Business
TriMetals Mining Inc. files First Quarter 2019 Financial Statements, MD&A and Updates on Escalones and Arbitration
VANCOUVER, BC / ACCESSWIRE / May 14, 2019 / TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF) , ...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"TriMetals Mining Inc. files First Quarter 2019 Financial Statements, MD&A and Updates on Escalones and ArbitrationVANCOUVER, BC / ACCESSWIRE / May 14, 2019 / TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF), (the \"Company\"), reports the release of its condensed interim consolidated financial statements for the three months ended March 31, 2019 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.During the three months ended March 31, 2019, the Company reported net earnings of $0.10 million ($0.00 per share) compared with net earnings of $1.02 million ($0.01 per share) for the three months ended March 31, 2018. The primary drivers in the results for the three months ended March 31, 2019 and 2018 were the non-cash changes in the fair values of the arbitration award assets, Class B shares and other arbitration award liabilities.The Company reduced its level of operations from the previous year and continued to manage its costs structure which resulted in a decrease in cash outflows from operations from $0.34 million to $0.10 million during the three months ended March 31, 2019.Exploration spending during the three months ended March 31, 2019 decreased to $0.12 million from $0.41 million incurred in the first three months in 2018. The 2019 costs included $0.05 million incurred at Gold Springs and $0.07 million incurred at the Escalones property in Chile which included $0.05 million in mining rights payments.During the three months ended March 31, 2019 the Company completed a private placement for gross proceeds of $345,414 (Cdn $460,000) through the issuance of 9,200,000 common shares at a price of Cdn $0.05 per share. The Company is currently working with Wealth Minerals Ltd. (TSXV:WML) to finalize the definitive agreement with respect to the, previously reported, Escalones transaction. Both parties intend to sign the definitive agreement by no later than May 31, 2019.The Company is currently having discussions with Bolivia for the payment of the previously reported Award that was issued by the arbitration tribunal during November 2018. Concurrently, the Company's legal counsel is completing the U.S Court requirements for the domestication of the Award in the U.S.A.About TriMe...