VANCOUVER, Canada, July 30, 2002 (PRIMEZONE) -- Trivalence Mining Corp. (TSX Venture Exchange:TMI) (OTCBB:TMIGF) is pleased to report diamond production for the quarter ending June 30, 2002. Diamond production was derived from alluvial operations at the Company's 85% owned Aredor mine in Guinea, West Africa and its 100% owned Palmietgat mine in South Africa and totaled 22,861 carats. Diamond production for the fiscal year ending June 30, 2002 was 74,009 carats, a 15% increase over the year ending June 30, 2001. Both diamond mines reported increased production over the year with the Aredor mine reporting a 4% increase in diamonds recovered and Palmietgat reporting a 28% increase. A breakdown of diamond production from the two mines is as follows:
MINE CARATS RECOVERED CARATS RECOVERED
Year Ending June 30, Year Ending June 30,
2002 2001
Aredor 36,676 35,126
Palmietgat 37,333 29,254
TOTAL 74,009 64,380
Sales revenue for the quarter ending June 30, 2002 totaled US$3,045,469 and was derived from four diamond sales. At Aredor, two sales totaling 6,892 carats sold for US$2,582,981, for an average sale price of US$374 per carat. Two sales of Palmietgat production during the quarter totaled 8,112 carats which sold for US$462,668 for an average of US$57 per carat.
The Company also reports that it had signed a twelve-month contract with Unity Partners Ltd. of Vancouver B.C. to develop and maintain an ongoing market awareness program for the Company in accordance with the TSX Venture Exchange Policy 3.4. Trivalence will pay US$10,000 per month for the duration of the contract.
Trivalence Mining Corporation is a publicly traded company with two producing diamond mines located in the Republic of Guinea, West Africa, and in the Republic of South Africa. In addition to its mining operations the Company has two advanced kimberlite exploration programs currently underway in the Republic of Guinea, West Africa, and in the Republic of Botswana. Exploration of the two properties is being conducted by its Joint Venture participant Rio Tinto Mining and Exploration Limited.
Waseem Rahman Director
The Company relies upon litigation protection for "forward-looking" statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.