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Trevali announces NI 43-101 Resource Estimate for its Caribou Deposit in New Brunswick, Canada

January 17, 2013

Measured and Indicated 7.2 million tonnes -- Inferred 3.6 million tonnes

Mineralization remains open for expansion at depth and along strike

Vancouver, British Columbia...Trevali Mining Corporation ("Trevali" or the "Company") (TSX: TV and TV.WT; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) is pleased to announce the results of an independent mineral resource estimate for its polymetallic Caribou Deposit in the Bathurst Mining Camp of New Brunswick, Canada. A National Instrument 43-101 (NI 43-101) compliant technical report will be filed on SEDAR within 45 days of this press release.

Using a 5% ZnEq* cutoff, the estimate prepared by SRK Consulting (Canada) Inc. returned 7.23 million tonnes grading 6.99% zinc, 2.93% lead, 0.43% copper, 84.43 g/t silver and 0.89 g/t gold in the Measured and Indicated categories and an additional 3.66 million tonnes grading 6.95% zinc, 2.81% lead, 0.32% copper, 78.31 g/t silver and 1.23 g/t gold in the Inferred category (Table 1 & Figure 1). The deposit remains open for expansion at depth and along strike, and the Company considers the exploration potential excellent.

The deposit also contains potentially significant copper and gold mineralization. Data analysis indicates that the gold may be under-estimated as it was not routinely analyzed in historic drill holes. Of the 4,136 assay intervals in the drill hole database that are located within a lens, only 963 samples were assayed for gold. The average of these 963 samples is 1.67 g/t gold.

"This resource estimate is an important milestone for Trevali and our growth plans for the Bathurst Mining Camp. Besides the important addition of gold and copper to the estimate, the study has highlighted the very significant exploration potential of the property," stated Dr. Mark Cruise, Trevali's President and Chief Executive Officer.

The Caribou property is a working, brown-field industrial site with comprehensive surface infrastructure including a modern concentrator, office / dry complex, mechanical shop, metallurgical and geochemical laboratory, and a permitted tailings treatment facility. Extensive underground workings are accessed by both shaft and ramp, and include many developed levels and stopes that can be rapidly and cost effectively brought on-line.

Table 1: 2013 Capped Measured, Indicated and Inferred Mineral Resources at the Caribou Project at various Zn-equivalent cut-off grades as prepared by SRK Consulting (Canada) Inc.

CutoffClassTonnageGradeContained Metal (millions of oz Au-Ag -- millions of lbs Pb-Zn-Cu) in-situ
ZnEq* %Million TonnesAu g/tAg


Zn %Cu %ZnEq %Au Ag Pb Zn Cu

*ZnEq= ((Cu Grade*Cu Price*Cu Recovery)+(Pb Grade*Pb Price*Pb Recovery)+(Zn Grade*Zn Price*Zn Recover)+(Au Grade*Au Price*Au Recovery)+(Ag Grade*Ag Price*Ag Recovery))/Zn Price. In calculating ZnEq, SRK Consulting (Canada) Inc. utilized the long term metal prices provide by Energy & Metals Consensus Forecast. Price for Au is $1470 per ounce, Ag is $26 per ounce, Cu is $3.39 per pound, Pb is $1.18 per pound, and Zn is $1.14 per pound. A recovery of 83% was applied to Zn, 71% was applied to Pb, 57% was applied to Cu, 45% was applied to Ag, and 40% was applied to Au. The pounds of metal are in-situ and have not had any mining factors applied to them.


Figure 1: Three-dimensional view of the Caribou Deposit, in New Brunswick's Bathurst Mining Camp, showing location of the extensive existing surface and underground infrastructure, various mineralized lenses and significant drill-hole intercepts located outside of the current resource estimate.

Mineral resource estimates for the Caribou Deposit were completed using Maptek Vulcan(r) software by Guy Dishaw, P.Geo., of SRK Consulting (Canada) Inc. under the supervision of Dr. Gilles Arseneau, P. Geo.

The mineral resource incorporates the results of 708 drill historical drill holes. Three dimensional mineralized domains were constructed by Trevali, and reviewed by SRK Consulting (Canada) Inc., outlining mineralization greater than 7% (Pb+Zn). Underground chip sample data were used to guide the 3-D modeling and variography but were excluded from the resource estimation.

Original assays were composited to 1-metre lengths within the mineralized domains. Silver, gold, lead, zinc and copper values were capped, according to cumulative frequency plots of composites within each mineralized domain. Capping resulted in a metal loss of 1.1%, 0.7%, 0.6%, 0.3%, and 1.5% for silver, gold, lead, zinc, and copper respectively.

Ordinary kriging was used to interpolate grades within each of the mineralized domains in three successively larger passes. Each pass used a maximum search radius of 25, 35 and 100 metres, oriented parallel to each domain. Each block was interpolated with at least three composites representing at least two drill holes. A maximum of 12 composites were used for any given block. Block bulk densities were fixed to 4.27 for the sulphide mineralization and 2.7 for the waste rock based on data provided by Trevali. Metal values were estimated into blocks measuring 6x6x6 metres, sub-blocked to a minimum of 2x2x2 metres. Previously mined areas were removed, based on available surveys of the existing underground development drifts and stopes.

