Trio Resources, Inc. ("Trio" or the "Company") (OTCB is pleased to announce that it has finalized plans with geologist Joerg Kleinbock of JMK Exploration to begin exploration work at the Stairs gold mine. Mr. Kleinbock will bring his many years of experience overseeing large projects to his new role at the historical gold producer, where he will handle all permitting requirements and day-to-day management.
Trio signed the Stairs joint venture agreement in September 2013 with Teck Resources, committing $1.5 million to be spent on the property over a three year period to earn into the Company's stake.
Phase 1 of the surface work, which includes compilation, geophysics and geology, is anticipated to cost approximately $250,000. Phase 1 drilling targets are estimated at 5,000 meters at a cost of over $800,000 including assaying work. Phase 1's administrative budget is estimated at $25,000. With positive results, Phase 2 estimates will be announced for further drilling and analysis.
"Trio Resources remains on track with our strategy to finance exploration work from the cash flows we expect to generate once our new 100 ton mill is installed on our Cobalt property," stated Duncan Reid, CEO of Trio Resources, Inc. "Once the mill is commissioned, we can use it to monetize the large quantities of silver-bearing material on the property. Looking ahead, we plan to outfit the site with a 300 ton mill to further ramp up production and maximize growth."
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.
