The Company is pleased to announce that it has entered into an agreement with a Canadian based commercial laboratory to carry out, with the assistance of a research grant, further metallurgical work specifically to determine the milling characteristics and suitability of the mineralization for producing saleable products. This work is being carried out in consultation with a mineral processing, research team at a Canadian based university and is directed by a third party which specializes in the development and production of the mineralization similar to that contained in the Four Corners Project mineral deposit.

Exploration work completed to date which identified approximately 200 m thick intersections of the iron- titanium- vanadium-mineralized rock over a distance of 3,000 m and a vertical depth of 600 m indicates that the project contains sufficient tonnage and grades to warrant developing this world-class mineral resource. Positive results from this new metallurgical work will be an important step in advancing the economic viability of this project. Triple Nine has been advised that the work is scheduled for completion before year end, the results of which will be released upon receipt.

This news release was compiled by Vic French, P. Geo., President & COO, who is a qualified person as defined by National Instrument 43-101.

I am pleased to attached the latest news release from Delrey Metals Corp (also posted on their website) highlighting the Four Corners Project as their Flagship Project.  This news release also highlights the exploration plans for 2019 and the positive assay results from the Four Corners Project.

On behalf of the board,

Vic

Victor A. French, P.Geo.
President & COO

Triple Nine Resources Ltd.
Fair Haven Resources Inc.
P.O. Box 385
Clarke’s Beach, NL
A0A 1W0
Direct Line: (709) 786 – 7978
Office: (709) 786 – 4778
Cell: (709) 683-2946
Email: vafrench@nf.aibn.com

June 5, 2019

DELREY PROVIDES CORPORATE UPDATE

DELREY METALS CORP. (CSE:DLRY, FSE:1OZ, OTC:DLRYF) (“Delrey” or the “Company”) is pleased to provide a corporate update regarding 2019 exploration activities on its flagship Fe-Ti-V Four Corners Project, located near Stephenville, Newfoundland and Labrador, as well as its wholly-owned Peneece property, located near Port Hardy, British Columbia.

Highlights

• Delrey to complete up to 5,000m of drilling over a proposed 20 drill holes, and 1,600m of trenches on the Four Corners Project during the 2019 exploration season, with work focusing on the Keating Hill East, Four Corners, and Bullseye Zones.
• 2019 drilling designed to complete infill and step out drill targets as necessary to advance project towards a maiden NI 43-101 resource calculation.
• 2012 initial SRK Consulting (Canada) Inc.’s metallurgical results returned a magnetic concentrate grading 63.10% Fe, and 0.643% V₂0₅, as well as a low intensity magnetic concentrate returning an impressive 26.80% Ti0₂, at an 80% recovery.

Permit Application

The Company has submitted an application to the Newfoundland and Labrador Department of Natural Resources to establish up to 20 drill sites, and 1,600m of trenches over the Projects Four Corners, Bullseye, and flagship Keating Hill East Zones. The Newfoundland and Labrador Department of Natural Resources are well known for their expediency with respect to permitting applications and Delrey anticipates receiving permits over the coming weeks with a planned drilling start date of July 15, 2019. The Company also recently submitted an application form to the province’s Junior Exploration Assistance Program which provides financial support of 40-75% of approved exploration costs, to a maximum of $150,000/year, for projects located on the island of Newfoundland.

Recent Surge in Iron Prices

The Company is very pleased with the recent surge in iron prices above $100USD/tonne which adds significant value to the Four Corners Project, highlighted by SRK Consulting (Canada) Inc.’s initial metallurgical results, which returned a magnetic concentrate grading an impressive 63.10% Fe, and 0.643% V₂0₅. The Company also believes the Projects Ti0₂ potential has been overlooked at this point, with the same report returning a composite sample head grade of 9.8% Ti0₂, with a Wet High Intensity Magnetic Separation (WHIMS) of the initial magnetic rejects returning an impressive 26.80% Ti0₂, at an 80% recovery.

Delrey’s President and Chief Executive Officer Morgan Good stated, “We are delighted with the recent movement of iron prices to more than $100USD/tonne making new 5 year highs. Other companies such as Champion Iron Ltd (TSE:CIA), and ML Gold (TSXV:MLG) with their iron assets in eastern Canada have both seen a dramatic appreciation to their share prices and valuations of late, which simply cannot be ignored as the iron sector continues heating up. Originally Delrey focused much of its attention on the Four Corners Project’s vanadium potential, which will still be the case, but with the recent surge in iron ore prices, Delrey has adjusted its focus to include more planning and strategy around the iron and titanium to better maximize the true potential value of all three metals (Fe-Ti-V) found on the Project.”

