|Tri Origin Corporate Update |
Aurora, Ontario - TheNewswire - March 25, 2020 - Tri Origin Exploration Ltd. (TSXV:TOE) (the "Company") would like to update its shareholders on corporate activities and exploration project status. In the context of the current COVID-19 crisis Tri Origin will delay some corporate initiatives and exploration activities that were planned to commence later in April.
During this period, the Company will continue to evaluate business opportunities to create shareholder value. Management will remain in contact with its business network however, due to health and safety reasons, this work will be done remotely. Over the past few months, a number of strategic initiatives have been put in place to revitalize exploration activities and to develop the Company's projects. These initiatives began last fall with new directors joining the Board to broaden the Company's depth of experience and expertise. This work continues.
In addition, a special meeting of shareholders (Tri Origin news release of February 25, 2020) is to be held on April 16. At present, management intends to continue with the meeting however all shareholders are encouraged to vote by proxy for the matters to be addressed at the meeting. Shareholders will be informed if it is decided to defer the meeting date.
The purpose of the meeting is to seek approval to authorize the Board of Directors to consolidate the Company's issued and outstanding common shares if it is deemed to be in the best interest of shareholders at a ratio of up to one post consolidation share for every ten pre-consolidation shares. A consolidation, if approved by the shareholders, is intended to give the Board additional flexibility in evaluating and structuring business opportunities or possible financings. Although there is no guarantee that a consolidation of the Company's shares will occur, it is the Board's belief that this will allow Tri Origin greater ability to attract new investors, facilitate financings and acquire assets.
Planning of project activities for the coming season continues and the measures taken in regard to the COVID-19 pandemic will allow for more detailed compilations, data modelling and improved selection of targets. All of the Company's properties are in good standing with regard to required expenditures and government maintenance fees.
Current activities are focussed on planning a program of diamond drilling at the Sky Lake project southwest of the Pickle Lake gold district of north western Ontario. Targeting of drill holes continues with the evaluation of "deep-looking" induced polarization geophysical survey results obtained during late fall, 2019.
Tri Origin has been informed by De Beers Canada Inc that programs and budgets for continuation of its diamond exploration programs at Tri Origin's South Abitibi and Nipissing Cobalt properties in the Cobalt-Temagami region of east central Ontario should be determined by mid to late April. Shareholders will be informed of any activities planned by De Beers Canada when this news is made available to the Company.
In recent weeks, share markets have deteriorated significantly however it is management's belief that gold and the gold mining industry will emerge as leaders to market recovery. Tri Origin intends to do its best to take advantage of recent setbacks and position itself for an aggressive resumption of exploration activities when public health and safety concerns are behind us.
For information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
CAUTIONARY STATEMENT: 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.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Tri Origin's periodic reports including the annual report or in the filings made by Tri Origin from time to time with securities regulatory authorities.