Troilus Announces Leadership Transitions and Provides Operational Update
TROILUS ANNOUNCES LEADERSHIP TRANSITIONS AND PROVIDES OPERATIONAL UPDATE
September 11, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG ;
OTCQX: CHXMF) announces the following leadership transitions.
▪ Blake Hylands has stepped down from his executive role as President, however, will continue to
support and advise the exploration and technical teams through the end of the year on a part-
time basis.
▪ Jacqueline Leroux’s current role as Vice President of Environment & Permitting has expanded to
include oversight of all Quebec operations, which covers the management and logistics of the
Troilus camp and community relations. Daniel Bergeron, who previously oversaw Quebec
Operations, has been appointed Vice President Special Projects and will now be focusing on
infrastructure development in collaboration with the Engineering team, as well as government
relations.
▪ Kyle Frank, the Company’s Exploration Manager, has been promoted to Vice President of
Exploration; and Nicolas Guest has been promoted to Manager of Exploration.
Justin Reid, CEO and Director of Troilus commented, "On behalf of everyone at Troilus, we would like to
thank Blake Hylands for the invaluable contributions he has made to the Company during his tenure, and
for his unwavering commitment towards the Project’s success. I’m confident that he will excel in his future
endeavors, and I look forward to our continued future collaboration and partnerships. Jacqueline Leroux
has been instrumental in the advancement of the project since 2018. Her technical background, intimate
understanding of Quebec’s regulatory framework and exemplary leadership and dedication make her the
ideal candidate to oversee Quebec operations. Daniel Bergeron’s new role will allow us to leverage his
expertise with infrastructure and government in Northern Quebec, working closely with the Engineering
team to ensure we develop a Project that is sustainable and functional in a remote environment. I would
also like to congratulate Kyle Frank and Nicolas Guest on their well-deserved promotions; they have both
played instrumental roles in our exploration successes over the last few years and we look forward to
their ongoing contributions and leadership as we continue to unlock value from this prospective district."
Operational Update
Troilus is pleased to provide an update on its current activities and upcoming milestones. While the junior
mining market has proved tumultuous for some time, the Company remains in a good position with one
of the largest permitting-stage gold/copper deposits in Canada. Recognizing Troilus’ favourable standing,
the Company has proactively taken the decision to implement cost -cutting measures by carefully
evaluating operational efficiencies and identifying non-essential expenditures. This decision will allow for
the efficient allocation of capital resources, ensure sustained financial resilience and agility, and bolster
the Company’s long-term competitive edge.
The exploration team has completed the last of the drilling this month, to be included in an updated
mineral resource estimate ( “MRE”) expected for completion at the end of the 3rd quarter 2023. This
slightly extended timing is a result of the prolonged duration of the forest fires in Quebec this summer
which halted exploration activities for six weeks. With the completion of the remaining drill program, the
Company will focus on mine development, permitting and project financing. Future exploration activities
will proceed with a focused, detailed approach, to continue increasing the value of the mine site and
surrounding regional targets.
Troilus’ engineering team has continued to work diligently toward the completion of a Feasibility Study,
anticipated for completion at the end of the 2023 calendar year or within the first weeks of 2024, aligning
with the updated timing of the MRE. The Fed eral and Provincial permitting processes continue to
progress. Most recently, as part of the planning phase in the Impact Assessment process, the Impact
Assessment Agency of Canada and the Cree Nation Government conducted public consultations with the
communities of Chibougamau, Mistissini and Chapais, inviting the public and Indigenous groups to review
and provide feedback on the draft Tailored Impact Statement Guidelines and draft Public Participation
Plan of the Troilus Project for the Federal Impact Ass essment; additional consultations will take place in
the coming months. Moreover, the Company recently engaged Stantec to complete its Environmental and
Social Impact Assessment (“ESIA”), anticipated for completion before the end of the 2024 calendar year,
which will be supported by the comprehensive baseline studies already gathered at Troilus over the last
few years and will outline the responsible development of the Troilus project.
The Company has remained committed to the systematic advancement and de -risking of the Troilus
project, supporting its overall strategy and primary goal of creating shareholder value. Since the inception
of Troilus in 2018, major milestones have consistently been reached to enhance the quality of the asset,
demonstrating its scale potential , economic potential, and underscoring a compelling opportunity for
long-term value creation. Troi lus looks forward to delivering on further major catalysts in the coming
months, aligned with its development plan towards a producing asset.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement
and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the
Troilus Mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in
the top-rated mining jurisdiction of Quebec, Canada, where it holds a land position of 435 km² within the
prospective Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration
success has demonstrated the tremendous scale potential of the gold system on the property with
significant mineral resource growth. The Company is advancing engineering studies following the
completion of a robust PEA in 2020, which demonstrated the potential for the Troilus project to become
a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record
of successful mine development, Troilus is positioned to become a cornerstone project in North America.
For more information:
Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
Cautionary Note Regarding Forward-Looking Statements and Information
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of
Mineral Resources in the updated Minera l Resource statement may be materially affected by environmental,
permitting, legal, title, taxation, socio -political, marketing, or other relevant issues. There is no certainty that the
Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty
that the updated Mineral Resource statement will be realized.
The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and the
Company’s latest technical report available on SEDAR for more information with respect to the key assumptions,
parameters, methods and risks of determination associated with the foregoing.
This press release contains “forward -looking statements” within the meaning of applicable Canadian securities
legislation. Forward -looking statements include, but are not limited to, statements regarding the impact of
management changes on the Company, the possible economics of the project and the Company’s understanding of
the project; the development potential and timetable of the project; the estimation of mineral resources; realization
of mineral resource estimates; the timing and amount of estimated future exploration; the anticipated results of the
Company’s ongoing 2022 drill program and their possible impact on the potential size of the mineral resource
estimate; costs of future activities; capital and operating expenditures; succe ss of exploration activities; the
anticipated ability of investors to continue benefiting from the Company’s low discovery costs, technical expertise
and support from local communities. Generally, forward-looking statements can be identified by the use of forward-
looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might”
or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions
and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to
be materially different from future results, performances or achievements expressed or implied by such statements.
Such statements and information are based on numerous assumptions r egarding present and future business
strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause
actual results, performances or achievements to differ materially from those in the forward -looking statements
include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and
competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important
factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially
different from those expressed or implied by such forward -looking statements, including but not limited to: there
being no assurance that the exploration p rogram will result in expanded mineral resources; risks and uncertainties
inherent to mineral resource estimates; the impact the COVID 19 pandemic may have on the Company’s activities
(including without limitation on its employees and suppliers) and the economy in general; the impact of the recovery
post COVID 19 pandemic and its impact on gold and other metals; the receipt of necessary approvals; general
business, economic, competitive, political and social uncertainties; future prices of mineral prices; a ccidents, labour
disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and
uncertainties discussed in the most recent Technical Report and in other continuous disclosure documents of the
Company available under the Company’s profile at www.sedar.com. Although Troilus has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward -looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, reade rs should not place undue reliance on
forward-looking statements. Troilus does not undertake to update any forward -looking statements, except in
accordance with applicable securities laws.