TORONTO, Dec. 6, 2013 /PRNewswire/ -- Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to announce that it has finalized plans with geologist Joerg Kleinbock of JMK Exploration to begin exploration work at the Stairs gold mine. Mr. Kleinbock will bring his many years of experience overseeing large projects to his new role at the historical gold producer, where he will handle all permitting requirements and day-to-day management.
Trio signed the Stairs joint venture agreement in September 2013 with Teck Resources, committing $1.5 million to be spent on the property over a three year period to earn into the Company's stake.
Phase 1 of the surface work, which includes compilation, geophysics and geology, is anticipated to cost approximately $250,000. Phase 1 drilling targets are estimated at 5,000 meters at a cost of over $800,000 including assaying work. Phase 1's administrative budget is estimated at $25,000. With positive results, Phase 2 estimates will be announced for further drilling and analysis.
"Trio Resources remains on track with our strategy to finance exploration work from the cash flows we expect to generate once our new 100 ton mill is installed on our Cobalt property," stated Duncan Reid, CEO of Trio Resources, Inc. "Once the mill is commissioned, we can use it to monetize the large quantities of silver-bearing material on the property. Looking ahead, we plan to outfit the site with a 300 ton mill to further ramp up production and maximize growth."
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.
Trio Resources, Inc.
Toll-Free: 855.321.TRIO (8746)
SOURCE Trio Resources, Inc.