Mr. Eric Edwards reports
TRIMETALS MINING INC. FILES FIRST QUARTER 2018 FINANCIAL STATEMENTS AND MD&A
Trimetals Mining Inc. has released its condensed interim consolidated financial statements for the three months ended March 31, 2018, with cash at the end of the quarter of $1.2-million. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.
Highlights for 1Q 2018 and to dateThe company has implemented cost reductions to lower corporate overhead since the beginning of the year, resulting in a 34-per-cent decrease in general and administrative expenses from the quarterly average of $560,000 during 2017 to $370,000 in 1Q 2018.A non-brokered private placement was completed for gross proceeds of $1.49-million ($1.9-million (Canadian)) as announced in the company's news releases of March 5, 2018, and Feb. 26, 2018.The company reported positive rock-chip sampling results from the South Jumbo and new Homestake targets at the Gold Springs project as announced in the company's news release of April 26, 2018, from a surface sampling program completed at the end of 2017.
Exploration spending during the three months ended March 31, 2018, decreased to $400,000 from $630,000 incurred in the first quarter in 2017. The 2018 costs included $300,000 incurred at Gold Springs and $100,000 incurred at the Escalones property in Chile. Exploration drilling and related exploration costs for the Gold Springs project, located on the border of Nevada and Utah, are capitalized and reported as deferred exploration costs in the statement of financial position.
During the three months ended March 31, 2018, the Toronto Stock Exchange closing price of the Class B shares (a liability in the financial statements) decreased by one Canadian cent (2017 -- decreased by three Canadian cents) per Class B share resulting in a non-cash gain of $1.45-million (2017 -- $1.9-million).
Outlook
The priorities of the company for 2018 continue to be: Focusing the company's efforts to advance the exploration and geologic understanding of the district potential at the Gold Springs project, including expanding the resources along the 5.5-kilometre-long Jumbo trend;Unlocking value by facilitating the advancement of the Escalones copper-gold porphyry-skarn project in Chile;Participating with the company's legal team to resolve the international arbitration against Bolivia and recover full compensation based on the fair market value for the Malku Khota project;Continue to reduce overhead costs throughout the company while further optimizing the exploration program at the Gold Springs project, and pursue value-accretive business and strategic capital raising opportunities.
About Trimetals Mining Inc.
Trimetals Mining 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.
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