Four Corners Project Update

As press released on May 21, 2019, Delrey has entered into a definitive agreement to acquire an 80% interest in the flagship Four Corners VTM (Vanadium, Titanium and Iron) Project. The Four Corners Project comprises 7,655.0 hectares and is located in southwestern Newfoundland and Labrador, 25km east of the town of Stephenville. The project boasts excellent infrastructure and is transected along its entire length by the Burgeo Highway (Route 480) and a 33-megawatt power line. It is located less than 40km (along Route 480) east of the deep-water ice-free Port Harmon complex.

The Four Corners project has five prospective Fe-Ti-V zones, based on anomalous selective surface grab samples and geophysical signatures, four of which have never been drill tested. The current dimensions of the Project’s flagship target, the Keating Hill East Zone, from historic drilling and government surface mapping delineates a zone upwards of 4,500m in length, varying in width between 400m and 1,100m, and extends from surface to 590m where it remains open.

An airborne EM (electromagnetic) survey conducted in 2011 by Geotech Ltd. greatly added to the potential of the Project with the identification of four new targets, increasing the potential mineralized strike length to greater than 16km.  Preliminary surface sampling confirms the same style of mineralization found at the Keating Hill East Zone is producing the geophysical anomalies and follow-up work is planned for 2019.  Selective samples across the mineralized strike length assayed >40% Fe, 8% Ti0₂, and 0.30% V₂0₅ with individual assays returning as high as 56.92% Fe, 25.24% Ti0₂, and 0.39% V₂0₅¹.

¹Grab samples are selective in nature and not necessarily representative of the mineralization hosted on the property.

Peneece Phase I Geophysical Results

Delrey is also pleased to announce that it has completed a Phase I airborne geophysics survey across its wholly-owned Fe-Ti-V Peneece property located near Port Hardy, British Columbia. The results are very encouraging and outline a sizeable, ~4.5km x ~3.5km, strong northwest-southeast trending magnetic anomaly, approximately 7,000nT in amplitude (Fig. 1). The survey was completed by Ridgeline Exploration Services Inc. out of Kelowna, British Columbia, and was flown in a systematic low-level grid pattern at 150m line spacing. The average terrain clearance was 75m across the entire survey area and a total of 402 line-km were flown.

Based on the results from the survey, the Company is pleased to announce that it has increased the size of the Peneece property by 482.9-hectares to 1983.3-hectares, to fully encompass the newly discovered strong magnetic anomaly. The results from the survey will be used in helping Delrey’s technical team plan a Phase II work program which will include prospecting, mapping and rock sampling over the geophysical anomalies.

Stock Options

The Company has granted stock options to certain consultants of the Company for the purchase of up to 600,000 common shares of the Company, pursuant to the Company’s stock option plan. The options are exercisable for a period of five years at an exercise price of 13 cents per share. All of the options vest immediately as of the date of grant.

About Delrey

Delrey is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option to earn an 80% interest in the Four Corners Project located in Newfoundland and Labrador. The Four Corners Project is a Fe-Ti-V exploration project with positive historical drilling, metallurgy, and development economics. The Company also wholly owns the Star, Porcher, Peneece and Blackie Fe-Ti-V properties located along tidewater in western British Columbia. Delrey will continue to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY”.

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by NI 43-101 and has reviewed and approved the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS OF
DELREY METALS CORP.

“Morgan Good”

Morgan Good
President and Chief Executive Officer

For more information regarding this news release, please contact:
Morgan Good, CEO and Director
T: 604-620-8904
E: info@delreymetals.com
W: www.delreymetals.com

Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release).

FIG. 1

Triple Nine’s President and Chief Operating Officer Vic French states “the company is very pleased to enter into this strategic partner-ship with Delrey who are committed to rapidly advancing and developing the large V-Ti-Fe deposits on the Four Corners Project”.

This is an important step forward for us in developing the strategic energy metals on the Four Corners Project.  Delrey states “we now have a plan in place to move quickly on unlocking the value (at Four Corners) while taking advantage of the excitement and increased interest within the vanadium and iron ore sectors.

Following the announcement of the agreement and the strategic partnership, Delrey Metals President & CEO Morgan Good was interviewed on Bloomberg BNN (https://youtu.be/am9JMUIOqN0) and Capital Ideas TV (https://youtu.be/jzkq-lReQdU).  For detailed highlights of these presentations please visit these links.

