28 Jun 2016 08:20
28 June 2016
Tri-Star Resources plc
("Tri-Star" or the "Company")
Oman Antimony Roaster - Capital Budget Update
Tri-Star Resources plc (AIM: TSTR), the independent mining and mineral processing company, announces that the Board of Strategic & Precious Metals Processing LLC ("SPMP") has approved an increased capital budget of US$3.4 million to US$65.5 million with respect to the construction of the Oman Antimony Roaster ("OAR"). Tri-Star has a 40% equity interest in SPMP.
As was announced by Tri-Star on 28 April 2016, the Board of SPMP decided earlier in the year to progress technical work on incorporating a process utilising existing equipment in OAR to recycle and recover precious metals (the "Gold Recovery Process"). The Board of SPMP has now unanimously resolved to approve the incremental capital cost of including this facility.
SPMP's Board has approved the capital cost of the OAR project of up to US$65.5 million, previously US$62.1 million, which is expected to be funded from existing SPMP facilities. The inclusion of the Gold Recovery Process is an important and logical next step for OAR as it allows the project to accept a wide range of antimony feedstocks, including those associated with gold. This added capability also opens up a significant and new revenue stream for the project, with SPMP believing it potentially increases the plant revenue opportunity by a further 50%. Furthermore, the knowledge gained from the operation of this gold recovery plant will provide SPMP with valuable engineering design and operating information for future refractory gold processing initiatives.
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
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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 in Sohar, Oman 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.