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Trio Resources, Inc. Reports Second Quarter 2013 Operating Results

Date : 05/15/2013 @ 8:30AM
Source : PR Newswire (US)
Stock : Trio Resources, Inc. (QB) (TRII)
Quote : 0.02  0.0 (0.00%) @ 10:09AM

Trio Resources, Inc. Reports Second Quarter 2013 Operating Results

Trio Resources, Inc. (USOTC:TRII)
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TORONTO, May 15, 2013 /PRNewswire/ -- Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to report its operating results for the second quarter ended March 31, 2013.

Second Quarter 2013 Highlights:

  • Generated revenues of $166,299 in the second quarter, the first revenues the Company recorded since its inception on May 16, 2012;
  • Signed five-year, $30+ million off-take agreement with United Commodity AG expected to produce $350,000-$500,000 per month in revenues; and   
  • Filed National Instrument 43-101 Technical Report ("NI 43-101") for Trio's Duncan Kerr property in Cobalt, Ontario.

"During the first quarter, we continued to distinguish ourselves from other junior mining companies by executing on our strategy to monetize our significant stockpiles of mineralized materials and securing a five year off-take agreement with United Commodity AG, one of the world's leading processors of precious metals," stated Duncan Reid, CEO of Trio Resources, Inc. "By closing the more than $30 million United Commodity deal, we not only reached a major milestone by generating our first revenues as a public company, but we secured a consistent and significant revenue stream that will enable us to fund operations and future growth opportunities for years to come."

Mr. Reid added: "Furthermore, unlike most junior mining companies the cash flows we are generating from our above-ground stockpiles allows Trio to take aggressive steps to ramp up exploration and development activities on our Duncan Kerr property. Given the recent results we have seen, we believe past reports have placed a significant discount on the mineralized material on our property. We are currently conducting additional work on our NI 43-101 report which will allow us to confirm the assay values and tonnage of our undervalued resources. We are confident once we receive the updated results, shareholders and potential investors will receive confirmation of the tremendous value and opportunity currently residing on the Company's property."

Mr. Reid concluded, "Overall, we are incredibly pleased with the progress we are making and we believe Trio Resources is well-positioned for continued success. Going forward, based on our agreement with United Commodity and the strong recovery rates we are seeing with each shipment of our mineralized material, we are confident we will achieve quarterly revenues in the range of $1 to $1.5 million."

Second Quarter 2013 Results

For the second quarter of 2013, revenues were $166,299, the first revenues the Company recorded since its inception on May 16, 2012, relating to the sale of stockpiles of tailings located on the Duncan Kerr property.  

Operating expenses were $656,264 for the second quarter of 2013, a decrease of 4% from operating expenses of $686,801 from the first quarter of 2013. The Company had a net loss in the second quarter of 2013 of $489,965, compared to a net loss of $686,801 from the first quarter of 2013.

The Company recorded a comprehensive loss of $464,214, or $0.0014 per basic and diluted share, for the second quarter of 2013, as compared to a net loss of $699,682, or $0.002 per basic and diluted share, for the first quarter of 2013.

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

-Tables Follow-

 

Trio Resources, Inc.


(An Exploration Stage Company)


Condensed Consolidated


Balance Sheets


Expressed in US Dollars


(unaudited)






As At



As At




March 31, 2013



September 30, 2012









CURRENT ASSETS









Cash


$

209



$

8,086


Accounts receivable



137,344




-


Inventory



1,559




1,770


Other receivables



-




7,553


Prepaid expenses



277,241




2,691


Total Current Assets



416,353




20,100











Loan receivable - related party



66,600




68,820


Patented claim



10,015




10,374


Property and equipment, net



119,714




115,796


TOTAL ASSETS


$

612,682



$

215,090











CURRENT LIABILITIES









Accounts payable and accrued expenses


$

530,813



$

62,675


Loan payable



10,335




-


Total current liabilities



541,148




62,675











LONG TERM LIABILITIES









Convertible notes payable



1,310,138




621,049


Convertible note payable-related party



339,428




298,135


Total Liabilities



2,190,714




981,859











SHAREHOLDERS' DEFICIT


















Common stock, 400,000,000 no par value authorized; 338,650,000 issued and outstanding at March 31, 2013 (213,000,000 at September 30, 2012)



338,650




213,000


Excess of purchase price over net asset value



(299,105)




(299,105)


Additional paid in capital



312,683




-


Accumulated other comprehensive loss



2,574




(10,296)


Deficit accumulated during the exploration stage



(1,932,834)




(670,368)


Total Shareholders' Deficit



(1,578,032)




(766,769)


TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT


$

612,682



$

215,090


 

Trio Resources, Inc.


(An Exploration Stage Company)


Condensed Consolidated Interim


Statements of Operations and Comprehensive Loss


Expressed in US Dollars


(unaudited)










Cumulative From








May 16, 2012



Three Months Ended


Six Months Ended



(inception) to



March 31, 2013


March 31, 2013



March 31, 2013










REVENUES

Other revenues

 

$

 

166,299


$

166,299



$

166,299












EXPENSES










Depreciation

3,686



7,022




10,616


Corporate expenses

510,649



1,077,747




1,372,811


Interest expense

56,411



106,561




121,124


Exploration and development costs

85,518



151,735




317,546












Total Expenses

656,264



1,343,065




1,822,097












NET LOSS

(489,965)



(1,176,766)




(1,655,798)












Other comprehensive loss:










Foreign currency translation adjustment

25,751



12,870




2,574












COMPREHENSIVE LOSS

$

(464,214)


$

(1,163,896)



$

(1,653,224)












Weighted Average Number of common shares

Outstanding, basic and diluted

338,643,889


 

295,888,736















Loss Per Share, basic and diluted

$

(0.0014)


$

(0.0039)






 

SOURCE Trio Resources, Inc.

Copyright 2013 PR Newswire



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