12 May 2016 07:00
12 May 2016
Tri-Star Resources plc
("Tri-Star" or the "Company")
Chairman's AGM Statement
Tri-Star Resources plc (AIM: TSTR), the independent mining and mineral processing company, announces that at today's Annual General Meeting, the Chairman of Tri-Star, Mark Wellesley-Wood, will deliver the following statement:
"Tri-Star's strategy is to become a leading antimony processing and technology company. The Company's principal focus is on actively managing its 40% interest in Strategic & Precious Metals Processing LLC ("SPMP"), a joint venture company that is currently developing the Oman Antimony Roaster ("OAR"), in Sohar, Oman.
"SPMP has made significant progress since achieving financial close in September 2015, having appointed a lead contractor and carried out a series of successful test-works. With these milestones achieved, SPMP is fully funded to bring the OAR plant into production. We remain confident that construction of the OAR will be completed in 2017 and within the original capital cost estimate of $62m. SPMP, with support from Tri Star, has produced its first metal samples in a saleable form from its mini Pilot Plant, which is currently based in Johannesburg. The OAR plant design has now been frozen and SPMP is preparing to place orders for long lead time items in the next three months.
"Of particular significance has been the development of an additional revenue stream for the OAR. By adapting the original flow sheet, but without increasing the capital budget, the plant has been modified to recover by-product gold from mixed gold-antimony concentrates. This development will widen the range of feedstocks accessible to the plant as well as significantly de-risking its exposure to the antimony price. It is then anticipated that the experience gained from gold production will assist the team in producing a full feasibility study for the processing of refractory gold ores in a possible second plant.
"Tri Star's personnel and skills are now focussed on achieving SPMP's commercial objectives and we have representation on the joint venture commensurate with this. Emin Eyi is the CEO of SPMP, I am on the Board and Chair the Trading Sub Committee as well as serving on its Remuneration Committee and the Contracting and Construction Committee. Meanwhile, Guy Eastaugh sits on the Audit Risk & Governance Committee. Brian Spratley, previously our Technical Director and on a leave of absence from Tri-Star, heads the technical team at SPMP which has supervised all the metallurgical test work.
"Elsewhere, Tri-Star has focussed primarily on cost reduction and custody of its upstream assets in Canada and Turkey. Restructuring in these areas is now largely complete.
"As a result of these positive outcomes we remain confident of achieving our objectives for 2016 against a backdrop of recovering antimony prices."
Enquiries:
Tri-Star Resources plc Guy Eastaugh, Chief Executive Officer
| Tel: +44 (0) 20 3470 0470 |
SP Angel Corporate Finance (Nomad and Broker) Robert Wooldridge / Jeff Keating | Tel: +44 (0) 20 3470 0470 |
Yellow Jersey PR Limited (Media Relations) Dominic Barretto / Alistair de Kare-Silver
| Tel: +44 (0) 7825 916 715
|
Notes to Editors
Tri-Star Resources plc is an independent mining and mineral processing company, which is quoted on the AIM market of the London Stock Exchange plc. The Company is engaged in the exploration, mining and downstream value added processing for a minor metal, antimony.
Tri-Star is a partner in the Oman Antimony Roaster Project, a planned antimony production facility with a capacity of 20,000 tonnes per annum of metal being developed by Strategic & Precious Metals Processing LLC, an Omani company in which Tri-Star has a 40% interest.
Tri-Star also has antimony exploration licenses in Turkey and in Canada (New Brunswick) and a mining permit in Turkey.
Tri-Star has a highly experienced management team with capabilities in exploration geology, mining, mineral processing and finance.