TriMetals Mining Inc. files First Quarter 2018 Financial Statements and MD&A
May 14 2018 - 5:00AM
TriMetals Mining Inc. (TSX:TMI)
(OTCQX:TMIAF), (the “Company”), reports the release of its
condensed interim consolidated financial statements for the three
months ended March 31, 2018 with cash at the end of the quarter of
$1.2 million. In this press release, all amounts are expressed in
U.S. dollars, unless otherwise indicated.
Highlights for 1Q 2018 and to
date:
- The Company has implemented cost reductions to lower corporate
overhead since the beginning of the year, resulting in a 34%
decrease in general and administrative expenses from the quarterly
average of $0.56 million during 2017 to $0.37 million in 1Q
2018;
- A non-brokered private placement was completed for gross
proceeds of $1.49 million (Cdn$1.9 million) as announced in the
Company’s news releases of March 5, 2018 and February 26,
2018;
- The Company reported positive rock chip sampling results from
the South Jumbo and new Homestake targets at the Gold Springs
Project as announced in the Company’s news release of April 26,
2018 from a surface sampling program completed at the end of
2017.
Exploration spending during the three months
ended March 31, 2108 decreased to $0.4 million from $0.63 million
incurred in the first quarter in 2017. The 2018 costs included $0.3
million incurred at Gold Springs and $0.1 million incurred at the
Escalones property in Chile. Exploration drilling and related
exploration costs for the Gold Springs Project, located on the
border of Nevada and Utah are capitalized and reported as deferred
exploration costs in the Statement of Financial Position.
During the three months ended March 31, 2018,
the TSX closing price of the Class B shares (a liability in the
financial statements) decreased by Cdn. $0.01 (2017 – decreased by
Cdn. $0.03) per Class B share resulting in a non-cash gain of $1.45
million (2017 –$1.9 million).
OutlookThe priorities of the
Company for 2018 continue to be:
- Focusing the Company’s efforts to advance the exploration and
geologic understanding of the district-potential at the Gold
Springs Project, including expanding the resources along the
5.5-kilometer long Jumbo Trend;
- Unlocking value by facilitating the advancement of the
Escalones copper‑gold porphyry-skarn project in Chile;
- Participating with the Company’s legal team to resolve the
international arbitration against Bolivia and recover full
compensation based on the fair market value for the Malku Khota
project; and
- Continue to reduce overhead costs throughout the Company while
further optimizing the exploration program at the Gold Springs
Project, and pursue value-accretive business and strategic capital
raising opportunities.
About TriMetals Mining
Inc.TriMetals Mining Inc. (TSX:TMI) and (OTCQX:TMIAF) is a
growth-focused mineral exploration company creating value through
the exploration and development of the near-surface Gold Springs
gold-silver project in mining-friendly Nevada and Utah, U.S.A.
The Company’s Class B shares are listed on the
Toronto Stock Exchange under “TMI.B”. Note that the Class B
shares have no interest in the properties or assets of the Company
other than a collective entitlement to 85% of the net cash after
expenses, if any, received by TMI from award or settlement in
relation to the Company’s subsidiary’s arbitration proceeding
against Bolivia.
TriMetals Mining Inc. Contact:
Eric Edwards President
& CEO eedwards@trimetalsmining.com |
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Forward-looking
StatementsForward-looking statements look into the future
and provide an opinion as to the effect of certain events and
trends on the business. Forward-looking statements may include
words such as “expect”, “plan”, “seek”, “continue”, “typical”,
“will”, “intention”, “creating”, “and similar expressions. These
forward- looking statements are based on current expectations and
entail various risks and uncertainties. Actual results may
materially differ from expectations, if known and unknown risks or
uncertainties affect our business, or if our estimates or
assumptions prove inaccurate. Factors that could cause results or
events to differ materially from current expectations expressed or
implied by the forward-looking statements, include, but are not
limited to, risks of the mineral exploration industry which may
affect the advancement of the Gold Springs project, including
possible variations in mineral resources or grade, recovery rates,
metal prices, availability of sufficient financing to fund further
required work in a timely manner and on acceptable terms,
availability of equipment and qualified personnel, failure of
equipment or processes to operate as anticipated, changes in
project parameters as plans continue to be refined; and other risks
more fully described in the Company's Annual Information Form filed
and publicly available on SEDAR at www.sedar.com. The assumptions
made in developing the forward-looking statements include: the
accuracy of current resource estimates and the interpretation of
drill, metallurgical testing and other exploration results; the
continuing support for mining by local governments in Nevada, Utah
and Chile, the availability of equipment and qualified personnel to
advance the Gold Springs project; and the execution of the
Company's existing plans and further exploration and development
programs for the Gold Springs Project, which may change due to
changes in the views of the Company or if new information arises
which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue
reliance on the forward-looking statements contained in this news
release. Except as required by law, the Company assumes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or any other
reason.