TriMetals Mining Inc. files First Quarter 2019 Financial Statements, MD&A and Updates on Escalones and Arbitration
News Release
TriMetals Mining Inc. files First Quarter 2019 Financial
Statements, MD&A and Updates on Escalones and Arbitration
May 14, 2019 , Vancouver, British Columbia —TriMetals Mining Inc. (TSX: TMI ,
OTCQX: TMIAF), (the “Company”), reports the release of its condensed interim consolidated
financial statements for the three months ended March 31, 2019 and the related management’s
discussion and analysis of financial position and results of operations (“MD&A”). In this press
release, all amounts are expressed in U.S. dollars, unless otherwise indicated.
During the three months ended March 31, 2019 , the Company reported net earnings of $0.10
million ($0.00 per share) compared with net earnings of $1.02 million ($0.01 per share) for the
three months ended March 31, 2018. The primary drivers in the results for the three months ended
March 31, 2019 and 2018 were the non-cash changes in the fair values of the arbitration award
assets, Class B shares and other arbitration award liabilities.
The Company reduced its level of operations from the previous year and continued to manage its
costs structure which resulted in a decrease in cash outflows from operations from $0.34 million
to $0.10 million during the three months ended March 31, 2019.
Exploration spending during the three months ended March 31, 2019 decreased to $0.12 million
from $0.41 million incurred in the first three months in 2018. The 201 9 costs included $ 0.05
million incurred at Gold Springs and $0.07 million incurred at the Escalones property in Chile
which included $0.05 million in mining rights payments.
During the three months ended March 31, 2019 the Company completed a private placement for
gross proceeds of $345,414 (Cdn $460,000) through the issuance of 9,200,000 common shares
at a price of Cdn $0.05 per share.
The Company is currently working with Wealth Minerals Ltd. (TSXV:WML) to finalize the
definitive agreement with respect to the, previously reported, Escalones transaction. Both parties
intend to sign the definitive agreement by no later than May 31, 2019.
The Company is currently having discussions with Bolivia for the payment of the previously
reported Award that was issued by the arbitration tribunal during November 2018. Concurrently,
the Company’s legal counsel is completing the U.S Court requirements for the domestication of
the Award in the U.S.A.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through
the exploration and development of the near -surface, oxide, heap -leachable Gold Springs gold
project in mining friendly Utah and Nevada USA, and the Escalones copper-gold skarn/porphyry
deposit in Chile. The Company combines a track record of discovery and advancement of large
projects, mining and exploration supportive jurisdictions, low political risk areas, key operational
and process exper tise, and a focus on community relations and sustainable development.
Management has extensive experience in the global exploration and mining industry.
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The Company’s common shares and Class B shares are listed on the Toronto Stock Exchange
under the symbols “TMI” and “TMI.B” and the common shares and Class B(1) shares also trade on
the OTCQX market under the symbol “TMIAF” and “TMIBF”. Additional information related to
TriMetals Mining Inc. is available at www.TriMetalsmining.com and on SEDAR at
www.sedar.com.
TriMetals Mining Inc. Contact:
Matias Herrero
President & CEO
Forward-looking Statements
Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends
on the business. Forward-looking statements may include words such as “expect”, “plan”, “seek”, “continue”, “typical”,
“will”, “intention”, “creating”, “and similar expressions. These forward - looking statements are bas ed on current
expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if
known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate.
Factors that could cause results or events to differ materially from current expectations expressed or implied by the
forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may
affect the advancement of the Gold S prings project, including possible variations in mineral resources or grade,
recovery rates, metal prices, availability of sufficient financing to fund further required work in a timely manner and
on acceptable terms, availability of equipment and qualified personnel, failure of equipment or processes to operate
as anticipated, changes in project parameters as plans continue to be refined; and other risks more fully described in
the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The
assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates
and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining
by local governments in Nevada, Utah and Chile, the availability of equipment and qualified personnel to advance
the Gold Springs project; and the execution of the Company's existing plans and further exploration and development
programs for the Gold Springs Project, which may change due to changes in the views of the Company or if new
information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release.
Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or any other reason.
(1) the Class B shares have no interest in the properties or assets of the Company. The Class B shares are only entitled
collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third-party funder's
portion thereof) received by TMI from award or settlement in relat ion to the Company’s subsidiary South
American Silver Limited’s arbitration proceeding against Bolivia for the expropriation of the Malku Khota project
in 2012.