And this one shows how cash costs for those ounces have evolved, in AUS$ and U$ terms:
1) He took his dosage like a man (far better than the normal whining from the analyst community, it must be said).We like Trevor Turnbull. And we very like Troy Resources. DYODD, dude.
2) Today he's re-rated Troy Resources again, upgrading and raising his target to CAD$2.50 (as reported on the DJNW wires, no link sorry)
TROY Resources said today that armed robbers stole 2000 ounces of gold dore bars from its Andorinhas mine in Brazil after taking workers hostage.Troy said three workers were taken hostage but released unharmed after the theft on Monday and the loss is fully covered by the company's insurance.
"A group of armed robbers took three site employees hostage on the road leaving the mine and returned to the Andorinhas site where approximately 2000 ounces of gold dore was taken," Troy said in a statement to the stock exchange on today.
"The hostages were then released, unharmed."
The loss is insured and the matter is being investigated by local police, Troy's chief executive Paul Benson said in a statement.
"This is obviously a very disturbing event," Mr Benson said.
"We are cooperating with the relevant authorities and will update the market when we receive a final report."
Major gold miners can process their gold-bearing ore at the site of the mine, producing low purity dore bars.
Dore bars can contain up to 90 per cent gold.
Spot gold was trading at $US1113.30 in Sydney today.
....but the strong run on good volume shown by Troy Resources in Australia (TRY.ax) these last two days does seem to have left a big gap to fill for its Canadian listing. Something like 4%, with a forex adjusted CAD$2.04 in the cards.
PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 27, 2010) - Troy Resources NL ("Troy") (TSX:TRY)(ASX:TRY) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
HIGHLIGHTS
- Further 8% reduction in expected project capital to US$41.5M.
- Processing plant delivered to site.
- Site work well advanced, including concrete and tank works, office construction.
- First ore tested in the pit pre-strip confirming high grades - including 4m at 28.4g/t gold, 714g/t silver.
- First production expected in September 2010 quarter - just 12 months after project construction commenced and 18 months after project acquisition.
Growing junior gold producer, Troy Resources NL is pleased to report excellent progress in development of its Casposo gold-silver project (Casposo) in San Juan province, Argentina.
Troy CEO Paul Benson said the Company had achieved a number of milestones in the past month which had further de-risked the project, and it remained on track for plant commissioning and first production in the September quarter 2010.
"The project team led by Troy's Executive Director Ken Nilsson, has successfully moved the processing plant from Cobar NSW to the Casposo project site where assembly has commenced," Mr Benson said.
"The delivery of the plant and the advanced stage of the concrete and tank works has given us confidence to reduce the assumed project contingency cost, allowing us to reduce forecast construction costs by 8% from US$45M to US$41.5M.
"When put in the context of the capital cost estimate of US$86M when we acquired the project, this new estimate brings the total reduction in project construction capital to 51%.
"We have commenced earthworks to establish the initial open pit and it is always pleasing to see some nice high grade at the start of the project. Initial in-pit grade control of the Aztec Vein included 4m at 28.4g/t gold, 714g/t silver. Our aim is to build up a stockpile of over a month's mill feed before commissioning commences in the September quarter 2010.
"Following the previously announced 32% increase in the Mineral Resource, the importance of the underground mine has increased. It is important that we get the interface between the open cut and underground mines optimised. We currently expect to be able to release a new Mining Reserve and schedule in April 2010.
"The safe and efficient progress to date is a credit to the project team. We look forward to the first production in the September quarter 2010."
REDUCTION IN EXPECTED PROJECT CAPITAL COST
With the successful delivery of the Cobar plant to the site and the advanced stage of concrete and tank works, Troy has reduced project contingency and thus the forecast project capital construction cost. The forecast capital cost for the Casposo project is now US$41.5M. This represents approximately an 8% reduction over Troy's initial capital estimate of US$45M published by in August 2009. The new target also represents a 51% reduction over the capital cost estimate in the public domain at the time Troy acquired the project in May 2009.
TRANSPORT OF PLANT EX NSW
Troy's strategy has been to relocate significant portions of the gold processing plant it held in storage in Cobar, NSW, Australia, to form the core of the Casposo facility. The use of existing, near-new plant components contributed significantly to the initial 47% reduction in the revised capital development budget for Casposo, as announced on 5 August 2009. Additional plant, both new and refurbished, is also being sourced.
The Cobar plant has now been successfully transported to the Casposo project site. The plant was shipped from Newcastle NSW to Buenos Aires using a ship charted for the project. From Buenos Aires the plant was trucked more than 1000kms to the project with 75 semi trailer loads being delivered over a 21 day period which included the Christmas break.
SITE WORKS
Significant progress has been made on the project site works since the last project update to shareholders on 9 October, 2009.
- Concrete work for the crushing, grinding and general plant facilities are well underway.
- Local manufacture and delivery of leach tanks to site are almost complete and construction and installation of tanks is well advanced.
- The site office construction has commenced.
