TORONTO, April 24, 2013 /PRNewswire/ -- Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to announce that the Company will commence its first semi-monthly shipment of approximately 165 tons of mineralized material to United Commodity AG ("UC") in mid-May 2013. Under the Company's Off-Take Agreement with UC, Trio plans to make additional shipments of the same volume on a semi-monthly basis to UC's Yukon Refinery until UC increases its capacity at the facility.
Based on Trio's previously announced Off-Take Agreement with UC, the Company anticipates that its future shipments of mineralized material will constitute more than double the volume of the inaugural shipment. The first shipment to UC is expected to generate revenues of approximately $236,000. In addition, the Company anticipates its shipments of mineralized material to UC will generate $350,000 to $500,000 per month in revenues.
As Trio commences the shipments of its mineralized materials, the Company continues to make progress exploring and developing its Duncan Kerr Property in Northern Ontario. Once Spring weather conditions permit, the Company plans to conduct the additional work required on its National Instrument 43-101 Independent Technical Report ("NI 43-101") on the property as well as begin secondary crushing of Stock Piles A and B and the Trench Ore. In addition, Trio will conduct third-party sampling to confirm the assay values and tonnage, allowing the Company to confirm its first resource value for the materials.
"The first shipment of mineralized materials represents another important step for Trio's development as a junior mining company," stated Duncan Reid, CEO of Trio Resources, Inc. "By partnering with an experienced processor like UC, we can immediately begin to monetize our inventory of above-ground materials and generate cash to fund exploration on our Duncan Kerr Property. While we ramp up our shipments to UC, we are also taking strides to maximize the value of our assets. We are excited about the prospects for Trio's future as we continue to execute on our business plan."
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)
KCSA Strategic Communications
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Todd Fromer / Philip Carlson
SOURCE Trio Resources, Inc.