TORONTO, Sept. 27, 2013 /PRNewswire/ --
Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to announce that it has formed a wholly-owned subsidiary to provide a vehicle for expanding its land package of properties with known quantities of mineralized materials. The subsidiary, Trio Resources Exploration and Development Inc., will pursue joint venture and acquisition opportunities to develop Trio's reserves of precious and base metals.
The Company has entered final negotiations on its first transaction with a major mining company as it looks to expand its acreage which currently contains the following:
- Stock Pile: 4,000 ton stock pile of silver and cobalt concentrate, holding 40 ounces of silver per ton to total 160,000 ounces;
- Crushed Material A: 16,000 ton stock pile of silver and cobalt; holding 38 ounces of silver per ton to total 608,000 ounces;
- Crushed Material B: 16,000 ton stock pile of silver and cobalt, holding 25 ounces of silver per ton to total 400,000 ounces;
- Trench Material: 16,000 tons of trench material, holding 25 ounces of silver per ton to total 400,000 ounces;
- Tailings Pond: 347,870 tons of inventory in a tailings pond, holding 1.4 ounces of silver per ton to total 493,975 ounces;
- Muck Pile: 910,000 tons of assets located in a muck pile, holding 10 ounces of silver per ton to total 9.1 million ounces.
"Creating a subsidiary is an important step in helping Trio unlock the value of its assets," stated Duncan Reid, CEO of Trio Resources, Inc. "By separating the Company's above- and below-ground resources, we can streamline our accounting to make it easier for shareholders to monitor the progress of Trio's two core business lines. Our parent will focus on generating a steady stream of cash flows by processing mineralized materials using our state-of-the-art mill at our Duncan-Kerr Property while our subsidiary will house our exploration and development activities."
About Trio Resources, Inc.
Trio Resources, Inc. is an exploration and small-scale processing company which plans to focus on the exploration and milling of mineralized materials located in historically prolific regions. Trio is organized to hold assets in the mining industry, targeting older mining camps with residual value. Trio's intention is to conduct an exploration program, in conjunction with milling initiatives to monetize its existing above-ground mineralized material on-site, with the purpose of being cash-flow positive primarily through milling and marketing mineralized material and concentrate to refiners. For more information, please visit
www.trioresources.com.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains forward-looking statements. Such statements may include, but are not limited to, information related to: our plans and objectives; anticipated operations and operating results; potential exploration and exploration results; relationships with refiners, purchasers and off-takers; demand for mineralized materials; financial resources and condition; anticipated sales, revenues and profitability; build-out of our mill and milling capacity; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue our operations and take advantage of opportunities; legal proceedings and claims. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "plans," "intends," "anticipates," "believes," "seeks," "could," "estimates," "expects," "intends," "may," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, the factors described in our Report on Form 8-K/A filed with the SEC on March 15, 2013, including the section captioned "Risk Factors" therein. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements set forth herein reflect our estimates and assumptions only as of the date of this press release and are subject to change after such date. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Contact
Trio Resources, Inc.
Toll-Free: 855.321.TRIO (8746)
Fax: 855.321.4335
www.trioresources.com
Investor Contacts
KCSA Strategic Communications
+1 212.896.1215 / +1 212.896.1233
tfromer@kcsa.com / pcarlson@kcsa.com
Todd Fromer / Philip Carlson
