Trio Resources, Inc. ("Trio" or the "Company") is pleased to announce that it has signed an Off-Take agreement with Noble Refinery ("Noble") of Switzerland to process precious metals produced at the Company's milling facility in Cobalt, Ontario. The Company anticipates it will produce $40 million of precious metals over the two year contract.
Under the agreement, Noble will purchase dore bars from Trio and ship them to one of its three global refineries for further purification. Pricing for the bars will be based on London Metal Exchange spot prices with a predetermined 10% discount. Noble will be obligated to pay Trio within three days of material assay confirmation.
"We are incredibly excited to partner with Noble, which has a sterling track record of refining assets for its global client base," said Duncan Reid, CEO of Trio Resources, Inc. "By aligning ourselves with an experienced refiner like Noble, Trio can ensure that we fully monetize the precious metals we expect to produce from the milling facility on our Duncan-Kerr Property."
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.
