Tribune Uranium Corp. (TSX.V: TCB) has been quick to start planning its 2008 exploration and drilling of its recent acquisitions of Quartz Claims in Manitoba's Reed Lake Mining District, which it acquired as a 100% owned interest from W.S. Ferreira Ltd. in October this year. The company is currently planning a comprehensive program, including verification of historical drilling, and exploration of previously un-drilled EM conductor bodies.



The Reed Lake region is an area currently under intense exploration, even by Manitoba's demanding standards for that description. There are no fewer than 28 other mining ventures, operational and exploratory, in the region and surrounds, according to maps from the Manitoba Mineral Resources Division. The region is currently delivering results for explorers. Tribune's Quartz Claims are near VMS Ventures Inc. (TSX.V: VMS) discovery hole grading 11.19% Cu over 10.50 meters.

Tribune's exploration program is scheduled to begin in January 2008. The company's exploration team has identified multiple high priority drilling targets, and drill equipment has been reserved for the duration of the exploration program.

The Quartz Claims, northeast of Snow Lake Manitoba, cover a 4,800 foot long electromagnetic conductor which is interpreted to lie in a fold axis. The historical exploration data which is very pertinent to Tribune's operations, and identify gold mineralization ranging from 18.14 g/t Au over 4.2 feet to 12.19 g/t Au over 4.5 feet. There are two EM conductor bodies which have not been previously drilled. Tribune management believes that these two conductor bodies have the potential to host significant gold mineralization.

Tribune has additionally announced the start of its joint venture exploration of the North Shore property of the Athabasca Basin in northeastern Alberta with partner Fission Energy (TSX V: FIS). The program will include additional geological mapping, geochemical sampling and geophysical surveys, with planned airborne radiometric survey and drill sampling of priority targets. Also in the Athabasca Basin, exploration of the Botham Lake prospect, involving an aggregate drill of four anomalies over 4,000 metres, is expected to be completed by the end of the year at a cost of $1.3 million, being part of Tribune's $3 million expenditure obligations for 2007-2008 under the Option Agreement.

Tribune's high level of exploration activity and October acquisition of the Quartz Claims are part of an interesting series of events relating to the company. The Quartz Claims holding was acquired at a relatively low outlay, totaling $270,000 cash and 500,000 common shares to be issued over five years.

Also worthy of study are Tribune's capital management moves. The company completed a private placement of units for $3.4 million in May, 2007, and doesn't currently intend to raise capital. A previous private placement of $1 million was noted on the TSX in June this year.

These placements indicate that Tribune is keeping its bottom line well covered. The nemesis of mineral exploration is expenditure, and cost control is extremely important. Tribune's operations are quite extensive for a relatively small cap company, and it's clear that the management is seeking dollar value for its expenditures, and targeting yield results from its exploration.

The new phase of exploration comes soon after Tribune Uranium's announcement that it will spin off non-core assets (including the Quartz Claims) into a new company, in which it will not hold a stake. The estimated time frame for setting up the new company is six months.

Tribune was originally formed as a uranium company, and there's a significant operational, as well as logistic, divergence between uranium and Tribune's rapidly diversifying inventory of other assets. Structurally, therefore, there's some glaringly obvious common sense in the spin-off. Uranium is quite unlike other minerals in almost every respect. The exploration, science, regulatory framework, extraction, processing and handling are entirely different, and so is the market.

The uranium side of Tribune's business couldn't be subordinated to other interests on an ad hoc basis without some significant dislocation of resources, time, and money. The other commodities also have their own individual requirements, so at almost every level, a separation of functions is required.

In this case, those other assets are also being translated into capital value for Tribune shareholders, at the expected benchmark ratio of 1:5 of their Tribune holdings, as described in a recent statement by Chief Executive Graham Harris. That's an equitable, and notably very cost effective, method of delineating both operational and equity considerations.

Tribune's successful exploration of its assets indicates expertise in its science and industrial savvy. The company's approach to dealing with cashflow and the added value of non-core assets give grounds for belief that its asset management is both realistic and properly weighted. Strategic direction has also been maintained.

Tribune has meanwhile added some expertise in the appointment of industry veteran Andrew W. Bowering to the Board of Directors, announced on 13 November. Mr. Bowering is no stranger to Tribune's line of work, with 17 years experience in the field, including work in Canada, the United States, Mexico and China. Mr. Bowering brings with him additional capabilities in the areas of securities markets, regulatory affairs and investor/public relations. He's also CFO of ATW Venture Corp (TSX V: ATW), and a director of Pinnacle Mines (TSX V: PNL)

This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.