Transition Metals Corp. announced that the Company has granted an option on its Island Copper project to Rich Copper Exploration Corp. ("Rich Cu"), a private corporation. The property consists of 5 mining claims covering 62 hectares in Awares Township located approximately 20 kilometres northeast of Sault Ste. Marie, Ontario. (the "Property"). Under the terms of the Agreement, Rich Cu can vest a 100% interest in the Property by providing Transition with $150,000 cash over 3 years ($25,000 on signing), 500,000 shares on signing and an additional $475,000 worth of shares over the following 3 years as well as completion of $750,000 in exploration expenditures. Transition will receive a 2.5% Net Smelter Return royalty on any future production from the Property and within a 5 kilometre area of interest. In addition, Transition is entitled to milestone payments of $1,000,000 upon Rich Cu or its assigns completing a Feasibility Study and an additional payment of $5,000,000 within 12 months of commencement of Commercial Production.