On behalf of Triple Nine Mr. French wishes to express his appreciation for the loyal support received from our world-wide shareholder base, which has allowed the project to grow and become an attractive, advanced stage mineral resource property.  He also acknowledges the contributions by the management and technical teams, which have advanced the project to the point where we can engage in this opportunity with Delrey Metals to add value to an already highly regarded world class project.

The company is also pleased to announce that the Amalgamation of Four Corners Mining Corporation with Triple Nine Resources Ltd. is now complete.  This amalgamation streamlines the operations and administration of the company and its core asset the Four Corners Project.

This news release was compiled by Vic French, P. Geo., President & COO, who is a qualified person as defined by National Instrument 43-101.

The Four Corners Project, which is situated along the Burgeo paved highway in western Newfoundland and within 25 km of the Stephenville deep sea port represents a world-class mineral resource as outlined in detail on our website  www.triplenineresources.com.  Concluding a term sheet agreement with Delrey Metals is an important first step in realizing the economic importance of this mineral resource to Newfoundland and Labrador.

The Board and Management appreciate that this opportunity is a direct result of the strong support received from our shareholders in the province, mainland Canada, the USA and Europe who through their investments have financed the on-going exploration programs, which have demonstrated that the Four Corners Project contains a world-class deposit.

Please see Delrey Metals Corp. News Release below:

News Release

DELREY ANNOUNCES SIGNING OF TERM SHEET ON THE FOUR CORNERS VANADIUM-IRON-TITANIUM PROJECT IN NEWFOUNDLAND AND LABRADOR

RETAINS OMNI8 MEDIA TO MANAGE MARKETING AND COMMUNICATIONS INITIATIVES

DELREY METALS CORP. (CSE:DLRY, FSE:1OZ, US: DLRYF) (“Delrey” or the “Company”) is pleased to announce the signing of a non-binding term sheet (the “Term Sheet”) with respect to the right and option to acquire an 80% interest (the “Option”) in and to certain mineral licences which comprise the Four Corners Project, as more fully described below (the “Project”), from Four Corners Mining Corporation/Triple Nine Resources Ltd. (the “Optionor”) and to establish a joint venture therewith (the “Joint Venture”).

Highlights of the Four Corners Project:

• Strong drill defined vanadium mineralization at the Keating Hill Zone, with a potential strike length in excess of 4.5 kilometers, as well as four other vanadium mineralized zones on the Project which have never been drill tested.
• Independent interpretation and modeling by SJ Geophysics demonstrates that 5 target zones on the Project could potentially host in excess of 10 billion tonnes of mineralized rock.
• Work in 2012 by global firm SRK Consulting (US) Inc. (“SRK”) noted a highly favourable hillside mining architecture exists on the project.
• SRK report notes positive vanadium recoveries of 90% from preliminary metallurgical tests.
• The Burgeo Highway provides access to an ice-free deep water port within 40 km of the Project, as well as a commercial airport and industrial service centre at Stephenville, Newfoundland, which could act as a potential brownfield site for primary and secondary processing.
• Low exploration and development costs with no need for helicopter or camp support, and an additional rebate of up to 50% of exploration expenditures from the Newfoundland and Labrador government under the Junior Exploration Assistance Program.
• Newfoundland and Labrador consistently rated as one of the top mining jurisdictions in the world by the Fraser Institute.
• Excellent community relations with strong support for the development of the Project.
• Drilling planned for 2019 to add to the currently defined vanadium mineralization at Keating Hill as well as test four other large targets zones on the Project.

Victor French, President and COO of Four Corners Mining Corporation/Triple Nine Resources Ltd. states: “The Four Corners Vanadium project is one of the largest and most accessible vanadium projects in North America. We are excited to work with a company that will help to truly unlock the potential of this unique project and develop it into the next big exploration success for Newfoundland and Labrador.

Morgan Good, President and Chief Executive Officer of the Company, commented: “This latest acquisition provides further exposure for Delrey and its shareholders within the battery metals sector, which are driving the global change in energy storage. Vanadium has historically been used mainly in the steel industry, but more recently demand from redox flow battery development has quickly expanded the requirements globally. Vanadium redox batteries are rapidly being established as the method of choice for large scale, long term, wind and solar produced energy storage where space is abundant.  We’re excited to be in a strong position with the Four Corners Project acquisition in a favorable jurisdiction like Newfoundland and Labrador, as the potential size and scale of this asset is remarkable.”

About the Project:

The Project is a 5,157 hectare property located in western Newfoundland, 25km east of the town of Stephenville. The Project is host to vanadium enriched titaniferous magnetite (iron) mineralization which shows encouraging historical evidence for significant and consistent vanadium accumulations across the Project.

