TORONTO, Jan. 9, 2013 /PRNewswire/ -- Trio Resources, Inc. ("Trio"; OTCBB: TRII), a Canadian junior mining company focusing on the exploration, milling and refining of silver and cobalt, announced today that it has received FINRA approval for its reverse merger of Allied Technologies Group, Inc. ("Allied"). The combined company will begin trading over-the-counter ("OTCBB") under the ticker "TRII" on Wednesday, January 9, 2013.
On December 14, 2012, Allied—which traded under the ticker "ALIE" before the merger—acquired 100% of the issued and outstanding equity securities of Trio to make it a wholly-owned subsidiary of Allied. On December 31, 2012, Allied implemented a 100-for-1 forward stock split. With the split, the combined company will have 338.1 million shares outstanding.
The listing comes as Trio ramps up operations at its 94-acre site near Cobalt, Ontario. The property sits in an area that is known for having rich silver and cobalt deposits. Unlike other junior mining companies, Trio actively engages in both the exploration and processing sides of the mining industry.
Trio currently holds 4,000 tons of silver-containing ore concentrate, which is crushed and ready for processing. In addition, Trio has additional above-ground reserves of 16,000 tons and 32,000 tons of ore that has been crushed but not processed. This material has been assayed to contain high concentrations of both silver and cobalt. As a result, Trio will be able to generate a steady stream of cash flows while it further develops its drilling and exploration program.
While Trio continues to mill its above-ground ore inventories, the Company is concurrently developing an exploration program on the property, targeting areas with known reserves. The land has produced positive drill results that included 240 ounces per ton of silver at a depth of 30-90 meters over a 200 meter drilled target. Trio's aim is to replicate the past success of the property by accessing a region known as one of Canada's most prolific silver reserves.
"We are excited to become a public company and look forward to the increased visibility it will help bring," said Duncan Reid, Chief Executive Officer of Trio Resources, Inc. "This news comes at an exciting time for Trio as we ramp up the milling process of our existing inventories and implement our drilling program. We look forward to continuing to update the marketplace on developments on our business and taking actions to drive shareholder value."
About Trio Resources, Inc.
Trio Resources, Inc. owns and acquires historical old mines, known to be rich in resources, and develops and runs the mining operations of its properties. Trio's intention is to conduct extensive exploration initiatives, with the purpose of being cash-flow positive by producing precious metals, and other valuable minerals. With a short view toward exploration and immediate monetization of its existing assets, Trio aims at a long-term view toward demonstrating a viable and lucrative opportunity for Super Pitting and/or Ramp Mining. For more information, please visit http://www.trioresourcesag.com/.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE Trio Resources, Inc.