- Water bore field and associated pipe work currently undergoing testing and commissioning.
- The first stage of the camp for construction workers was opened. The current workforce is 140 and it is expected the peak will be 225 in May of this year.
- Work has commenced on the assembly of the Cobar plant.
PIT DEVELOPMENT
Preparation for mining the Kamila open pit commenced including construction of haul road and levelling of the initial mining area which is the peak of a topographic high. The mine plan envisages establishing the pit and building up an ore stockpile of around 40,000t before mill commissioning. Grade control blast hole sampling of the initial exposure of the Aztec Vein returned high grade results, including:
- 4m at 28.4g/t gold, 714g/t silver;
- 3m at 7.3g/t gold, 69g/t silver; and
- 5m at 2.8g/t gold, 28g/t silver.
Holes were drilled vertically on a 3m x 3m pattern to a maximum of 8m depth. Fire assay with gravimetric finish on a 50g charge analysis by Alex Stewart (Assayers) Argentina at the Mendoza Laboratory. These results are in line with expectations from the ore block model.
OTHER ACTIVITIES
Work continues on detailed mining planning and calculation of an updated Mining Reserve. With the 32% increase in the Mineral Resource announced in July 2009, the amount of ore produced from the planned underground has increased and detailed planning is currently focusing on the open cut/underground interface and optimisation. It is now expected that a new mining plan and Reserve will be completed in April 2010.
BROWNFIELDS EXPLORATION
RC drilling has commenced and is initially focussed on the 150m long "Kamila - Mercado Gap" which until now has been sparsely drilled due to topographical constraints, but due to the presence of heavy earthmoving equipment drill positions have been established. In December 2009, 4 RC holes (295m) were completed. All holes intersected the of Inca-Mercado Vein structure. The brecciated - banded quartz veins were noted over downhole intervals ranging from 3m to 5m in both rhyolitic and andesitic host rocks. Alteration comprises moderate to strong silicification (illite-smectite-pyrite) in the rhyolite that changes to propylitic (chlorite - epidote - pyrite) in the andesite. The veining is situated at the rhyolite - andesite faulted contact or directly below in andesitic underlying the flows. Drilling recommenced in January 2010 after a holiday break. Assays are pending.
A diamond drill rig is expected to commence deeper drilling starting in the September quarter 2010, following a geological and structural review of the Casposo project area conducted by an independent geological consultant. This review highlighted areas of increased prospectivity for extensions to the existing Casposo Resource.
Geological mapping and sampling, as well as earthworks in preparation of drilling have commenced at the Julieta Target located 5km northwest of the Kamila Deposit. RC drilling is planned to commence at Julieta later this quarter. This RC program will include both infill and step-out holes which if successful will provide adequate drilling density to enable an initial mineral resource estimate to be completed later in 2010.
Geological mapping and interpretation has commenced on the Castano Nuevo project. Troy is earning into this project and anticipates drilling to commence later in 2010 when all statutory approvals have been received.
Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a "qualified person" under National Instrument 43-101 - "Standards of Disclosure for Mineral Projects", a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a "competent person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Doyle has reviewed and approved the information contained in this report. For further information regarding the Casposo project, including a description of quality assurance programs, quality control measures, the geology, samples collection and testing procedures in respect of the Casposo project please refer to the technical report entitled Troy Resources NL: Casposo Project, Argentina" dated July 2009, which is available under the Company's profile at www.sedar.com.
This report contains forward-looking statements. These forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations.
ABOUT TROY RESOURCES
Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold-silver development project, Casposo, in San Juan province, Argentina.
Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.
Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions.
Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.
The Company maintains a robust balance sheet, is debt-free and forecasts continued strong cash flow from its current assets. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.
With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.
Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.
ABN 33 006 243 750
To view the photos and map accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/try126.pdf
Get ready to feel all soft and gooey, mineheads, cos the head honchos at Troy Resources (TRY.to) (TRY.ax) have decided that the best part of breakin' up is when you're makin' up. According to the press release from last night (see below) the Extraordinary General Meeting called by lover John to oust lover Benson from his CEO's job has been called off.
Troy Resources NL: Withdrawal of Request for EGM
PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 3, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Growing junior gold producer, Troy Resources NL (TSX:TRY)(ASX:TRY), is pleased to advise shareholders that a requisition for an Extraordinary General Meeting planned for 16 November 2009 has been withdrawn.
This follows the conclusion of discussions with Warrigal Pty Ltd, a company associated with Mr John Jones, a Non-Executive Director of the Company. As a consequence, the EGM has now been cancelled.
As a result of those discussions, a number of changes will be made to the Board of Directors at the Annual General Meeting of shareholders set down for 27 November 2009.
Mr Alan Naylor, the founder of Troy, has advised the Company that he will not seek re-election at the AGM and will retire from the Board after 25 years' service as a Director.
Dr Denis Clarke, who has been a Director of Troy for 10 years, has advised the Board that to facilitate the agreement with Warrigal he will resign as a director and leave the board at the AGM.
