Business
TriMetals Mining Inc. files 2017 Annual Financial Statements and MD&A
VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF), (the “Company”), reports the release of its audit
About this update from Gold Springs Resource Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF), (the “Company”), reports the release of its audited consolidated financial statements for the year ended December 31, 2017 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated. As at December 31, 2017, the Company had cash of $0.5 million. 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 $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 ongoing 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 towards development. During 2017, the TSX closing price of the Class B shares (a liability in the financial statements) decreased by Cdn. $0.02 (2016 – increased by Cdn. $0.13) per Class B share resulting in a non-cash gain of $394,512 (2016 – resulted in an expense of $11,561,046). OutlookThe 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 b...