Business
TriMetals Mining Inc. Files Q1 2017 Financial Statements and MD&A
VANCOUVER, BC--(Marketwired - May 12, 2017) - TriMetals Mining Inc. (TSX: TMI) (OTCQX: TMIAF), (the "Company"), reports the release of its unaudited consolidate
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - May 12, 2017) - TriMetals Mining Inc. (TSX: TMI) (OTCQX: TMIAF), (the \"Company\"), reports the release of its unaudited consolidated financial statements for the three months ended March 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 March 31, 2017, the Company had working capital of $1.3 million including cash and cash equivalents of $1.2 million. During the three months ended March 31, 2017, the Company reported net earnings of $1,916,199 ($0.01 per share) compared to a loss of $2,021,546 ($0.01 per share) reported in the first quarter of 2016. The 2017 first quarter earnings include a non-cash income amount of $2,426,771 (2016 - charge of $1,502,901) in respect of the change in fair value of the Company's Class B shares. General and administrative expenses increased from $421,419 to $456,840. Non-cash share-based payments increased from $17,046 to $55,448. Excluding the impact of share-based payments, general and administrative expense decreased by 1%. During 2016, management implemented a number of cost-saving measures to streamline the operations and administration and these measures have continued into 2017. Total exploration spending for the first quarter ended March 31, 2017 increased to $633,943 from $296,612 incurred in the first quarter of 2016. The 2017 first quarter costs included $555,381 incurred at Gold Springs which included $150,000 in water lease payments. During the first quarter, the Company acquired the rights to 1,658 acre feet of water per year for the Gold Springs project through a water lease agreement which includes an option to purchase 1,500 of the 1,658 acre feet of water rights. The annual aggregate lease payment is $300,000, and such payments may be offset prior to mining by subleasing the water rights. Subsequent to the first quarter, the Company subleased to a third party 242 acre feet of water rights for annual proceeds of $12,120. The Gold Springs expenditures also included costs associated with the updated resource estimate as well as geochemistry, supervision, analysis of exploration data and ongoing environmental studies for permitting. At Escalones, the Company incurred costs of $78,...