TORONTO, Sept. 26, 2013
/PRNewswire/ -- Trio Resources, Inc. ("Trio" or the
"Company") (OTCBB: TRII; www.trioresources.com)
is pleased to announce that it will install the gravitational mill
recently purchased on the Company's Duncan-Kerr Property in
Cobalt, Ontario, allowing the
Company to process stock piles of mineralized material in house.
Trio's mill will process 100 tons a day at full capacity, and is
scheduled to go into operation by the end of 2013.
The mill feature's state-of-the-art automation equipment, which
is being installed in Toronto,
Ontario currently before shipping to the mill site in
Cobalt. This will enable
management to monitor operations remotely and will maximize
production efficiencies. To accommodate the new equipment, the
Company is renovating its current facility on the Duncan-Kerr
Property. Trio has retained Golder Associates, a leading
engineering and construction firm specializing in energy and mining
projects, to provide consulting on the design and permitting of the
project.
In connection with the purchase of the mill, Trio has cancelled
its off-take agreement with United Commodity AG. Trio cancelled the
agreement after UC failed to meet the terms laid out in the
contract and determining that purchasing its own mill would be more
economical than working with this outside contractor.
"This mill gives us the ability to have a much higher capture
rate from our mineralized materials allowing Trio to monetize these
metals at a much more profitable rate than the agreement that was
previously in place with United Commodities," stated Duncan Reid
CEO of Trio Resources, Inc. "We are planning to commission our mill
by the end of 2013 and expect the signing of smelting contracts
throughout the first two quarters of 2014 Fiscal year. Once this
mill is up and running, we will be able to generate significant
cash flows and maximize the value we capture from our above-ground
mineralized materials."
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.