Troy Resources NL

Troy Resources NL

April 30, 2008 02:47 ET

Troy Resources NL: Quarterly Report for the Three Months Ending 31 March 2008

PERTH, WESTERN AUSTRALIA--(Marketwire - April 30, 2008) -


Troy Resources NL ("Troy") (TSX:TRY)(ASX:TRY) are pleased to advise the following details from their latest Quarterly Report. A full copy of this report can be found on the Company's website at


- The Andorinhas project was formally commissioned on 14 March 2008 with the first gold poured.

- Significant gold intersections at the Two Mile Hill Prospect at the Sandstone mine in Western Australia.

- At Andorinhas, encouraging iron ("Fe") grades ranging from 56.99% Fe to a high of 68.46% Fe in the 1/4 inch or "Lump" size fraction from pit sampling at the Abacaxi Colluvial Fe-ore Target. The full results of the scoping study are due in June, 2008.


- The Sandstone Mill treated 96,523 tonnes of ore at 2.8 g/t Au to produce 8,222 oz of gold at a cash cost of A$712 per ounce.

- Total gold production for the 9 months to 31 March 2008 was 26,474ozs.

- The Andorinhas project produced 1,067ozs during the quarter.


- Troy formally listed on the TSX on 25 January 2008.

- A prospectus was issued in Canada and a placing of 9,152,000 shares at C$2.60 was made to generate gross proceeds of C$24.7m (approx A$27.6m) during March and April.

Commenting on the quarter, Troy CEO Paul Benson said, "Production was predominantly from Sandstone due to the downtime at Andorinhas following the interruption to production caused by the failure of the mill motor. The June quarter should be significantly better with the Andorinhas mill coming back on line in mid April and the new crusher arrangement at Sandstone."

"Andorinhas should reach full throughput capacity in May when the second mill is commissioned. Access to high-grade underground ore will be delayed due to a customs strike which is holding up delivery of underground mining equipment. At this stage we expect high grade ore to enter the blend in the December quarter."

"We have been very pleased with exploration results during the period with the significant gold intersections at Sandstone and the high-grade iron ore assays at Andorinhas. At Sandstone we are awaiting the assay results from the second diamond drill hole at the Two Mile Hill prospect which will allow us to plan follow up drilling. At Andorinhas, we continue to work on the concept study on commercialising the iron ore. Our aim is to complete that study in the October quarter."

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a "qualified person" under National Instrument 43-101 - "Standards of Disclosure for Mineral Projects", a member of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity he is undertaking, to qualify as a "competent person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Doyle has reviewed and approved the information contained in this report.

This report contains forward-looking statements. These forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations.

ABN 33 006 243 750

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