PROJECT IN NUNAVUT, CANADA
PRESS RELEASE
London, 30 May 2001
Billiton Plc announces that its subsidiaries Billiton E&D 3 B.V. and
Billiton E&D 10 B.V. (collectively "Billiton") have entered into
subscription and option agreements with Tri Origin Exploration Ltd. ("Tri
Origin") to participate, subject to regulatory approval, in the exploration
of the Kazan Project in Nunavut, Canada.
The Kazan project comprises four exploration permits totalling approximately
500 km2, 70 kilometres south of the community of Baker Lake and 300
kilometres north west of Hudson Bay at Nunavut.  The objective of the
project is to discover large copper-gold deposits of the "Olympic Dam" type.
The Baker Lake project area was recognized as having similar geological
features to Olympic Dam and Tri Origin's recently acquired land position
covers a number of highly prospective, previously identified copper, uranium
and gold occurrences, which are also indicative of an Olympic Dam setting.
Under the terms of the agreements, Billiton will make an equity placement in
common shares of Tri Origin in two parts. Initially, Billiton will purchase
800,000 units at a price of $0.25 per unit (all money references are in
Canadian Dollars) for net proceeds of $200,000 and in addition, will
exercise a portion of pre-existing $0.30 warrants currently held by Rio
Algom Inc. (acquired by Billiton in 2000). Each unit consists of one common
share of Tri Origin and one share purchase warrant. At a second phase and at
its option, Billiton may exercise the purchase warrants to acquire 800,000
additional common shares of Tri Origin by 31 December 2001 at a price of
$0.33 per share for a total cost of $264,000. Billiton may also exercise the
remaining Rio Algom warrants at $0.30. Upon completion, Billiton's equity
placement in Tri Origin's shares would total $596,000.
Proceeds of this private placement will be used to complete a surface
exploration and drilling program at Tri Origin's 100%-owned and newly
acquired Kazan copper/gold Project, Nunavut.
Following completion of the first phase exploration program, Billiton will
have the option to earn a 50% interest in the property by incurring
additional work expenditures of $1.6 million over a four year period.
Completion of this expenditure will initiate a joint venture and all further
work will be funded by the joint venture partners in proportion to their
ownership of the project, unless Billiton elects, at its option, to increase
its interest in the project from 50% to 70%. This would be done by providing
financing for all further work through to the commencement of commercial
production. Tri Origin would repay its pro rata share of the financing
(including interest) from its share of the future cash earnings of the
venture.
Tri Origin will be the initial project manager but Billiton will have the
right to replace Tri Origin at any time during the joint venture phases.
Commenting on the agreement, David Whitehead, Billiton Chief Executive,
Exploration and Development, said, "We are pleased to have an opportunity to
participate in the exploration of this newly defined exploration play with a
group that has expertise in the target type sought which, while well
understood in Australia, is relatively new to Canada."
Ends.
Michael Campbell
Manager Corporate Affairs
Billiton
Tel:         +27 11 376-3361
Fax:         +27 11 376-3362
Mobile:      082 458 2587
Email:       mcampbell@billiton.co.za
Website:     www.billiton.com