Trelawney Mining and Exploration Inc TWNNF

RE: news out...TEXT

[myllow1]

Citadel, Trelawney enter formal option on Massey 2007-01-31 18:08 ET - News Release See News Release (C-CGM) Citadel Gold Mines Inc Mr. John Sadowski of Citadel reports CITADEL GOLD MINES INC. AND TRELAWNEY RESOURCES INC. ANNOUNCE SIGNING OF OPTION AGREEMENT ON SUDBURY BASE METAL PROPERTY Further to Citadel Gold Mines Inc.'s news in Stockwatch on Nov. 2, 2006, Citadel Gold Mines and Trelawney Resources Inc. have entered into a formal option agreement, whereby Citadel can earn up to a 75-per-cent interest in the Massey property located in Salter township, Ontario, about 100 kilometres west of Sudbury. The property consists of about 2,000 acres covering three former copper-producing mines: the Massey mine, the Hermina No. 1 mine and the Hermina No. 3 mine. Citadel will have the right to earn an initial 51-per-cent interest in the Massey property by issuing 1.15 million common shares, by making cash payments to Trelawney totalling $260,000, and by incurring a total of $1.2-million in exploration and development expenditures on the property over five years. Citadel will have the right to earn a further 24-per-cent interest by completing a feasibility study.