Re: TRY - Troy Resources ready
Here is some research info regarding Troy:
Reserves of Gold: 343,000 oz
Resource Base of Gold: 990,000 oz
2007 Production: 70,000 oz
2008 Production so far: 9,289 oz
This quarter's production should be significantly better as they have fixed the Mill motor at Sandstone.
Andorinhas Project - Troy is looking for Iron Ore - getting some high grades (56% to 68%)from scoping study
Production of Iron could commence in 2009.
They have $20.2m in cash in the Australian Entity and $2.3m in cash in the Brazil subsidiary.
"The great thing about this iron ore project is that the material is free digging and would be trucked to the nearby market in Maraba and thus capital costs will be kept to a minimum," TRY told us today.
TRY also only have around 70 million shares on issue!
From the recent ASX release:
"Troy Board visits the new Andorinhas gold mine in Brazil and ratifies budget of $9 million for gold and iron ore exploration in the region......
Perhaps the most exciting aspect of the visit was to see the progress on the evaluation of the iron ore resource. At this stage we expect an initial project producing 500,000 to 1 mtpa of high grade iron ore will be viable, subject to finalisation of the Concept Study and receiving all the requisite government approvals. This is now the major focus and it is hoped to be able to put an investment proposal to the Board as soon as the Concept Study is complete. The great thing about this project is the material is free digging and would be trucked to the nearby market in Maraba and thus capital will be kept to a minimum. At this stage we expect initial capital to be less than US$5m and, subject to permitting, production could commence in calendar 2009.”
The iron ore should be a great profit maker for TRY.
It looks like costing TRY next to nothing to set up - just around US $5 million and the stuff is just dug up and trucked.
It is also a quality product.
From today's ASX report:
"Testing to date indicates the ore to be of direct shipping (“DSO”) quality hematite with significant market interest from the iron works in the nearby industrial city of Maraba."
It's also significant that the Troy Board has decided to
spend "$9 million for gold and iron ore exploration in the region."
With four drilling rigs on site there is going to be plenty of action.
The market seems to be completely ignorant, so far of this type of direct shipping iron ore resource where it costs next to nothing to set up operations, dig it up, and truck it.
For a company like TRY with only around 70 million shares on issue it should prove a cash bonanza.
Here is some research info regarding Troy:
Reserves of Gold: 343,000 oz
Resource Base of Gold: 990,000 oz
2007 Production: 70,000 oz
2008 Production so far: 9,289 oz
This quarter's production should be significantly better as they have fixed the Mill motor at Sandstone.
Andorinhas Project - Troy is looking for Iron Ore - getting some high grades (56% to 68%)from scoping study
Production of Iron could commence in 2009.
They have $20.2m in cash in the Australian Entity and $2.3m in cash in the Brazil subsidiary.
"The great thing about this iron ore project is that the material is free digging and would be trucked to the nearby market in Maraba and thus capital costs will be kept to a minimum," TRY told us today.
TRY also only have around 70 million shares on issue!
From the recent ASX release:
"Troy Board visits the new Andorinhas gold mine in Brazil and ratifies budget of $9 million for gold and iron ore exploration in the region......
Perhaps the most exciting aspect of the visit was to see the progress on the evaluation of the iron ore resource. At this stage we expect an initial project producing 500,000 to 1 mtpa of high grade iron ore will be viable, subject to finalisation of the Concept Study and receiving all the requisite government approvals. This is now the major focus and it is hoped to be able to put an investment proposal to the Board as soon as the Concept Study is complete. The great thing about this project is the material is free digging and would be trucked to the nearby market in Maraba and thus capital will be kept to a minimum. At this stage we expect initial capital to be less than US$5m and, subject to permitting, production could commence in calendar 2009.”
The iron ore should be a great profit maker for TRY.
It looks like costing TRY next to nothing to set up - just around US $5 million and the stuff is just dug up and trucked.
It is also a quality product.
From today's ASX report:
"Testing to date indicates the ore to be of direct shipping (“DSO”) quality hematite with significant market interest from the iron works in the nearby industrial city of Maraba."
It's also significant that the Troy Board has decided to
spend "$9 million for gold and iron ore exploration in the region."
With four drilling rigs on site there is going to be plenty of action.
The market seems to be completely ignorant, so far of this type of direct shipping iron ore resource where it costs next to nothing to set up operations, dig it up, and truck it.
For a company like TRY with only around 70 million shares on issue it should prove a cash bonanza.