Trimetals spent $2.58-million (U.S.) to explore in 2017

Mar 29, 2018

2018-03-28 16:43 ET – News Release

Mr. Eric Edwards reports

TRIMETALS MINING INC. FILES 2017 ANNUAL FINANCIAL STATEMENTS AND MD&A

Trimetals Mining Inc. has released its audited consolidated financial statements for the year ended Dec. 31, 2017, and the related management’s discussion and analysis of financial position and results of operations. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

As at Dec. 31, 2017, the company had cash of $500,000. The company recently augmented its cash balance by completing a private placement for gross proceeds of $1.3-million.

During 2017 the company maintained its level of operations from previous years, which resulted in general and administrative expenses marginally increasing from $1,989,555 to $2,232,880 in 2017.

Total exploration spending in 2017 increased to $2,588,928 from the $2,071,656 incurred in 2016. The 2017 costs included $2,229,987 incurred at Gold Springs, which included $339,725 in direct drilling costs as well as costs associated with updating the resource estimate, including geochemistry, supervision, analysis of exploration data and continuing metallurgical testing. At the Escalones property in Chile, the company incurred costs of $358,941 in 2017, which mainly included land payments and supervision.

The company continues to seek a partner to help advance Escalones toward development.

During 2017, the Toronto Stock Exchange closing price of the Class B shares (a liability in the financial statements) decreased by two Canadian cents (2016 — increased by 13 Canadian cents) per Class B share, resulting in a non-cash gain of $394,512 (2016 — resulted in an expense of $11,561,046).

Outlook

The priorities of the company for 2018 are to:

Focus the company’s efforts toward the historic Gold Springs project in southern Utah and Nevada, and advance the exploration and geologic understanding of the project to expand the gold resource and mitigate technical risk;
Seek an appropriate strategic partner with specific skills and experience in South America and in copper exploration to increase resources and move forward toward development of the Escalones copper-gold porphyry-skarn project in Chile;
Participate with the company’s legal team to pursue and finalize the international arbitration against Bolivia and recover full compensation based on the fair market value for the Malku Khota project;
Actively manage the business of the company to preserve cash, efficiently and effectively invest in meaningful activities, and pursue accretive and strategic capital-raising opportunities.

Note that the Class B shares have no interest in the properties or assets of the company other than a collective entitlement to 85 per cent of the net cash, if any, (after deducting all costs, taxes and expenses and the third party financier’s portion thereof) received by Trimetals from award or settlement in relation to the company’s subsidiary South American Silver Ltd.’s arbitration proceeding against Bolivia for the expropriation of the Malku Khota project in 2012.

About Trimetals Mining Inc.

Trimetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the prospective Gold Springs gold-silver project in Utah and Nevada, and the Escalones copper-gold porphyry deposit in Chile.

We seek Safe Harbor.

http://www.trimetalsmining.com/news/2018-news/