Troy Resources NL
ASX : TRY
TSX : TRY

Troy Resources NL

January 28, 2010 20:59 ET

Troy Resources NL: Aztec Vein Initial Grade Control Drilling Results-Casposo Project

PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 28, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Growing junior gold producer, Troy Resources NL (TSX:TRY)(ASX:TRY) is pleased to provide details of the initial grade control program at its Casposo gold-silver project (Casposo) in San Juan province, Argentina.

As noted in the Company Press Release of January 27th, Troy has completed its first grade control drilling program at Casposo. This program was targeting the up-dip surface extrapolation of orebodies defined by diamond drilling. Holes were drilled by an "open hole - blast hole" drill rig at a nominal spacing of 3m X 3m. Samples were collected every metre and assayed for silver and gold. All holes were drilled vertically to depths up to 8m.

Troy's CEO, Paul Benson commented, "It is pleasing to see surface and near surface expressions of the very high grades that have been intersected in diamond drill holes at depth. These high grades are consistent with Troy's block model and bode well for initial high grade production when processing commences later in the year."

The grade control drilling plans (see Figure 1 and Figure 2) are shown with the surface projection of the Aztec Vein in red. Not all holes intersected mineralisation due to the presence of some overburden and scree. The grade control drilling program detailed in Figure 2 targeted mineralisation outside the current Mineral Resource. For this drill pattern assay results received to date are reported with the balance pending.

The drill pattern was focussed on the projected Aztec Vein ore zone and the adjacent areas outside of the projected ore. These holes were drilled and sampled to better define high grade and low grade ore as well as delineate the ore/waste boundary (see Figure 1).

All results received to date are tabulated below (see Table 1).

Samples were transported by road to Mendoza, Argentina and were assayed by fire assay technique with gravimetric finish on a 50g charge by commercial laboratory - Alex Stewart (Assayers) of Argentina.

To view Figure 1, please click on the following link: http://media3.marketwire.com/docs/try10128.pdf.

To view Figure 2, please click on the following link: http://media3.marketwire.com/docs/try20128.pdf.

To view Table 1, please click on the following link: http://media3.marketwire.com/docs/try30128.pdf.

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" and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation 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. For further information regarding the Casposo project, including a description of quality assurance programs, quality control measures, the geology, samples collection and testing procedures in respect of the Casposo project please refer to the technical report entitled Troy Resources NL: Casposo Project, Argentina" dated July 2009, which is available under the Company's profile at www.sedar.com.

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.

ABOUT TROY RESOURCES

Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold-silver development project, Casposo, in San Juan province, Argentina.

Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.

Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions.

Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.

The Company maintains a robust balance sheet, is debt-free and forecasts continued strong cash flow from its current assets. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.

With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.

Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.

To view the Project Locations map, please click on the following link: http://media3.marketwire.com/docs/try40128.pdf.

ABN 33 006 243 750

Contact Information

  • Troy Resources NL
    Paul Benson
    Chief Executive Officer
    (618) 9481 1277
    (618) 9321 8237 (FAX)
    troy@troyres.com.au
    www.try.com.au
    or
    Purple Communications
    Annette Ellis
    Media Relations
    (61 8) 6314 6300
    aellis@purplecom.com.au
    or
    Purple Communications
    Warrick Hazeldine
    Media Relations
    (61 8) 6314 6300