June 3, 2002

News Release: $.05 Per Share Earnings for March Quarter

TRIVALENCE MINING CORP ("TMI-V;TMIGF-L")
The Company is pleased to report financial results for the three and nine month periods ended March 31, 2002. During the quarter ended March 31, 2002, production from the Company's two diamond mines totaled 16,284 carats and 20,091 carats were sold for $7,050,000, an increase of 122% over the year ago quarter. For the nine month period ended March 31, 2002, production totaled 51.147 carats and 67.063 carats were sold for $9,781,212, a 30% decrease over the year ago period. Net income for the quarter ended March 31, 2002 was $983,972 or $.05 per share compared with a loss of $1,606,021 or $.08 per share in 2001. The improvement is attributed to higher production and selling volume from the Aredor diamond mine. Net loss for the nine months ended March 31, 2002 was $2,997,994 or $.10 per share compared with a loss of $1,042,700 or $.06 per share in 2001. Increased losses in the September 2001 and December 2001 quarters are attributed to a marked fall-off in world demand for rough diamond prices and other luxury goods. However, in the March 26, 2002 tender, the Company received an average of US$403.81 per carat for the sale of recent Aredor production. Financial highlights are as follows:

 
                          3 months ended           9 months ended 
                             March 31                 March 31 
                         2002        2001         2002         2001 
  Revenues            7,052,273   3,251,652    11,112,448   14,143,658 
  Expenses            5,322,601   5,292,673    14,109,742   16,111,243 
 
  Income (loss) 
   before income taxes 
   and non-controlling 
   interest           1,729,672  (2,041,021)   (2,997,294)  (1,967,585) 
 
  Income taxes         (745,700)    435,000       997,300      641,000 
  Non-controlling 
   interest            (107,200)    209,330       277,822      283,885 
 
  Net income (loss)     876,772  (1,396,691)   (1,722,172)  (1,042,700) 
 
  Earnings (loss) 
   per share 
  Basic               $    0.05   $   (0.08)   $    (0.10)   $   (0.06) 
  Fully diluted       $    0.04   $   (0.08)   $    (0.10)   $   (0.06) 
 
  EBITDA              2,597,097  (1,320,386)     (355,040)     230,862 

Trivalence Mining Corporation is a publicly traded exploration and development company with a primary focus on diamonds. The Company owns an 85% interest in the Aredor diamond mine in Guinea, West Africa, and a 100% interest in the Palmietgat kimberlite diamond mine in South Africa. The Company is conducting kimberlite exploration program at the 1,012 square km. Aredor concession in Guinea through a joint venture with Rio Tinto Mining & Exploration Limited, England. The Company is also conducting kimberlite exploration program through a joint venture with Rio Tinto at its 3,700 square km. Kokong property in Botswana.

Waseem Rahman

Director TEL: (604) 684-2401

Omair Choudhry FAX: (604) 684-2407 Toll Free. 1-888-273-3671 INET : www.trivalence.com

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