The Project also boasts excellent infrastructure and is transected along its entire length by the Burgeo Highway (Route 480) and a 33 megawatt powerline. It is located only 40km along a paved highway, east of the deep-water ice-free Port Harmon Complex. Newfoundland and Labrador is consistently rated as being one of the top mining jurisdictions in Canada and worldwide by the Fraser Institute.

The original target, the Keating Hill East Zone, was mapped by the Geological Survey of Canada to be at least 4,500m in length with variable widths between 400m to 1,100m and extending from surface to 590m depth, where it remains open, representing a very large potential target. A recent airborne EM (electromagnetic) survey conducted in 2011 by Geotech Ltd. greatly added to the potential of the Project with the identification of three new targets, increasing the potentially mineralized strike length to greater than 12km. Preliminary surface sampling confirms the same style of mineralization found at the Keating Hill East is producing the new conductive anomalies and follow-up work is planned for 2019. Representative samples across the mineralized zone assayed >40% Fe, 5% Ti, and 0.30% V₂0₅ with individual assays returning as high as 56.92% Fe, 15.13% Ti, and 0.39% V₂0₅.

SRK has completed preliminary magnetic characterisation work which returned very encouraging metallurgical results. The Standard Davis Tube assay techniques performed on a marginal vanadiferous titanomagnetite assayed 29.1% Fe, 9.8% Ti, and 0.232% V₂0₅ with concentrate samples returning an impressive 0.643% V₂0₅ and initial runs producing a concentrate with an equally impressive >90% recovery of Vanadium.

Terms

The commercial terms of the Term Sheet are summarized below. Provisions of the Term Sheet relating to matters such as confidentiality, the Deposit (as defined below), the Due Diligence Period (as defined below) and specified other matters are binding, but otherwise the Term Sheet is non-binding.

Cash Payments

In order to exercise the Option and acquire up to an 80% interest in the Project, the Company has agreed to pay the Optionor an aggregate cash payment of $450,000 (the “Cash Payment”) as follows:

(a)              a non-refundable $25,000 cash deposit (the “Deposit”) upon entry of the Term Sheet, which Deposit will entitle the Company up to a 45 day due diligence and exclusivity period (the “Due Diligence Period”);

(b)             $25,000 upon entry into a definitive option agreement containing standard representations, warrants and covenants of the parties (the “Definitive Agreement”);

(c)              $50,000 on the first anniversary of the Definitive Agreement;

(d)             $50,000 on the second anniversary of the Definitive Agreement;

(e)              $50,000 on the third anniversary of the Definitive Agreement; and

(f)               $250,000 on the earlier of (i) the fourth anniversary of the Definitive Agreement or (ii) within 30 days of completion of an exploration program as approved by the Technical Committee (as defined below).

Share Issuances

In addition to the Cash Payment, the Company has agreed to issue the Optionor an aggregate of 12,000,000 common shares in the capital of the Company (each, a “Share”) as follows:

(a)              1,200,000 Shares upon entry into the Definitive Agreement;

(b)             2,600,000 Shares on the first anniversary of the Definitive Agreement;

(c)              3,600,000 Shares on the second anniversary of the Definitive Agreement;

(d)             2,600,000 Shares on the third anniversary of the Definitive Agreement; and

(e)              2,000,000 Shares on the fourth anniversary of the Definitive Agreement.

Exploration Expenditures

Additionally, the Company has agreed to incur an aggregate of $5,000,000 in Exploration Expenditures (as defined below) as follows:

(a)              $1,000,000 in exploration and development activities on or in relation to the Project (the “Exploration Expenditures”) on or before the first anniversary of the Definitive Agreement;

(b)             $2,000,000 in Exploration Expenditures on or before the second anniversary of the Definitive Agreement;

(c)              $1,000,000 in Exploration Expenditures on or before the third anniversary of the Definitive Agreement; and

(d)             $1,000,000 in Exploration Expenditures on or before the fourth anniversary of the Definitive Agreement (the “4th Year Exploration Program”) and delivery of a Prefeasibility Study with respect to the Project by the Company at the Company’s cost in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and CIM Standards on or before 12 months from receipt of exploration results from the 4th Year Exploration Program.

Joint Venture

Upon the exercise of the Option, the Joint Venture will be formed. The Joint Venture will be governed in accordance with the terms of a joint venture agreement, the form of which has yet to be determined and will be settled and attached to the Definitive Agreement. In addition, the parties have agreed the Joint Venture will provide for standard dilution and a right of first refusal regarding the sale or transfer of one party’s interest in the Joint Venture.

