TORONTO, Oct. 30, 2013 /PRNewswire/ -- Trio Resources Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to announce that the Company has assigned Golder Associates to manage and create the resource valuation of its above ground mineralized material piles. In order to create a bankable resource for the company, Trio Resources has contracted a local crushing company to begin crushing and sampling of at least 25,000 tons of mineralized material to create a bankable resource that can be used for ongoing financing of the Company's unique business strategy.
A "bankable" feasibility study is an independently audited document that analyzes all technical and financial risks and assesses the commercial viability of a project. Financial institutions will use this study to evaluate the projects' credit-worthiness for financing. The feasibility part is guided by a set of assumptions, development conditions and strategy resulting in a planned outcome. The bankable part relates to the basis and conditions for a future financial agreement to collateralize mining assets for a project loan, by setting a premium and repayment schedule detailing appropriate risk/reward factors.
Duncan Reid, CEO of Trio Resources Inc. commented, "Now that our mill is being automated and will soon be in place, it is the right time for Trio Resources to establish a bankable reserve of our large cache of above ground mineralized material. Upon completion, this process will enable Trio Resources to strengthen its balance sheet and gain access to growth capital on terms that are favorable for shareholders."
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 http://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 Information
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
SOURCE Trio Resources Inc.
