Trio Resources, Inc. Reports Fiscal Year 2013 Operating Results
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/.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains forward-looking statements. Such statements may include, but are not limited to, information related to: our plans and objectives; anticipated operations and operating results; potential exploration and exploration results; relationships with refiners, purchasers and off-takers; demand for mineralized materials; financial resources and condition; anticipated sales, revenues and profitability; build-out of our mill and milling capacity; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue our operations and take advantage of opportunities; legal proceedings and claims. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "plans," "intends," "anticipates," "believes," "seeks," "could," "estimates," "expects," "intends," "may," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, the factors described in our Report on Form 8-K/A filed with the SEC on March 15, 2013, including the section captioned "Risk Factors" therein. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements set forth herein reflect our estimates and assumptions only as of the date of this press release and are subject to change after such date. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Contact Information
Trio Resources Inc.
Toll-Free: 855.321.TRIO (8746)
Fax: 855.321.4335
www.trioresources.com
Investor Contacts
KCSA Strategic Communications
+1 212.896.1215 / +1 212.896.1233
tfromer@kcsa.com / pcarlson@kcsa.com
Todd Fromer / Philip Carlson
-Tables Follow-
| Trio Resources Inc. (formerly Allied Technologies Inc.) (An Exploration Stage Company) Consolidated Balance Sheets (Expressed in United States Dollars) | |||||||
| As at | As at | ||||||
| September 30, | September 30, | ||||||
| 2013 | 2012 | ||||||
| $ | $ | ||||||
| CURRENT ASSETS | |||||||
| Cash | — | 8,086 | |||||
| Inventory | — | 1,770 | |||||
| Prepaid expense and other receivables | 122,930 | 10,244 | |||||
| Total current assets | 122,930 | 20,100 | |||||
| Loan receivable - related party | 65,673 | 68,820 | |||||
| Patented claims | 9,900 | 10,374 | |||||
| Property and equipment | 238,876 | 115,796 | |||||
| TOTAL ASSETS | 437,379 | 215,090 | |||||
| LIABILITIES AND STOCKHOLDERS' DEFICIENCY | |||||||
| CURRENT LIABILITIES | |||||||
| Bank indebtedness | 10,830 | — | |||||
| Accounts payable and accrued liabilities | 763,775 | 62,675 | |||||
| Loans payable | 257,399 | — | |||||
| Convertible notes payable | 482,655 | — | |||||
| Total current liabilities | 1,514,659 | 62,675 | |||||
| Draw down loan payable | 425,000 | — | |||||
| Convertible note payable - related party | 384,899 | 298,135 | |||||
| Convertible notes payable | 483,708 | 621,049 | |||||
| TOTAL LIABILITIES | 2,808,266 | 981,859 | |||||
| STOCKHOLDERS' DEFICIENCY | |||||||
| Authorized: | |||||||
| 400,000,000 common stock, no par value | |||||||
| Issued and outstanding: | |||||||
| 338,650,000 common stock as at September 30, 2013 (September 30, 2012 : 213,000,000 common stock) | 338,650 | 213,000 | |||||
| Excess of purchase price over net asset value | (299,105) | (299,105) | |||||
| Additional paid-in capital | 312,683 | — | |||||
| Accumulated other comprehensive income (loss) | 23,159 | (10,296) | |||||
| Deficit accumulated during the exploration stage | (2,746,274) | (670,368) | |||||
| Total stockholders' deficiency | (2,370,887) | (766,769) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | 437,379 | 215,090 | |||||
| Trio Resources Inc. (formerly Allied Technologies Inc.) (An Exploration Stage Company) Consolidated Statements of Operations and Comprehensive Loss (Expressed in United States Dollars) | |||||||||||
| Period from | Cumulative from | ||||||||||
| Year ended | May 16, 2012 | May 16, 2012 | |||||||||
| September 30, | (inception) to | (inception) to | |||||||||
| 2013 | September 30, 2012 | September 30, 2013 | |||||||||
| $ | $ | $ | |||||||||
| REVENUE | 219,385 | — | 219,385 | ||||||||
| EXPENSES | |||||||||||
| Corporate expenses | 1,689,158 | 295,064 | 1,984,222 | ||||||||
| Exploration and development costs | 280,017 | 165,813 | 445,830 | ||||||||
| Interest expense | 226,166 | 14,563 | 240,729 | ||||||||
| Depreciation | 14,250 | 3,594 | 17,844 | ||||||||
| Total expenses | 2,209,591 | 479,034 | 2,688,625 | ||||||||
| Net loss for the year/period before income taxes | (1,990,206) | (479,034) | (2,469,240) | ||||||||
| Income taxes | — | — | — | ||||||||
| NET LOSS FOR THE YEAR/PERIOD | (1,990,206) | (479,034) | (2,469,240) | ||||||||
| Foreign currency translation adjustment | 33,455 | (10,296) | 23,159 | ||||||||
| COMPREHENSIVE LOSS | (1,956,751) | (489,330) | (2,446,081) | ||||||||
| Loss per share, basic and diluted | (0.0062) | (0.0023) | |||||||||
| Weighted average number of common stock outstanding, basic and diluted | 317,729,861 | 213,000,000 | |||||||||
SOURCE Trio Resources Inc.
