TORONTO, Aug. 14, 2013 /PRNewswire/ --Trio Resources, Inc. ("Trio" or the "Company") (OTCBB: TRII; www.trioresources.com) is pleased to report its operating results for the third quarter ended June 30, 2013.
Third Quarter 2013 Highlights:
- Generated revenues of $172,016 in the third quarter, an increase of 3.4% from revenues of $166,299 in the second quarter of 2013;
- Secured $650,000 in privately-arranged short-term financing to fund working capital needs; and
- Received new assay results estimating above ground assets contain 53 ounces of silver per ton.
"During the third quarter, we made progress monetizing our extensive stockpiles of mineralized materials. Revenues grew 4.0% sequentially as we continued to ship the materials on our Duncan Kerr Property to our off-takers for processing," stated Duncan Reid, CEO of Trio Resources, Inc. "Recently, we received revised assay results that estimated some of the above ground assets originally estimated at 40 ounces of silver per ton actually contain as much as 53 ounces of silver per ton, well above the initial findings. This news bodes well for our future performance, allowing us to command a higher price for our materials and generate stronger cash flows."
Mr. Reid concluded, "We are also taking aggressive steps to ramp up exploration and development activities on our Duncan Kerr property. In the coming weeks, we expect to begin crushing and assaying for our Bankable Resource Feasibility Study, which we can use to secure long-term financing should the need arise. Overall, we are excited about our progress and the steps we are taking as we continue to execute on our growth strategy and further build shareholder value."
Third Quarter 2013 Results
Revenues were $172,016 for the third quarter of 2013, an increase of 3.4% from revenues of $166,299 for the second quarter of 2013. The increase was due to a ramp up in the sale of stockpiles of tailings located on the Duncan Kerr property.
Operating expenses were $617,813 for the third quarter of 2013, a decrease of 5.9% from operating expenses of $656,264 from the second quarter of 2013. The Company had a net loss in the third quarter of 2013 of $445,797, compared to a net loss of $489,965 from the second quarter of 2013.
The Company recorded a comprehensive loss of $389,997, or $0.0013 per basic and diluted share, for the third quarter of 2013, as compared to a comprehensive loss of $464,214, or $0.0014 per basic and diluted share, for the second quarter of 2013.
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. (An Exploration Stage Company) Condensed Consolidated Balance Sheets Expressed in US Dollars (Unaudited) | ||||||||
AsAt | AsAt | |||||||
June 30,2013 | September30,2012 | |||||||
CURRENT ASSETS | ||||||||
Cash | $ | - | $ | 8,086 | ||||
Accounts receivable | 132,663 | - | ||||||
Inventory | 1,506 | 1,770 | ||||||
Other receivables | - | 7,553 | ||||||
Prepaid expenses | 170,508 | 2,691 | ||||||
Total Current Assets | 304,677 | 20,100 | ||||||
Loan receivable - related party | 64,330 | 68,820 | ||||||
Patented claim | 9,672 | 10,374 | ||||||
Property and equipment, net | 112,092 | 115,796 | ||||||
TOTAL ASSETS | $ | 490,771 | $ | 215,090 | ||||
CURRENT LIABILITIES | ||||||||
Bank indebtedness | $ | 4,242 | $ | - | ||||
Accounts payable and accrued expenses | 670,353 | 62,675 | ||||||
Loan payable | 51,097 | - | ||||||
Total Current Liabilities | 725,692 | 62,675 | ||||||
LONG TERM LIABILITIES | ||||||||
Convertible note payable-related party | 352,445 | 298,135 | ||||||
Convertible notes payable | 1,378,663 | 621,049 | ||||||
Total Liabilities | 2,456,800 | 981,859 | ||||||
STOCKHOLDERS' DEFICIT | ||||||||
Common stock, 400,000,000 no par value authorized; 338,650,000 issued and outstanding at June 30, 2013 (213,000,000 at September 30, 2012) | 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) | 60,374 | (10,296) | ||||||
Deficit accumulated during the exploration stage | (2,378,631) | (670,368) | ||||||
Total Stockholders' Deficit | (1,966,029) | (766,769) | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 490,771 | $ | 215,090 | ||||
Trio Resources, Inc. (An Exploration Stage Company) Condensed Consolidated Interim Statements of Operations and Comprehensive Loss Expressed in US Dollars (Unaudited) | ||||||||
ThreeMonthsEnded | Period From May 16, 2012 (inception) to | |||||||
June 30,2013 | June 30,2012 | |||||||
REVENUES | ||||||||
Other revenues | $ | 172,016 | $ | - | ||||
EXPENSES | ||||||||
Depreciation | 3,640 | 489 | ||||||
Corporate expenses | 473,418 | 79,590 | ||||||
Interest expense | 59,718 | 2,680 | ||||||
Exploration and development costs | 81,037 | 34,145 | ||||||
Total Expenses | 617,813 | 116,904 | ||||||
NET LOSS | (445,797) | (116,904) | ||||||
Other comprehensive gain: | ||||||||
Foreign currency translation adjustment | 57,800 | 8,937 | ||||||
COMPREHENSIVE LOSS | $ | (387,997) | $ | (107,967) | ||||
Weighted Average Number of common shares Outstanding, basic and diluted | 338,650,000 | 213,000,000 | ||||||
Loss Per Share, basic and diluted | $ | (0.0013) | $ | (0.0005) | ||||
SOURCE Trio Resources, Inc.
