TORONTO , Dec. 30, 2013 /PRNewswire/ -- Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com ) is pleased to report its operating results for the full year ended September 30, 2013 .
Fiscal Year 2013 Highlights:
- Signed two-year offtake agreement with Noble Refinery to process $40 million of precious metals produced at Trio's milling facility in Cobalt, Ontario ;
- Began exploration work on the historic Stairs gold mine, which Trio acquired through a joint venture with Teck Resources in September 2013 ; and
- Commenced automation of a 100 ton mill, which Trio purchased in September 2013 and expects to house on its Duncan-Kerr Property.
"We are pleased with the progress we are making in positioning Trio for long term success. During the quarter, we continued to implement a number of strategic initiatives that we believe will usher in significant growth, including readying the mill for our Duncan-Kerr Property and conducting preliminary exploration work on the Stairs property," stated Duncan Reid , CEO of Trio Resources, Inc. "In addition, we are also making headway on completing the Bankable Resource Feasibility Study on our Duncan-Kerr Property, which we can use to secure long-term financing."
Mr. Reid concluded, "With the mill expected to be up and running shortly and an offtake agreement in place, we are excited about our prospects for generating significant revenues in fiscal 2014 and beyond. We believe our focus on exploiting our substantial above-ground assets and processing them in-house will create substantial value for shareholders and establish Trio as a preeminent junior mining company."
Fiscal Year 2013 Results
For fiscal year 2013, Revenues were $219,385 . The Company incurred operating expenses of $2,209,591 and a net loss of $1,990,206 for fiscal year 2013. For fiscal year 2013, the Company recorded a comprehensive loss of $1,956,751 , or $0.0062 per basic and diluted share.
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/ .