Mr. Jed Richardson reports

TRIGON METALS INC. ENTERS ARRANGEMENT AGREEMENT TO SPIN-OUT MOROCCAN ASSETS

Trigon Metals Inc. has entered into an arrangement agreement with its wholly owned subsidiary, Safi Silver Corp. (Spinco), to undertake a spinout transaction that would reorganize the business and capital structure of the company to spin out its assets in Morocco, namely the Silver Hill project, to the shareholders of Trigon.

The proposed spinout transaction will be completed by way of a plan of arrangement under Section 192 of the Canada Business Corporations Act.

Pursuant to the proposed arrangement, it is anticipated that Trigon will distribute to the Trigon shareholders, on a pro rata basis: (i) all of the outstanding shares in the capital of Spinco; and (ii) new common shares in the capital of Trigon, in exchange for the common shares of Trigon held by the Trigon shareholders.

The proposed arrangement remains conditional on the approval of the Trigon shareholders at the annual general and special meeting, the TSX Venture Exchange and the Ontario Superior Court of Justice (Commercial List). Additionally, completion of the proposed arrangement is conditional upon, among other things, completion of a concurrent financing of Spinco and conditional approval for listing the Spinco common shares on a recognized Canadian stock exchange.

It is intended that, as part of the proposed arrangement, the Trigon shareholders will receive one new Trigon share and 0.5 Spinco common share in exchange for each Trigon share held immediately prior to completion of the proposed arrangement.

The proposed arrangement will allow Trigon and Spinco to each access the sources of capital best suited for operational-stage and exploration-stage mining assets, respectively, and to otherwise achieve operational efficiencies.

Additional details of the proposed arrangement will be provided in a management information circular that will be mailed to Trigon shareholders prior to the meeting. At the meeting, Trigon shareholders will be asked to vote on a special resolution approving the proposed arrangement and on other matters.

About Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the company holds an 80-per-cent interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the company is focused on exploration and redevelopment of the previously producing Kombat mine. In Morocco, the company is the holder of the Silver Hill and Addana projects, highly prospective copper and silver exploration projects.

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