TriMetals Mining Inc. Provides Update on Exploration Activities at Gold Springs and Renegotiation of Escalones Option
VANCOUVER, BC--(Marketwired - December 18, 2015) - TriMetals Mining Inc. (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF), (the "Company"), is pleased to announce that it has just completed a 14-hole reverse circulation drill program at the Jumbo target at Gold Springs on the Nevada/Utah border. Geological observation of the drill chips indicates that drilling continues to intercept the mineral system. Samples have now been sent to the assay laboratory with results expected in late January.
Ralph Fitch, CEO, stated, "We are very pleased with the drill program which continues to expand the footprint of the large mineral system at the Jumbo Target in Utah and this program still has not found the outer limits of the mineral system. We are still only drilling the second of 26 outcropping gold targets on our large property position and, as disclosed in prior press releases, we already have a substantial resource. We continue to hold 100% of this property and which is subject to little or no royalty, off-take agreements, liens or any other encumbrance."
The drill program consisted of 14 holes of approximately 3,100 metres and was planned to look for extensions of Jumbo mineralization to depth, to the North and South and to the East under cover rocks.
The second item of good news is that the Company has successfully renegotiated, at no additional cost, its option agreement (the "Boezio Option") to acquire the remaining 4,689 hectares of the large Escalones copper-gold porphyry property located in Chile which are not already 100% owned by the Company. Pursuant to the Boezio Option, as revised, the Company has now the right until June 30, 2020 (formerly June 30, 2018) to purchase the claims. Under the newly agreed calendar, the next option payment to the owner of $400,000 is now due on June 30, 2017 (formerly December 31, 2015).
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares and Class B shares also trade on the OTCQX market under the symbol "TMIAF" and "TMIBF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Forward Looking Statements
Certain statements contained herein constitute "forward-looking statements". Forward looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "continue", "expect", "target" and similar expressions. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the timely receipt of assay results; the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Spring, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, TMI assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of December 18, 2015.
Contact
TriMetals Mining Inc. Contact:
Ralph Fitch
President & CEO
303.584.0606
ralphfitch@trimetalsmining.com
Matias Herrero
Chief Financial Officer
303.584.0606
mherrero@trimetalsmining.com