TriMetals Mining Inc. files Second Quarter 2019 Financial Statements and MD&A

About this update from Gold Springs Resource Corp.

[{"type":"text","content":"TriMetals Mining Inc. files Second Quarter 2019 Financial Statements and MD&AVANCOUVER, BC / ACCESSWIRE / August 12, 2019 / TriMetals Mining Inc. (TSX:TMI) (OTCQB:TMIAF), (the “Company”), reports the release of its condensed interim consolidated financial statements for the three and six months ended June 30, 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 six months ended June 30, 2019, the Company reported a net loss of $11.32 million ($0.05 loss per share) compared with net earnings of $2.32 million ($0.01 per share) for the six months ended June 30, 2018. During the three months ended June 30, 2019, the Company reported a net loss of $11.42 million ($0.05 loss per share) compared with net earnings of $1.30 million ($0.01 per share) for the three months ended June 30, 2018. The primary drivers in the results for each of the three and six months ended June 30, 2019 were the non-cash write-down of carrying value on transfer to assets held for sale combined with the non-cash changes in the fair values of the arbitration award assets, Class B shares and other arbitration award liabilities. The primary drivers in the results for each of the three and six months ended June 30, 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 general and administrative expenses, exclusive of non-cash share based payments and arbitration costs, from $0.69 million, during the six months ended June 30, 2018, to $0.43 million during the six months ended June 30, 2019.Exploration spending during the six months ended June 30, 2019 decreased to $0.24 million from $0.87 million incurred in the first six months in 2018. The 2019 costs included $0.15 million incurred at Gold Springs and $0.09 million incurred at the Escalones property in Chile which included $0.05 million in mining rights payments.During the six months ended June 30, 2019 the Company completed a private placement for gross proceeds of $345,414 (Cdn $460,000) ...

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