this company must be signifigantly undervalued with cash and equivalents of 97 million and only 57 million shares on issue that =$1.70/share and it’s trading at $2.60
TROY ANNOUNCES INITIAL RESERVE AT ANDORINHAS AND INCREASES GROUP GOLD RESOURCES TO 1.1Moz
An initial Reserve of 255,980oz gold has been announced for Troy’s 100% controlled Andorinhas Project in Brazil.
Group gold Resources have increased to 1.1Moz with the addition of 435,000oz from the Andorinhas Project.
Drilling has confirmed the grade and continuity of gold mineralisation within the open pit mineable resource model at Lagoa Seca and identifies potential extensions along strike and down-plunge with significant intersections including 31m @10.9g/t, 6m @ 11.8g/t, 28m @ 4.7g/t and 25m @ 4.24g/t. These drill results were not used in the above Ore Resource and Reserve totals.
Site clearing and initial civil works progressing at the Andorinhas Project and is on track for a January 2008 start-up.
Attributable gold production for the June Quarter of 26,990oz at a cash operating cost of A$376/oz and delivering annual attributable production, well ahead of target, of 105,723oz at A$330/oz.
Troy posted a record annual gold revenue of A$91.8 million and now has total cash and equivalents of A$96.8 million.
Troy Resources NL (ASX:TRY) has significantly increased its group gold Reserves by announcing an initial Reserve of 1,227,200t @ 6.5g/t for 255,980oz at its 100% controlled Andorinhas Project in Para State, Brazil.
An initial gold Resource estimate of 3,997,000t @ 3.4g/t for 435,000oz has been calculated at Andorinhas which has increased the Group’s total gold Resources to a record 1.1Moz.