TORONTO, Oct. 30, 2013 /PRNewswire/ -- Trio
Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII;
www.trioresources.com) is pleased to announce that the Company has
assigned Golder Associates to manage and create the resource
valuation of its above ground mineralized material piles. In order
to create a bankable resource for the company, Trio Resources has
contracted a local crushing company to begin crushing and sampling
of at least 25,000 tons of mineralized material to create a
bankable resource that can be used for ongoing financing of the
Company's unique business strategy.
A "bankable" feasibility study is an independently audited
document that analyzes all technical and financial risks and
assesses the commercial viability of a project. Financial
institutions will use this study to evaluate the projects'
credit-worthiness for financing. The feasibility part is guided by
a set of assumptions, development conditions and strategy resulting
in a planned outcome. The bankable part relates to the basis and
conditions for a future financial agreement to collateralize mining
assets for a project loan, by setting a premium and repayment
schedule detailing appropriate risk/reward factors.
Duncan Reid, CEO of Trio
Resources, Inc. commented, "Now that our mill is being automated
and will soon be in place, it is the right time for Trio Resources
to establish a bankable reserve of our large cache of above ground
mineralized material. Upon completion, this process will enable
Trio Resources to strengthen its balance sheet and gain access to
growth capital on terms that are favorable for shareholders."
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.