TRII – Trio Resources Signs Two Year Off-Take Agreement to Process $40MM of Precious Metals with Noble Refinery
Posted on 04. Dec, 2013 by DDonlin
TORONTO, Dec. 4, 2013 /PRNewswire/ — Trio Resources, Inc. (”Trio” or the “Company”) (OTCBB: TRII; www.trioresources.com) is pleased to announce that it has signed an Off-Take agreement with Noble Refinery (”Noble”) of Switzerland to process precious metals produced at the Company’s milling facility in Cobalt, Ontario. The Company anticipates it will produce $40 million of precious metals over the two year contract.
Under the agreement, Noble will purchase dore bars from Trio and ship them to one of its three global refineries for further purification. Pricing for the bars will be based on London Metal Exchange spot prices with a predetermined 10% discount.
Noble will be obligated to pay Trio within three days of material assay confirmation.
“We are incredibly excited to partner with Noble, which has a sterling track record of refining assets for its global client base,” said Duncan Reid, CEO of Trio Resources, Inc. “By aligning ourselves with an experienced refiner like Noble, Trio can ensure that we fully monetize the precious metals we expect to produce from the milling facility on our Duncan-Kerr Property.”
About Trio Resources, Inc.
Trio Resources, Inc. is an exploration and small-scale processing company which plans to focus on the exploration and milling of mineralized materials located in historically prolific regions. Trio is organized to hold assets in the mining industry, targeting older mining camps with residual value. Trio’s intention is to conduct an exploration program, in conjunction with milling initiatives to monetize its existing above-ground mineralized material on-site, with the purpose of being cash-flow positive primarily through milling and marketing mineralized material and concentrate to refiners. For more information, please visit http://www.trioresources.com/.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains forward-looking statements. Such statements may include, but are not limited to, information related to: our plans and objectives; anticipated operations and operating results; potential exploration and exploration results; relationships with refiners, purchasers and off-takers; demand for mineralized materials; financial resources and condition; anticipated sales, revenues and profitability; build-out of our mill and milling capacity; changes in accounting treatment; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue our operations and take advantage of opportunities; legal proceedings and claims. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “plans,” “intends,” “anticipates,” “believes,” “seeks,” “could,” “estimates,” “expects,” “intends,” “may,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, the factors described in our Report on Form 8-K/A filed with the SEC on March 15, 2013, including the section captioned “Risk Factors” therein. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements set forth herein reflect our estimates and assumptions only as of the date of this press release and are subject to change after such date. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
(PublicWire.com News Release) VIASPACE Inc. (OTC Bulletin Board: VSPC), and its renewable energy subsidiary VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF), announced today that they have signed a Memorandum of Understanding with PT Provident Agro of Jakarta Indonesia with the goal to use Giant King(TM) Grass as feedstock for a large scale pellet mill to manufacture a minimum of 300,000 metric tonnes per year of pellets for the export market, primarily in Europe.
Provident Agro owns extensive oil palm plantations and land in Sumatra, Kalimantan and Sulawesi, Indonesia with a total land bank of 150,000 hectares (370,000 acres) producing more than 23,500 tons of crude palm oil each year. Provident Agro is owned 50% by the Saratoga Group and 50% by Provident Capital Indonesia. The Saratoga group, headed by Edwin Soeryadjaya, Ernst & Young’s Indonesian Entrepreneur of the Year in 2010, has extensive holdings in energy and natural resources including coal and palm plantations. Saratoga and Provident Capital Indonesia also own a network of cell phone towers in Indonesia.
Under the Memorandum of Understanding, Provident Agro will initially plant a 25 acre test plot in Indonesia using Giant King Grass seedlings provided under contract by VIASPACE. Details of the business relationship were not provided. Provident Agro has signed a Nondisclosure and Non-Circumvention Agreement with VIASPACE, and has visited the Giant King Grass plantation in China as part of its due diligence.
Giant King Grass is a very high yield, nonfood, low carbon energy crop that can be burned in electric power plants to replace coal. The carbon dioxide released when Giant King Grass is burned is reabsorbed by the next crop growing 120 days later. With only minor modifications, many existing power plants can burn up to 25% Giant King Grass pellets instead of coal, thus reducing their carbon emissions by 25% and meeting their emissions targets for the next 10 to 20 years while preserving their large capital investment. New power plants can burn up to 100% Giant King Grass.
Bloomberg reported on December 3, 2010, “The highest-priced coal in two years is making wood pellets a viable fuel alternative for U.K. power producers, heralding a doubling of electricity generation from biomass in the next three years…Benchmark coal for delivery next month in Northwest Europe has climbed 40 percent this year to close at $116.25 a metric ton yesterday, thehighestsince Oct. 24, 2008, according to data compiled by Bloomberg from broker prices. Pellets have fallen 0.7 percent this year to 126.30 euros ($167) a ton, according to APX-Endex, an Amsterdam-based exchange thatplansto begin trading of wood contracts on its system by mid-2011…Power companies are turning to biomass as the profit from coal-based electricity generation slides.”
(VSPC.OB) VIASPACE Inc Signs Memorandum Of Understanding With PT Provident Agro
Giant King Grass is a dedicated and sustainably grown energy crop that provides an attractive alternative to wood pellets which are being criticized for diverting wood waste from current applications in the pulp & paper, plywood, veneer and engineered wood products industries
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