Sep 30 2013
Trio Resources, Inc. ("Trio" or the "Company") 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 trioresources.com/.
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Source: http://www.trioresources.com/