Tri Origin starts program Rex changes accounting policy

Tri Origin Exploration (TOE-V) is testing the Kazan copper-gold project 70 km south of Baker Lake in Nunavut, for its potential to host copper-gold deposits similar to Australia’s famous Olympic Dam mine.

The program will include airborne gravity and magnetic surveys and surface exploration to evaluate known copper-gold occurrences and previously identified gravity anomalies.

Once Tri Origin completes this phase of work, BHP Billiton (BHP-N) will have the right to earn an initial half-interest by providing $1.6 million for additional programs. The major can boost its interest to 70% by funding the project to commercial production.

After discussions with securities regulators and the Toronto Stock Exchange, Rex Diamond Mining (RXD-T) has changed its revenue recognition policy.

The company previously recognized revenue for diamond production based on “estimated net realizable value.” It will now recognize diamond revenue on the basis of sales, and no longer on that of production. The company says the change will have no impact on the reported loss for either the current or prior fiscal years, as changes in revenue will be met by corresponding changes in expenses.

Rex’s production comes from modest-sized mines in South Africa. The company also is exploring for dimaonds in Mauritania. On the sales front, Rex retails both diamond jewelry and rough stones through several web sites.