15 Jul 2015 09:07
15 July 2015
Tri-Star Resources plc ("Tri-Star" or the "Company")
Preliminary third party technical report outlines opportunity for refractory gold
Tri-Star announces that it has received a preliminary third party independent technical report commissioned to review the Company's proprietary "clean roasting" technology and specifically its application to refractory gold.
The report, prepared in connection with the Company's agreed conditional deal to sell its intellectual property rights to joint venture company Strategic & Precious Metals Processing LLC (as previously announced on 5 June 2015) highlights four key attributes pertaining to Tri-Star's technology:
- Tri-Star's clean roasting technology, which is a two-step process consisting of a reduction roast followed by an oxidation roast, is confirmed as a viable technology for treating refractory gold ores;
- The report's preliminary economic assessment based on a representative suite of feed-stocks generates an estimated Net Present Value of close to US$1 billion and an Internal Rate of Return of 45%. This is based on a nominal 500,000tpa processing facility based in the Middle East producing 500,000 ounces of gold per annum;
- A detailed comparative analysis of 39 selected gold projects either at advanced stages of development or nearing production highlighted major competitive advantages that the Tri-Star technology and facility could offer;
- The clean roasting technology provides a process for refractory gold concentrates treatment which should be highly efficient and cost effective with distinct advantages over competing treatment processes combined with full environmental compliance.
Emin Eyi, Managing Director of Tri-Star, said: "We are delighted that this new report prepared by an independent third party expert in refractory gold has confirmed materially improved economics for our clean roasting technology compared with earlier assessments announced to the market on 20 December 2013 and also that our technology can be increasingly competitive in this large and important refractory gold market."
Enquiries:
Tri-Star Resources plc Emin Eyi, Managing Director Guy Eastaugh, Chief Financial Officer | Tel: +44 (0) 20 3470 0470 |
SP Angel Corporate Finance (Nomad and Broker) Robert Wooldridge / Katy Birkin | Tel: +44 (0) 20 3470 0470 |
FORWARD LOOKING INFORMATION
This press release may contain "forward-looking information", as defined under applicable Canadian securities laws. Forward-looking information typically contains statements that relate to future, not past, events and often contains words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. There can be no assurance that the forward-looking information contained in this report will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.
All statements, other than statements of historical fact, included in this press release including, without limitation, relating to the OAR (as defined), the Company's intentions with respect to a gold roasting facility and plans for its mineral properties, constitute forward-looking information. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the ability to deliver any of the outcomes referred to in respect of the OAR, the ability to complete construction of the OAR, the availability of financing for the cost of the OAR on acceptable terms, or likewise any facility that might process refractory gold, and general economic and market conditions. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks associated with changes in laws applicable to the OAR, the ability to raise finance on acceptable terms for any of the projects or facilities mentioned, the volatility of commodity and raw material prices, currency exchange rates and interest rates, global economic conditions and the additional risks identified in this press release or other reports and filings with applicable securities regulators. Forward-looking information in this press release is based on the Directors' beliefs, estimates and opinions on the date of this press release and the Company does not undertake to update publicly or revise the forward-looking information contained in this press release, except as required by applicable securities laws.
Any financial outlook or future-oriented financial information in this press release, as defined by applicable Canadian securities laws, has been approved by the Directors as of the date of this press release. Such financial outlook or future oriented financial information is provided for the purpose of providing information about the Company's current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this press release.