Business
TriMetals Mining Inc. files 2018 Financial Statements, MD&A and Escalones Update
VANCOUVER, BC / ACCESSWIRE / March 28, 2019 / TriMetalsMining Inc. (TSX: TMI, OTCQX: TMIAF), ...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"TriMetals Mining Inc. files 2018 Financial Statements, MD&A and Escalones UpdateVANCOUVER, BC / ACCESSWIRE / March 28, 2019 / TriMetalsMining Inc. (TSX: TMI, OTCQX: TMIAF), (the \"Company\"), reports the release of its audited consolidated financial statements for the year ended December 31, 2018, the related management's discussion and analysis of financial position and results of operations (\"MD&A\") and an update on the proposed divestiture transaction for Escalones. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.During the year ended December 31, 2018, the Company reported net earnings of $2.59 million ($0.01 per share) compared with net loss of $1.98 million ($0.01 per share) for the year ended December 31, 2017.During the year ended December 31, 2018, an Arbitration Tribunal of the Permanent Court of Arbitration issued an award to the Company's subsidiary, South American Silver Limited, of $18.7 million plus compound interest starting August 1, 2012 until paid in full (the \"Award\"). The granting of the Award resulted in the derecognition of the Malku Khota project and the recognition of a replacement arbitration award receivable, giving rise to a derecognition loss of $1.15 million for the year ended December 31, 2018. The resultant arbitration award asset and associated arbitration award liabilities, inclusive of the Class B shares, resulted in a net unrealized non-cash fair value gain of $5.23 million for the year ended December 31, 2018.The Company continued to reduce its level of operations from previous years and manage its costs structure which resulted in general and administrative expenses, excluding non-cash share-based payments, decreasing significantly from $1.93 million to $1.24 million during the year ended December 31, 2018.Exploration spending during the year ended December 31, 2018 decreased to $1.20 million, net of a non-returnable deposit of $0.11 million, from $2.59 million incurred in the year ended December 31, 2017. The 2018 costs included $0.99 million incurred at Gold Springs and $0.21 million, net of a non-returnable deposit of $0.11 million, incurred at the Escalones property in Chile.Subsequent to December 31, 2018 the Company closed a private placement of 9,200,000 common shares priced at Cdn $0.05 per share for net proceeds of $343,900 (Cdn $...