Feb. 25, 2011 (Filing Services Canada) -- Trillium North Minerals Ltd. (TNM - TSX Venture), (the "Company" or "Trillium") is pleased to report that it has granted an option to Minfocus International Inc. of Toronto, Ontario (the "Optionee") entitling the Optionee to earn an interest in the Company's jointly owned Seagull property. The Seagull property is a platinum group element ("PGE") property and is located approximately 90 km north-northeast of Thunder Bay, Ontario (via Hwy 527).
The Seagull property is currently owned by Black Panther Mining Corp. of West Vancouver, British Columbia (as to a 40% interest) with Trillium North Mineral Ltd. of Toronto, Ontario and Rainy Mountain each owning a 30% interest (collectively the "Optionors"). Under the Option Agreement, the Optionee has the initial option to earn a 55% interest in the property from the Optionors collectively upon paying the sum of $55,000 and issuing 50,000 shares of Minfocus (which shares and cash payment will be allocated to the Optionors on a pro rata basis). Additionally, the Optionee is required to pay the Optionors $25,000 (in cash and/or shares of the Optionee) on the 12 month anniversary, the 24 month anniversary and the 36 month anniversary of the Option Agreement. Also, the Optionee is required to incur exploration expenditures on the Seagull property in the amount of $250,000 in each year of the 4 year initial option term.
As well, the Optionee can earn a 70% interest in the Seagull property by incurring an additional $2,000,000 in expenditures against the property during the initial 4 year option term. Further, the Optionee has the right to increase its interest to 85% by completing a feasibility study on the property within a 5 year period following the initial option term.
For more information, contact Dr. Elliot Strashin, President, at 416-504-0077 xt 22.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Trillium North Minerals Ltd.'s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Trillium North Minerals Ltd. disclaims any intent or obligation to update these forward-looking statements.
On behalf of the board of directors
"Elliot Strashin"
Dr. Elliot Strashin, President
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
TRILLIUM NORTH MINERALS LTD
500 - 20 Maud St., TORONTO
Ontario, CANADA M5V 2M5
Telephone: (416) 504-0077
Fax: (416) 504-6019
www.trilliumnorth.com
402 - 905 West Pender Street, VANCOUVER
British Columbia, CANADA V6C 1L6
Telephone: (604) 681-1909 Fax: (604) 689-5930
Source: Trillium North Minerals Ltd (TSX-V - TNM) http://www.strashindevelopments.com
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