Troy Resources NL: Reported Changes to Argentinean Foreign Exchange Rules
27.10.2011 | Marketwire
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPERTH, WESTERN AUSTRALIA -- (Marketwire - Oct. 27, 2011) - Troy Resources NL ("Troy") (TSX:TRY) (ASX:TRY) today noted reports on Bloomberg that the Argentinean Government had announced changes to the way Resources companies hold their export revenues. Currently companies operating mining and oil and gas facilities can hold foreign income offshore. The report indicates that companies will need to repatriate revenue back to Argentina before making any distributions such as loan repayments or dividend distributions. As of yet there have been no formal announcements as to how the changes would work in practice and it is uncertain what if any implications there will be for Troy. We will update the market as soon as we receive further clarifying information.
Commenting on the news, Troy's CEO, Paul Benson said, "At this stage we do not have clarity on exactly what these reported changes will mean in practice. It is worth noting however that based on the limited information available, the proposed changes would appear to bring mining and oil companies in line with how other industries are already regulated in Argentina and would also bring it into line with how Brazil regulates its mining companies."
ABOUT TROY RESOURCES
Troy Resources (TSX:TRY) (ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; Andorinhas Mine in Para State, Brazil and the Casposo gold and silver mine, in San Juan province, Argentina.
Troy has an experienced Board and management team with a track record of successful, fast-track mine development and low-cost operations.
Troy has an annual exploration budget in excess of $15 million and a proven track record in exploration discoveries and strategic acquisitions.
With the development of the Casposo project, Troy has entered a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.
The Company is positioned to continue its path of strong growth and profitable operations, and is on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.
The Company maintains a robust balance sheet and forecasts continued strong cash flow from its current assets. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.
Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.
To view the map of project locations, please visit the following link:
http://media3.marketwire.com/docs/try27_F1.pdf
Contact Information
Troy Resources NL
Mr. Paul Benson, Chief Executive Officer
(61 8) 9481 1277
troy@troyres.com.au
www.troyres.com.au
Purple Communications
Annette Ellis, Media Relations
(61 8) 6314 6300
aellis@purplecom.com.au
Purple Communications
Warrick Hazeldine
Media Relations
(61 8) 6314 6300