Net Smelter Royalty

Following exercise of the Option, the Optionor will retain a 3% net smelter royalty (the “NSR”) on the Project. The Company will have the right to purchase 0.5% of the NSR for a payment of $1,000,000 within 10 days of the production of a feasibility study with respect to the Project in accordance with NI 43-101 and a further 0.5% of the NSR for an additional payment of $2,000,000 within 60 days of making a production decision with respect to the Project (repurchase of 1.0% and payment of $3,000,000 in the aggregate).

Optionor Participation Right

Pursuant to Term Sheet, the parties have agreed to include terms in the Definitive Agreement which provide that the Optionor shall have the right to maintain its proportional interest in the Joint Venture, subject to certain conditions, until the later of: (a) the exercise of the Option; (b) the termination of the Definitive Agreement; and (c) such date that the Optionor ceases to hold at least 10% of the Company’s total issued and outstanding Shares on a non-diluted basis.

Option Grant

The Company also pleased to announce that it has granted stock options (the “Options”) to certain consultants for the purchase of up to 500,000 Shares pursuant to the Company’s Stock Option Plan. The Options are exercisable for a period of five (5) years at an exercise price of $0.25 per Share and vest immediately.

Appointment of Marketing and Communications Firm

Delrey is also pleased to announce that it has retained Omni8 Communications Inc. (“Omni8 Media” or “Omni8”) to assist with the Company’s corporate communications and marketing activities. The agreement with Omni8 is for 12 months and commenced on March 1, 2019. Under the terms of the agreement, Omni8 will receive $7,500 per month for its services. Omni8 has also been granted 200,000 stock options (the “Omni Options”) exercisable for a period of five (5) years at an exercise price of $0.25 per Share and vest immediately.

About Omni8 Media

Omni8 Media is a creative agency that strives to think outside the box. Omni8 are experts in branding, messaging, digital marketing, and content creation. Omni8 maintains an extensive proprietary list of service providers and marketing initiatives covering every aspect of public company communications.

Omni8 Media has spent over a decade working in the Canadian capital markets building a global network of finance professionals, deal makers and marketers. Omni8 has worked with dozens of companies in varied industries in investor relations, corporate communications, public relations, corporate and business development, crisis management, financing and M&A. Through all of this, Omni8 has developed broad connections to work with in North America and Europe.

About Delrey

Delrey is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option agreement to purchase a 100% interest in the highly prospective Sunset property located in the Vancouver Mining Division and near Pemberton, British Columbia. The Company has also recently acquired the 6,740 hectare Star and Porcher Vanadium properties and the 2,714 hectare Peneece and Blackie properties located in north-western British Columbia. Delrey will continue to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY”.

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by NI 43-101 and has reviewed and approved the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS OF

DELREY METALS CORP.

“Morgan Good”

Morgan Good

President and Chief Executive Officer

For more information regarding this news release, please contact:

Morgan Good, CEO and Director

T: 604-620-8904

E: info@delreymetals.com

W: www.delreymetals.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Historical information contained in this news release cannot be relied upon as the Company’s Qualified Person, as defined under NI 43-101 has not prepared nor verified the historical information.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release.

Platinum (Pt) and Palladium (Pd), 2 of the principal metals belonging to the PGM’s, along with gold, have been detected in weak to moderate concentrations ranging up to best values of 0.24 g/t Palladium, 0.18 g/t Platinum and 0.13 g/t gold for a combined metal content of 0.55 g/t. Assays just received from Actlabs of Ancaster, ON confirm the anomalous values are contained in 9 of the 11 surface grab samples from outcrop sites exposed in a 1.5 km (1 mile) long zone.

The mineralization is hosted in intense chlorite altered, sulphide (pyrite) mineralized, ultramafic rocks aligned along the Cabot Fault Zone, a major fault structure trending 7 kms north – northeast through the project area. The geological setting of the oxide (iron ore – titanium – vanadium) mineralization hosted in layered, mafic igneous intrusions at Four Corners is very favorable for hosting PGM’s & gold. Layered igneous intrusions are a major source of PGM’s, gold and nickel – copper sulphides mined from world class deposits such as the Bushveld Complex of South Africa.

The company advises that the search for PGM’s has been a part of its on-going exploration since 2011 when the results of the airborne survey completed that year showed conductive (electrical) responses typically caused by sulphide rich horizons hosting the PGM mineralization. These conductors are located along the fault zone and assisted in directing the geology and prospecting exploration program. A further indication of the occurrence of the PGM’s in this area were the results of a historical lake sediment survey which showed some of the highest Pt and Pd lake sediment values in Newfoundland were recorded in several ponds along this section of the Cabot Fault Zone and in the vicinity of the newly discovered mineralized zone. This historical survey also detected highly anomalous concentrations of nickel and copper, which if present in sufficient quantities could also cause the conductive (electrical) responses.

