CORRECTION FROM SOURCE: Troy Enhances Reputation for Low Cost Gold Production and High Profits.WEST PERTH, Western Australia West Perth is a suburb 600 metres west of Perth, the capital city of Western Australia. It is part of the inner mixed zone, and has predominately office blocks which have displaced residential buildings. -- The following corrects and replaces the release sent on JANUARY 31, 2006 at 01:29 ET. Troy Resources NL ("Troy") (ASX ASX See: Australian Stock Exchange :TRY)(FWB (Fixed Wireless Broadband) See fixed wireless. :TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc ) enhanced its reputation for being one of Australia's lowest cost and most profitable gold producers today when it announced its average cash cost was A$173 an ounce (US$127) in the December quarter. The Company announced in its quarterly report to the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. that it had produced 41,954 ounces in the quarter at this cost - a 44% increase over its production in September quarter, at A$180 an ounce at the time made Troy the lowest cost Australian gold producer. "There is no doubt that we are in the right place at the right time and the exceptional first half performance has set the Company up for a very successful financial year. We believe that few are better placed in the Australian gold industry," said Executive Chairman, Mr. John Jones. Troy's outstanding quarter and big lift in production came as the Company brought its Lord Henry and Lord Nelson mines at Sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz in Western Australian into full production combined with another excellent quarter at its Sertao project in Brazil with the commencement of mining at the XupE[umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] project late November.
The Sandstone mill treated 121,997 tonnes of ore at 7.5g/t gold to produce 28,029 ounces of gold at a cash cost of A$164. The Brazilian mine (in which Troy has a 70% interest) treated 21,791 tonnes at 29.6g/t gold to produce 18,640 ounces at a cash cost of A$191. Mr. Jones said that average cash cost of production of $173 per ounce would provide cash margins approaching $A600 an ounce on current spot gold prices. He said that Troy's mining philosophy had always been about concentrating on profits by being a low cost gold producer. He said that Troy has every confidence for the future because of its strong financial position with liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. of A$45.3 million and the quality of its exploration ground both in Australia and overseas for which it has an exploration budget of A$6 million for the current year. Exploration drilling at XupE[umlaut] during the quarter had continued to identify economic mineralisation plunge from the current mining operation and Troy had also entered into a new exploration project in Brazil. Troy Resources NL (ASX.:TRY) (FRANKFURT:TRW) |
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