Tri-Star Resources Plc First Commercial Grade Dore Produced

 
TIDMTSTR 
 
Tri-Star Resources PLC / AIM: TSTR / Sector: Natural Resources 
 
19 August 2019 
 
             Tri-Star Resources plc ("Tri-Star" or the "Company") 
 
 First Commercial Grade Dore Produced at Antimony-Gold Processing Facility and 
 
                      Purity of Antimony Metal Improves 
 
Tri-Star Resources plc (AIM: TSTR), the minerals processing company, is pleased 
to announce that production of commercial grade dore has commenced at  the 
antimony-gold processing facility in the Port of Sohar Free Zone located in the 
Sultanate of Oman ("the Project"), which is owned by Strategic & Precious 
Metals Processing LLC ("SPMP") in which the Company holds a 40% interest. 
 
Overview: 
 
  * SPMP produced first ingot with a gold concentration in excess of 2%, the 
    minimum commercial grade 
  * Focused on ramping up production and building volumes for sale 
  * Purity of antimony metal increased to 99.11% up from 98% in July 2019 
  * SPMP is confident of increasing the purity of antimony metal to the 
    commercial grade of 99.65% plus 
  * Advancing negotiations in respect of converting SPMP's existing mezzanine 
    loans into an interest free shareholder loan and/or equity 
 
Adrian Collins, Chairman of Tri-Star commented: "Production of first commercial 
grade dore is a significant milestone as we look to advance the development of 
this exciting gold and antimony project and build a leading global position in 
the market.  Whilst there are still challenges to overcome, we have reached a 
tipping point that will, I believe, result in accelerated activity over the 
next few months; we look forward to updating shareholders on progress." 
 
Details 
 
SPMP has produced first ingot with a gold concentration in excess of 2%, the 
minimum commercial grade. The focus is now on ramping up production and 
building volumes for sale.  Importantly, SPMP is now producing antimony metal 
at a purity of 99.11% up from 98% as announced on 22 July 2019.  Whilst this is 
still below the commercial grade of 99.65%, the SPMP team is confident that 
this will be achieved as production increases and the normal fine-tuning 
adjustments are made, although there remain a number of operational challenges 
to overcome. 
 
Additionally, negotiations in respect of converting SPMP's existing mezzanine 
loans into an interest free shareholder loan and/or equity are ongoing and it 
is expected that final terms will be agreed and the conversion to happen prior 
to the conclusion of the current round of SPMP debt funding. 
 
Tri-Star has a 40% shareholding in SPMP with the other joint venture partners 
being The Oman Investment Fund (40% equity holder) and DNR Industries Limited, 
part of Dutco Group in Dubai (20% equity holder). 
 
Certain information contained in this announcement would have been deemed 
inside information for the purposes of Article 7 of Regulation (EU) No. 596/ 
2014 until the release of this announcement. 
 
                                   **ENDS** 
 
For further information please visit www.tri-starresources.com or contact: 
 
Tri-Star Resources plc                                              c/o SBP 
David Facey, CEO/ CFO                              Tel: +44 (0)20 7236 1177 
 
St Brides Partners (Financial PR) 
Isabel de Salis / Beth Melluish                    Tel: +44 (0)20 7236 1177 
 
SP Angel Corporate Finance (Nominated 
Adviser)                                           Tel: +44 (0)20 3470 0470 
Robert Wooldridge / Jeff Keating 
 
finnCap Ltd (Broker) 
Scott Mathieson / Camille Gochez                   Tel: +44 (0)20 7220 0500 
 
Notes to Editors: 
 
Tri-Star's principal interest is in an antimony and gold production facility 
(the "SPMP Project"). The SPMP Project is based in Sohar, Sultanate of Oman, 
and is being developed by Strategic & Precious Metals Processing LLC ("SPMP"), 
an Omani company in which Tri-Star has a 40% equity interest. Tri-Star also has 
antimony exploration licenses in Canada which are held for their potential 
contribution of feedstock to the SPMP Project. 
 
 
 
END
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