This PGM and gold mineralized zone is in an area of extensive soil and vegetation cover, masking the underlying bedrock. The company is planning detailed soil geochemistry and geophysical surveys to determine the extent of the target zone as the mineralized outcrop shows there is potential for a greater strike length beyond the 1.5 kms outlined to date.

Four Corners is also pleased to report it has Confidentiality Agreements in place with several mining investment groups who have expressed an interest in financing the exploration and development of the Four Corners Project. There are on-going discussions and with recovering iron ore prices the company is optimistic it will be successful in attracting significant investment for this large 24,786 acre property, stretching 20 kms along the Burgeo Highway and one of the largest mineral holdings in the western region of the island.

The company is also pleased to report the Newfoundland and Labrador Department of Natural Resources has awarded a grant valued up to $100,000 to offset costs of a drilling program planned to do further detailed testing of the large up to 5.5 km long Keating Hill East target zone, where thick iron ore – titanium – vanadium mineralized layers have been intersected in drill core down to a vertical depth of 600 metres. These drilling grants are based on the merits of the target which include the potential to discover an economically important resource.

Four Corners Mining is very pleased with these new developments, noting Four Corners is one of the more active exploration projects in the province and the iron ore – titanium – vanadium mineralization drill intersected at Keating Hill East, only one of 5 oxide mineralized targets tested to date, represents an emerging large, bulk tonnage mineral resource.

The technical information in this news release was reviewed by Vic French, P. Geo., President, and a qualified person as defined by National Instrument 43-101.

High grade mineralization with iron ore up to 57.66% Fe2O3 (T), titanium oxide (TiO2) up to 13.49% and vanadium pentoxide (V2O5) up to 0.322% highlights grab samples from outcrop and sub-outcrop at the large Four Corners MAG Anomaly (FCMA) and represent the highest assay values to date at the FCMA where surface mineralization was first discovered in late 2011 (ref. Press Release February 3, 2012). This MAG anomaly is the largest of the 5 MAG anomalies detected during a 2011 Airborne ElectroMagnetic survey that showed the targets extend along a 20 km corridor to within 6 kms of the coast line of Bay St. George, the site of the Harmon Port.

At Keating Hill East, the only 1 of the 5 MAG anomalies drill tested to date, 4,000 metres of drilling has intersected a large zone of titanium – vanadium enriched magnetite (iron ore) that can be traced for several kilometres and having implications for a large bulk tonnage resource.

Geological mapping and prospecting will continue throughout the summer to direct a planned fall drilling program which will test the new zones of surface mineralization being uncovered at the drill untested MAG anomalies. FCMC has applied for a drilling grant under the Junior Exploration Assistance Program administered by the Newfoundland & Labrador Department of Natural Resources and acknowledges the support of earlier grants awarded for this highly regarded project.

The stream of positive results achieved at the FCP since exploration began in late 2009 is attracting international interest and the company is pleased to report that by invitation it is attending the Indian Metals & Minerals Investor Initiative meetings being held in Mumbai on Friday, July 5.

Adding to the attractiveness to the Four Corners Project is its location along a paved highway and close proximity to an ice free deep water port which positions the project in a highly favorable setting compared to many worldwide mineral resources. The company notes this highly strategic location and the potential for a large bulk tonnage, mineral resource together with predictions that iron ore prices will rise in 2013 due to increased steel production bodes well for advancing the project.

The technical information in this news release was reviewed by Vic French, P. Geo., President, and a qualified person as defined by National Instrument 43-101.

Mr. MacFarlane advises “The metallurgical work was designed to test a preliminary flow sheet to concentrate the ore as well as guide future exploration and process development work. The work intended to give some preliminary insight to the economics of the deposit shows the ore producing a concentrate with more than 65% Fe (iron) – about 70% Fe recovery, and more than 90% recovery of the vanadium, (at more than 2.5 times the vanadium grade in the ore), and more than 80% of the contained TiO2 (titanium)”.

FCMC Chairman and CEO Len Muise states the company is extremely pleased with these positive results at this early stage in the development of what drilling is revealing to be an extensive deposit of titanium and vanadium enriched iron ore. He advises the 2011 airborne geophysical surveying and prospecting shows the mineralization extends at least 15 kms and is a strong indication of the overall economic potential at the FCP, noting SRK states “the large size of the deposit will probably have areas where it will be easier to concentrate these metals and have the highest potential of supporting commercial production”.