On behalf of all shareholders, the Board acknowledges and thanks Mr Naylor and Dr Clarke for their outstanding contributions to the Company over an extended period.
Mr Robin Parish, a 5% beneficial shareholder in Troy, will be appointed to the Board immediately and Mr Paul Benson will step down as a Director but will remain as the Company's Chief Executive Officer.
In addition, Mr Jones has confirmed that he will support the re-election of Troy Chairman, Mr John Dow, as a Director at the upcoming AGM.
Commenting on these changes, Mr Dow said he welcomed the resolution of the issues raised by Warrigal.
"The successful resolution of these issues is a win for the future of Troy.
"All parties are committed to a strategy which delivers the best outcome for all Troy shareholders.
"Having recently secured a fully underwritten entitlement issue to raise A$24.9M, the Company can focus its efforts on developing the Casposo gold-silver project in San Juan province, Argentina.
"Importantly, the timeline for the development of Casposo remains on track for first production in the September quarter 2010," Mr Dow said.
Mr Jones reiterated the comments of Mr Dow. "This is a great outcome for Troy and all its shareholders," he said.
Those of us that follow the stock closely know there's a boardroom headbutting contest between the current executive (led up by CEO Benson) and the old guard led up by company founder and large shareholder John Jones. The fight is about how to raise capital for the new Casposo project in Argentina and basically Jones is against Benson's plan to raise via an equity dilution. It's more intricate than that (those watching closely, please note those part-paid shares that have been converted this month) but it boils down to one thing: Two mining boys having a pissing match, both of them right and neither of them wrong.
TRY.ax closed up 1.3% at A$2.43 last night. 
As for the arbitrage between the Oz listing and its thinner-traded Canadian sibling, the forex rates suggest the A$2.45 close last night in Australia puts TRY.to at CAD$2.338 today. Troy Resources closed at CAD$2.17 yesterday.
....with another 6.8% lopped off in Australia last night and the Canadian stock likely to go under C$2 by the end of play this morning. For some bckground of the whole shebang, check out this report in The Australian.
"Since NOBS first recommended TRY.to as a top-rated investment on December 29th 2008 the stock has performed very well and has moved up 80.8%. However there is plenty left in the tank here and once the Casposo mine comes online the current 12 month forecast may well be left for dust by those wise enough to keep holding through. NOBS has no hesitation in reiterating its strong buy rating on Troy Resources (TRY.to) with a 12 month price target of C$2.25 for the Canadian stock that assumes (paragraph continues)........"
A 70% upside (or XXXXX% at $1000/oz gold) might not be your idea of a great investment as you might be out there looking for the five or ten bagger right now in the current atmosphere. Well, if you like we can change the valuation metrics, aim at $1000 gold, limit production forecasts, trim that cash cost, base the target on a 24 month price, use 2011 revenues projections and up the PE multiple to 12X. And hey wow, suddenly the forecast is for C$XXXXX and +XXXXX% (I just did that on the spreadsheet and that’s what popped out). But that’s not how The IKN Weekly works as I much prefer treating you guys like the adults you are and not waving pretty baubles in front of your eyes. What we have here is a company offering strong upside even using conservative parameters. We hit that first target, we look at it again. We examine why it’s made it so far and we can adjust upwards. There will be no reason to sell Troy Resources until the music stops with the price of gold. This company offers exceptional investment value, be in no doubt.
PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 9, 2009) - Troy Resources NL (TSX:TRY)(ASX:TRY) -Troy Resources to Enter the ASX Top 300
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Troy Resources NL ("Troy") is pleased to report it will be included in the S&P/ASX 300 Index with effect from the close of trade on 18 September 2009.
Standard & Poor's Index Services, the leading provider of equity indices in Australia, announced Troy's inclusion in the ASX300 Index in a statement on 4 September. They noted: "Both the S&P/ASX 200 and the S&P/ASX 300, together with component indices are reviewed as part of the September quarterly rebalance. The quarterly rebalance considers the aggregate market capitalisation and liquidity of stocks for the preceding 6-months of 2009 as a basis for eligibility."
Commenting on the announcement Troy's CEO Paul Benson said: "This is an important achievement for Troy, and one that reflects the 340% increase in Troy's share price since the lows of November 2008 during the depths of the Global Financial Crisis.
"This is a significant milestone in Troy's growth trajectory and a clear indicator to our shareholders that the growth strategy embarked upon by the Board and Management is on target. Today Troy has the largest Reserve and Resource base, and the longest forecast production profile in the Company's 25-year history.
"Our entry into the ranks of Australia's top 300 companies will also serve to raise the profile of Troy within a wider audience of potential investors."
ABOUT TROY RESOURCES
Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold silver development project, Casposo, in San Juan province, Argentina.
Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.
Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions.
Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.
The Company maintains a robust balance sheet, and its current assets are forecast to continue to generate strong cash flow. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.
With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.
Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.
To view the Project Locations please click on the following link: http://media3.marketwire.com/docs/try99.JPG
