Troy Resources NL

Troy Resources NL

September 13, 2005 20:41 ET

Troy Lifts Dividend for Sixth Successive Year

WEST PERTH, WESTERN AUSTRALIA--(CCNMatthews - Sept. 13, 2005) - Western Australian gold miner Troy Resources NL (ASX:TRY)(FWB:TRW) today announced its sixth consecutive profit and increased its dividend for the sixth year running with a net profit after tax and minorities of $8.7 million for the year ended 30 June, 2005.

The profit figure was 38% down on last year's record net profit of $14 million, partly due to start-up delays at its recently opened Lord Nelson gold mine at Sandstone due to objections lodged against clearing permits which were finally determined to be of a frivolous nature.

The profit was achieved from revenue of $54.6 million and gold production of 71,851 ounces. A fully franked dividend of 6.5 cents per share (up from 6.0 cents last year) has been declared and is payable on 14 October 2005.

Executive Chairman, Mr John Jones, forecast that gold production would lift to 100,000 ounces in the 2005/06 financial year and predicted a significant increase in profitability.

"This will be achieved due to the higher grades we expect from both our Sandstone operations and the Sertao mine in Brazil," he said.

"We are looking forward to another successful year and exploration will continue on numerous regional geological targets at both Sandstone and in the Faina Greenstone Belt surrounding the Sertao mine.

"The Company has never been in a stronger position. With financial reserves in excess of $30 million, we are well equipped to pursue growth through exploration and/or acquisition.

"We are debt free and unhedged and have added both resources and reserves to our inventory at both Sandstone and Brazil during the past year.

"The Lord Nelson and Sertao mines will provide excellent cash flows for the coming year," said Mr Jones.

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