SOURCE: Tri-Star Holdings, Inc.

November 20, 2008 07:09 ET

Tri-Star Holdings, Inc. Announces Order of Mining Operations

FT. LAUDERDALE, FL--(Marketwire - November 20, 2008) - TRI-STAR HOLDINGS, INC. (PINKSHEETS: TSHL) announced today that the company has established its order of mining operations to best systematically and cost-effectively expand its metals recovery efforts throughout its claims in Arizona, Nevada and Idaho. After continued placer mining operations today at the company's majority owned 25 acre gold mine claim on the Hassayampa River near Wickenburg, Arizona, company representatives successfully refined amounts of gold with the company's small-scale processing equipment. There are also three other different locations on the site to be tested. Management stated that operations will continue to be expanded at the Wickenburg claim until full-scale production is attained. Meanwhile, the initial small-scale operations will continue to be established at the COS #1, and Cos #2 claims -- also in Arizona -- and then the Lucky Linda #1 claim in Nevada. CEO Anthony Mellone stated that the Company's Board of Directors and Chief Geologist have agreed that it is in the best interest of the company and its shareholders to proceed in this order to maximize profitability, citing that the primary factors of cost together with the general ease of accessibility of the Wickenburg site will yield the most immediately profitable metals recovery revenues for the company.

Furthermore, company representatives consulted with third party recovery operators from Phoenix to discuss the progress made and a potential processing arrangement utilizing their new technology and state-of-the-art recovery plant in Phoenix, said to recover up to 99.9% of all the precious metals content. To this end, additional ore samples have been delivered to the Phoenix facility for further testing to verify the per ton percentages of gold, silver and platinum contained and recoverable.

This week, three workable placer mine sites were identified on the property, with further gold located in rock in various areas around the property. Mining engineer Robert Chastain will be on site today to train new crew members to efficiently operate the placer equipment for higher yields and increased capacity. After training and fine tuning the operation, management anticipates the Wickenburg operation to be generating revenues by next week. Once a stand alone operation is fully established, a similar operational model will be established at COS #1 then COS #2 with Company officials able to travel between the sites easily.

"By the time COS #1 and #2 are nearing full operations and generating revenues, all our requirements with the Burearu of Land Management (BLM) and State of Nevada Environmental Division should be satisfied to the degree that operations can be established at our Nevada mine, Lucky Linda. Also, our systems shall be in order such that we can efficiently and systematically install the necessary infrastructure cost-effectively and swiftly," said CEO Anthony Mellone. "I said I was not going home until I found gold, and while our operations this week are just the beginning, we have continued to meet our goals here in Wickenburg while establishing an order of operations to maximize our assets with sensible expectations over a realistic time line," he concluded.

More updates and pictures of this week's developments have been posted on

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About Tri-Star Holdings, Inc.

Tri-Star Holdings, Inc. ("the "Company") Tri-Star is a diversified holding company operating in two principal industries through its medical and noble & precious metals divisions. The Company intends to position itself as a major participant across many markets, both domestic and foreign, as a global participant across its primary industries.

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Tri-Star Holdings, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.

Contact Information

  • Contact:

    Anthony Mellone
    President & CEO
    Tri-Star Holdings, Inc.
    Email Contact