Troy increases group gold resources to 1.1m ounces

Troy Resources has significantly increased its group gold reserves by announcing an....

  Troy Resources has significantly increased its group gold reserves by announcing an initial reserve of 1,227,200t @ 6.5g/t for 255,980oz at its 100 percent controlled Andorinhas Project in Para State, Brazil.An initial gold resource estimate of 3,997,000t @ 3.4g/t for 435,000oz has been calculated at Andorinhas, which has increased the group’s total gold resources to a record 1.1m ounces. With only 18 drill holes completed in the current program at Andorinhas, Troy said it believes that gold mineralisation at both the Mamao and Lagoa Seca Deposits is open along strike and at depth. Initial results have confirmed the grade and continuity of gold mineralisation at the open pit mineable Lagoa Seca Deposit, including the following significant intersections: 31m @ 10.9g/t from 55m, 8m @ 7.0g/t from 40m, 25m @ 4.2g/t from 51m, 38m @ 2.54g/t from 50m and 28m @ 4.70g/t from 7m. Troy’s Chief Executive Officer, Tommy McKeith said initial drilling was confirming the potential of the project, which will soon be the sixth gold mine that Troy has developed. Troy’s Director of Operations, Ken Nilsson said that project development was progressing well and is on track for a January 2008 start-up, with all major project permits in-hand, and site clearing and civil works well underway. “Troy is well positioned for growth, with gold production from the Andorinhas Project expected in January 2008 and initial drill results demonstrating good potential for expansion,” Mr McKeith said.