
intersecting the Arrow Zone.)

Resource estimations were based on three chosen cut-off grades of 10%, 5% and 3% Zn equivalent, which is equal to the Zn (wt.%) plus 2.4 Cu (wt.%). (Cut off grades are calculated using zinc and copper only. No indium grades have been determined for the inferred tonnage as of this date).

Until an economic evaluation is completed, the economic cut off for this deposit is unknown, Mineral resources that are not mineral reserves do not have demonstrated economic viability. In consultation with Broad Oak Associates and based upon current base metal prices, the Company has determined that 3% Zinc is the minimum acceptable cut off grade to report. Until an economic evaluation is completed, the economic cut off for this deposit is unknown.

The Arrow Zone, using the 10% Zn equivalent cut-off, has a high-grade centre of indicated resource of 633,429 tonnes at 14.3% Zn, 1.11% Cu, 0.85 g/t Au and 31.7 g/t Ag, separated to date into two pods based on the high-grade intersections.

The Confederation Lake exploration program is under the direction of Trevor Boyd, P.Geo, Vice President Exploration, Tribute, and a qualified person (QP) for the purposes of NI 43-101 and the technical disclosure in this press release.

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. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

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