Rio Tinto Elects to Increase Its Participating Interest in the Kokong Kimberlite Project, Botswana
Market Wire, April, 2004
TRIVALENCE MINING CORPORATION (OTC BB: TMIGF) (TSX-V: TMI) (the "Company") is pleased to report that the second diamond sale for the year 2004 was completed in Antwerp, Belgium and Johannesburg, South Africa from the Company's 85% owned Aredor alluvial diamond mine in the Republic of Guinea, West Africa and the Company's 100% owned Palmietgat kimberlite diamond mine, South Africa during March, 2004.
The combined sale from both diamond mines in March, 2004 totalled approximately USD 960,000.00.
Exploration -- Kokong Project, Botswana
The Company holds 5 prospecting licenses covering an area of 3,745 sq. km. in the Kgalagali District, Botswana. In February, 2003 Rio Tinto entered into a Joint Venture earn-in Agreement with the Company. Rio Tinto can earn an initial 65% participating interest by making a total of USD 3.5 Million in work expenditures before September 21, 2005. Rio Tinto can earn an additional 10% interest by completing a prefeasibility study, initiating a feasibility study and incurring a further USD 5.0 Million in work expenditures by September 21, 2008. Having met the expenditure obligations necessary to earn the initial 65% participating interest, Rio Tinto formally notified the Company by letter dated March 30, 2004 that they have elected to earn the additional 10% participating interest (which will bring Rio Tinto's total participating interest to 75%) by incurring the additional expenditure of USD 5.0 Million by September 21, 2008.
Operations Update -- Aredor, Guinea
As previously reported the Company's Aredor alluvial diamond mining and production plan for the year 2004 continues to progress. The move of the 14'/120 TPH Pan plant from the area known as Wouloro to a new area known as Bougban approximately 10 km away is on schedule. The plant completed processing the remaining economic gravels at Wouloro on February 22, 2004. The removal and transportation of the various plant components, as at end March 2004, is substantially completed and installation of the plant at the new Bougban site, which has been going on in parallel, is on schedule. Completion and bringing the plant back into operation is scheduled for the first week of May, 2004.
The 120-150 TPH (head feed) DMS (Dense Media Separation) plant began commercial production after run in trials during January, 2004. During January, 2004 the operating shifts were increased from 15 shifts per week (120 hours) to 21 shifts per week (168 hours). Plant gravel throughput is running at approximately 75 TPH due to the very high (ongoing) sandy gravels obtained from the alluvial blocks being mined. During February, 2004 a complete process audit review by a DMS consultant from South Africa was undertaken. The consultant's recommendations for improving the de-sanding screening are being implemented along with some additional minor changes which should lift the material throughput rate to 100 plus TPH.
The Company is also pleased to report that the Company's new web site is operational and can be accessed at www.trivalence.com.
Trivalence Mining Corporation is a publicly traded company with two producing diamond mines located in the Republic of Guinea, West Africa, and in the Republic of South Africa.
For further information, please contact Omair Choudhry at (604) 684-2401 or 1-888-273-3671 (toll free) or Email: tmi@trivalence.com
Omair Choudhry
Chief Financial Officer
The Company relies upon litigation protection for "forward-looking" statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
Omair Choudhry
(604) 684-2401 or 1-888-273-3671 (toll free)
Email: tmi@trivalence.com
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