Based on this favorable metallurgical report the Four Corners Project could conceivably be the first commercial production of titanium – vanadium – iron ore minerals from the Bay St. George Complex; so named by FCMC to represent the suite of mineralized rocks which can now be traced to within several kms of the shoreline of Bay St. George and the ice free, deep water port and industrial center of Stephenville 20 kms west.

The company is also pleased to acknowledge the on-going financial support received since 2009 from the Government of Newfoundland and Labrador through the Junior Exploration Assistance grants awarded by the Department of Natural Resources. Mr. Muise adds “the grants have greatly benefited the exploration and geological understanding of this newly recognized mineralized district situated within the Long Range Mountain of southwestern Newfoundland”.

The technical information in this news release was reviewed by Vic French, P. Geo., VP Exploration and a qualified person as defined by National Instrument 43-101.

The FCMA was selected first for prospecting as it is the largest of the four anomalies interpreted and modeled by SJ Geophysics of Delta, B.C. with a strike length of at least 4.5 kms and up to 1.5 kms wide making it much larger than the Keating Hill East Anomaly (KHEA) located 5 kms east and the initial MAG target that has been the focus of exploration work since 2009.

Chairman and CEO Len Muise states these results are one of the most significant exploration results on the property since exploration began at Keating Hill in 2009. Angular boulders and outcrops of massive magnetite mineralization sampled along the 4.5 km strike length of the FCMA averaged 35.00% iron oxide (Fe2O3 T), 7.00% titanium oxide (TiO2) and 0.17% vanadium pentoxide (V2O5). Mr. Muise notes to achieve these results at such an early stage of prospecting is very encouraging.

Also, the prospecting and sampling carried out by contract prospector Shawn Rose in late November uncovered Platinum Group Elements (PGE) mineralization in outcrop and sub-outcrop, the first discovery of PGE’s on the FCP. Anomalous values are identified at several sites with values ranging up to 20 ppb (0.02 g/t) Platinum and 24 ppb (0.024 g/t) Palladium accompanied by Gold up to 0.011 g/t.

As a result of these highly positive results 100 new mining claims have been staked to cover another 2.5 kms of potential strike length inferred for the “Four Corners” MAG Anomaly from the 2011 AEM Survey. This latest staking increases the number of claims to 364 covering 23,105 acres or 9,354.25 hectares.

The magnetite mineralization now uncovered along the FCMA confirms the strong magnetic responses detected during the 2011 AEM survey are being produced by iron ore (magnetite) – titanium – vanadium mineralization and together with the 3 years of positive surface and drilling results at the Keating Hill East Anomaly demonstrate all 5 anomalies identified to date suggest 5 distinct, mineralized zones within the project area. These new targets will now be earmarked for detailed exploration in concert with the planned drilling program scheduled in 2012 for the advancement of the Keating Hill East Anomaly.

Victor A. French, P. Geo., VP Exploration and a qualified person as defined by National Instrument 43-101 reviewed the technical information contained in this news release.

The 5 magnetic anomalies are labeled the Bulls Eye, Four Corners, Fault, Keating Hill West and Keating Hill East Zones. The Keating Hill East has already been successfully drill tested during the 2010 and 2011 drill programs with thick drill intersections up to 600 metres of iron ore, titanium and vanadium mineralization (ref. earlier press releases).

The 3-D modeling and inversion study provides detailed information concerning the size, shape, attitude or orientation and susceptibility (magnetic strength) of the magnetic body. This information shows the AEM anomalies represent magnetic bodies of significant dimensions both in area and depth extent. The Keating Hill East Zone, the only 1 of the 5 targets drilled to date, is shown to be “dominated by a 800 m wide high magnetic response for approximately 4 km length along a northwest strike length with several localized zones exhibiting very high amplitudes along the length of the trend”; the magnetic body is also shown “to extend to depths between 400 and 800 metres” for an average depth of approximately 600 metres. The dimensions of this highly magnetic zone, which fit the 2010 and 2011 surface trenching and drilling down to an average depth of 600 metres indicate the Keating Hill East Zone alone could represent up to 7 billion tonnes of rock.

The other magnetic bodies, also modeled as having significant depth extent down to 1000 metres below surface, are highlighted by the Four Corners Zone, which might be the largest magnetic anomaly within the project area. It is described as “a wide magnetic high that forms a northeast striking band traced for some 4.5 km strike length and is considered open to the southwest and not fully defined by the magnetic survey” as it trends off the property (FCMC has now staked 100 claims covering the southwest trend). The study results show this anomaly is greater than 1 km wide, with a highly magnetic central core of 800 metres in width.

