introduction to tri origin minerals ltd, page-93

re: tro and toe: comparison TRO.ASX: Tri Origin Menerals: http://www.trioriginminerals.com.au/

TOE.TSX: Tri Origin Exploration: http://www.triorigin.com/

Share structures on 13 Nov 2006: http://www.triorigin.com/share.htm

TOE holds 49.05 mill common - and performance shares in TRO @ AUS$1.68/share or market cap of these shares is AUS$82.404 mill or CAN$75.923 mill. ($A=CA$0.921358).

The Canadian TOE has 45.134 mill shares and 4.405 mill options/warrants. Consider these warrants/options as 2.866 mill shares (The amount of warrants needs to be checked, it could be less). Consider a total of 48.0 mill shares.

The CAN75.923 mill invested in TRO is worth 75.923/48=CAN$1.58 per share but TOE sells at CAN90 cents, a huge discount.

In addition, TOE holds 3 CAN (adian) projects: http://www.triorigin.com/project.htm

1. CAN Red Lake Extension: http://www.triorigin.com/rkx.htm
2. CAN Confederation: http://www.triorigin.com/confederation.htm
3. CAN Keewatin: 3 Oct: 2006: http://www.triorigin.com/pdf/061003%20Keewatin%20NR.pdf
Uranium, gold and copper: JV with BHP. Could be valuable.

27 Oct 2006: Pinetree and Associates hold about 10% of TOE:
http://www.cdnx.com//data/lcdb/DOCP/OCT2006/11GZR01%21.DOC

SUMMARY: TOE has been underrated by the market. Its own projects could be worth some 22 cents/share or more and this added to their CAN$1.58/share investment in TRO, means that the current CAN90 cents is only half of the proposed CAN$1.80/share worth.

Both TRO and TOE are selling well below their real value IMHO.

Subject to audit,

Gerry
Holding TRO and TOE.
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.