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TriMetals Mining Inc. files Second Quarter 2018 Financial Statements, MD&A and Arbitration Update
VANCOUVER, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF), (the “Company”), reports the release of its conde
About this update from Gold Springs Resource Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF), (the “Company”), reports the release of its condensed interim consolidated financial statements for the three and six months ended June 30, 2018 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 June 30, 2018, the Company had cash of $0.32 million. During the six months ended June 30, 2018, the Company reported net earnings of $2.32 million ($0.01 per share) compared with net earnings of $0.40 million ($0.00 per share) for the six months ended June 30, 2017. During the three months ended June 30, 2018, the Company reported net earnings of $1.30 million ($0.01 per share) compared with net loss of $1.51 million ($0.01 per share) for the three months ended June 30, 2017. During the six months ended June 30, 2018, the TSX closing price of the Class B shares (a liability in the financial statements) decreased by Cdn. $0.025 (2017 – decreased by Cdn. $0.025) per Class B share, combined with a favourable movement in the USD:CAD exchange rate for the same period ended June 30, 2018, resulted in a non-cash gain of $3.17 million (2017 –$1.52 million), which was the primary factor impacting net earnings. 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, marginally decreasing from $0.77 million to $0.72 million during the six months ended June 30, 2018. Exploration spending during the six months ended June 30, 2108 decreased to $0.87 million from $1.26 million incurred in the first six months in 2017. The 2018 costs included $0.61 million incurred at Gold Springs and $0.26 million incurred at the Escalones property in Chile. The Company continues to seek a partner to help advance Escalones towards development. Subsequent to June 30, 2018 the Company gave notice to the convertible note holders, with a balance of $1.73 million, exercising the right to extend the maturity date from Jul 23, 2018 to July 23, 2020 Arbitration against the Government of BoliviaOn July 12, 2018, the Arbitral Tribunal infor...