Mineral resources are classified in the Measured category for all blocks generally above the lowest mined levels, developed within the mineralized domains. Within this volume, most blocks are estimated by at least three composite samples from a minimum of two drill holes from the first and second interpolation pass, which searched out to 35 metres. Mineral resources are classified in the Indicated category where most blocks are estimated by at least three composite samples from a minimum of two drill holes from the first and second interpolation pass which searched out to 35 metres (exclusive of the volume classified as Measured). All remaining blocks within the estimation domains are classified as Inferred.

Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and M. Dayle Rusk, P.Geo, Trevali's VP of Exploration, are qualified persons as defined by NI 43-101, have supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Cruise is not independent of the Company, as he is an officer, director and shareholder. Ms. Rusk is not independent of the Company as she is an officer and shareholder.

Other News
The Company reports that it has paid a finder's fee to an arm's length third party in connection with the Company's acquisition, in November 2012, of Maple Minerals Corporation ("Maple Minerals"). Maple Minerals held the Caribou Property in New Brunswick that is now within Trevali Mining (New Brunswick) Ltd. The fee paid was $615,000 (exclusive of HST) and was paid, as to $311,850, by way of the issuance of 330,000 common shares (issued at an agreed value of $0.945 per share) of Trevali, and the balance paid in cash. The shares issued bear a resale legend that expires on April 19, 2013.

Trevali is a zinc-focused base metals development company with operations in Canada and Peru -- the Halfmile and Santander mines respectively. In Canada, Trevali owns the Halfmile zinc-lead-silver mine, the Caribou mine and mill, and Stratmat polymetallic deposit all located in the Bathurst Mining Camp of northern New Brunswick. The Caribou deposit is subject to a 10% NPI and the Halfmile and Stratmat deposits to a 2% NSR respectively. The Company also has the past-producing Ruttan copper-zinc mine in northern Manitoba. Initial trial production from the Halfmile mine was successfully undertaken in 2012 and underground development is ramping up to achieve a planned production rate of approximately 3,000-tonnes-per-day to feed planned operations at the Company's Caribou Mill Complex in 2013.

In Peru, the Company has the Santander zinc-lead-silver mine and the former-producing Huampar silver mine, both located in the Central Peruvian Polymetallic Belt. Mine commissioning is anticipated to commence at the Santander operation in Q1-2013 with subsequent ramp up to full 2,000-tonnes-per-day production. Additionally through its wholly-owned subsidiary, Trevali Renewable Energy Inc., Trevali plans to undertake a significant upgrade of its wholly-owned Tingo run-of-river hydroelectric generating facility to allow, in addition to supplying power to the Santander mining operation, the potential sale of surplus power into the Peruvian National Energy Grid.

The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX (symbol TREVF) and on the Lima Stock Exchange (symbol TV). Warrants to purchase common shares of Trevali are listed on the TSX (symbol TV.WT). For further details on Trevali, readers are referred to the Company's web site ( and to Canadian regulatory filings on SEDAR at

On Behalf of the Board of Directors of

"Mark D. Cruise" (signed)
Mark D. Cruise, President

Contact Information:
Steve Stakiw
Vice President, Investor Relations and Corporate Communications

Phone: (604) 488-1661 / Direct: (604) 638-5623

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the company does not intend, and does not assume any obligation to, update such statements containing the forward-looking information. Such forward-looking statements and information include, but are not limited to statements as to: the accuracy of estimated mineral reserves and resources, anticipated results of future exploration, and forecast future metal prices, anticipated results of future electrical sales and expectations that environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues will not materially affect estimates of mineral reserves. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release and the company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in spot and forward markets for silver, zinc, base metals and certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in currency markets (such as the Peruvian sol versus the U.S. dollar); risks related to the technological and operational nature of the Company's business; changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Canada, the United States, Peru or other countries where the Company may carry on business in the future; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits and the presence of laws and regulations that may impose restrictions on mining,; diminishing quantities or grades of mineral reserves as properties are mined; global financial conditions; business opportunities that may be presented to, or pursued by, the Company; the Company's ability to complete and successfully integrate acquisitions and to mitigate other business combination risks; challenges to, or difficulty in maintaining, the Company's title to properties and continued ownership thereof; the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors; increased competition in the mining industry for properties, equipment, qualified personnel, and their costs. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Trevali's production plans at Halfmile-Caribou-Stratmat and Santander are based only on Indicated and Inferred Mineral Resources and not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the production plans and Preliminary Economic Assessment (PEA) will be realized. Additionally where Trevali discusses exploration/expansion potential, any potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The TSX has not approved or disapproved of the contents of this news release.

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