The Four Corners Anomaly is immediately west of the Fault Anomaly comprised of a series of “strong magnetic highs” centered along the major Cabot Fault Zone (CFZ) which slices northeast through the property and around which the AEM anomalies are centered. (The Keating Hill East and West Zones are immediately east of the CFZ and the Bulls Eye is to the west of the Four Corners, with all 5 anomalies occurring along a 18 km section of the property).

The magnetic highs along the Fault Anomaly “appear to extend much deeper (≈1000 metres)” indicating the mineralization uncovered to date at the FCP may have been channeled from deeper sources along the CFZ- major faults such as the CFZ often tap into deep seated sources for the transport of mineralizing fluids that form ore deposits.

Surface prospecting in 2010 and 2011 over the newly identified anomalies provided earlier evidence that highly magnetic, magnetite rich mineralization is a likely cause for the newly modeled AEM anomalies. 2010 prospecting over what is now known as the Fault Zone Anomaly, uncovered high grade, magnetic surface mineralization ranging up to 59.55% iron oxide (Fe2O3 T), 16.59% titanium oxide (TiO2) and 0.354% vanadium oxide (V2O5). And just recently, in late November, prospecting over the large Four Corners Anomaly, by independent prospector Shawn Rose, unearthed massive magnetite mineralization within the area of this large anomaly. (Pictures taken by Rose of this massive magnetite mineralization will be posted over the next few days on the company website at www.triplenineresources.com.

The company regards this information as being highly positive in that it provides further evidence for the project hosting a very large mineral resource. The company will also be updating the website with the 3-D modeling and magnetic inversion report and other information. The new surface samples are being shipped to Actlabs at Ancaster, ON for assaying and it is anticipated that assay results from the new surface discovery at the Four Corners Anomaly will be available early in the New Year.

Victor A. French, P. Geo., VP Exploration and a qualified person as defined by National Instrument 43-101 reviewed the technical information contained in this news release.

Hole FC-11-07 drilled at a step-out of 1 km (from hole FC-11-06) now confirms that 2.5 kms of the 6
km long, well defined drill target has been successfully tested.  The iron oxide (Fe₂O₃) – titanium oxide (TiO₂) – vanadium oxide (V₂O₅) mineralization intersected over the entire core length of this hole includes a 200 m section grading 21.85% Fe₂O_3,  4.71% TiO₂ and 0.12% V₂O₅ highlighted by an enriched section grading 26.65% Fe₂O_3, 6.35% TiO₂ and 0.147% V₂O₅ over 73.5 m_.  (Grades reported are weighted averages).  These grades are consistent with the results from the 2010 and 2011 drilling.  FC-11-06 & 05, drilled 1 km to the southeast, intersected mineralization over their entire core lengths also highlighted by higher grades, e.g. 29.63% Fe₂O_3, 8.19% TiO₂ and 0.16% V₂O₅ over 57.6 m.  All 12 drill holes, 5 in 2010 and 7 in 2011, yielded an average grade of 20.27% Fe₂O_3, 4.33% TiO2 and 0.10% V₂O₅ over the 2.5 km section, with the higher grade mineralization extending along the 2.5 km strike length and displaying an average thickness of 100 m grading 27.25% Fe₂O_3, 7.00% TiO2and 0.145% V₂O_5.  

FCMC Chairman and CEO, Mr. Len Muise advises the company is extremely pleased with these results as they demonstrate the potential for outlining a significant resource containing ore grade values in all 3 metals – iron ore, titanium and vanadium.  He notes this road-side project has many favourable  features for a mine development and adds these highly positive drill results provide the justification for continued drilling of this target labeled the Keating Hill East Anomaly.  Mr. Muise also advises this anomaly is only 1 of 5 highly magnetic anomalies identified during the recently completed Airborne Electromagnetic Survey  and now targeted for follow-up exploration (ref. October 31, 2011 Release).

These positive results from the FCP presented at the recent Canadian Institute of Mining Convention in St. John’s, Nov 3 – 5, 2011 were well received and has attracted the interest of several global investment groups to fund the next round of drilling for the purpose of outlining a 43-101 compliant mineral resource.  FCMC which is a private mining company with only 6,615,637 shares outstanding at a price of $2.50/share (last private placement), can be regarded as a highly attractive target for a takeover by a major interest.

Victor A. French, P. Geo., VP Exploration and a qualified person as defined by National Instrument 43-101 reviewed the technical information contained in this news release.