Troy Resources NL
ASX : TRY
TSX : TRY

Troy Resources NL

April 29, 2008 00:29 ET

Troy Resources NL: Colluvial Iron Ore Study, Andorhinas Project, Brazil

PERTH, WESTERN AUSTRALIA--(Marketwire - April 29, 2008) - Troy Resources NL (TSX:TRY)(ASX:TRY) -

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

Highlights

-Iron assay results for the first 20 pit samples returned grades ranging from 56.99% Fe to a high of 68.46% Fe in the 1/4 inch or Lump size fraction.

Troy Resources NL ("Troy") advises that the Company, through its wholly owned Brazilian subsidiary Reinarda Mineracao Ltda ("RML"), has commenced an exploration evaluation and concept study to determine the viability of mining colluvial iron ore ("Fe") at its Andorinhas Project leases in Para State in Brazil.

The current program is focussed on two target areas along strike from the Big Mac Mine which is owned by a Brazilian company that operates a profitable iron ore operation on the lease immediately to the northeast of Troy's Andorinhas Property.

The two areas of focus are the Abacaxi ("Pineapple") Target which is a 2.2km long (East - West) by 800m wide (North - South) and the Estrela ("Star") Target, located approx 500m to the west, which has a strike length of 3km (East - West) and is about 600m in width (North - South) (Refer to map below).

Reconnaissance prospecting by previous explorers focussed on the Estrela Target north of the Mamao Gold Deposit where limited rock chip grab sampling of coarse colluvium ore boulders on a scree slope were reported to have assayed up to 69% iron.

In December 2007, Troy commenced exploration at Abacaxi to determine the volume and quality of the resource. Troy cut and surveyed a detailed 100m spaced grid with sample points every 50m along each line. An excavator pit sampling program is underway with 90 pits excavated of which 65 pits have been sampled to date. Pits are spaced 100m apart with Rotary Air Blast ("RAB") drill holes completed every 100m between the pits. The RAB drilling is to define the soil profile depths. To date, all work has been focussed at Abacaxi and a similar grid based drilling and pit sampling is planned to follow at Estrela.

Troy intends to calculate a Resource Statement as part of its concept study due for completion in the second half of 2008. The Troy Board expects to be able to make a decision as to whether to proceed to commercial mining of the iron ore following review of the Concept Study.

Troy CEO Paul Benson said, "We are pleased with these early results which highlight the high grade nature of the iron ore in the initial target area. We are working diligently to complete the concept study and look forward to understanding the full potential of the area."

Iron and other Key multi-element XRF analysis for the first 20 pits sampled are shown in Table 1 below.

A copy of this announcement with Drill Hole Cross Section and Location Plan can be found on the Company's website at www.try.com.au.



Table #1 Abacaxi Target Pit Sampling Lump (+1/4")
Fraction Assay Results

---------------------------------------------------------------
PIT
NUMBER % Fe Total % SiO2 % Al2O3 % P2O5 LOI 100%
---------------------------------------------------------------
FE-001 (+1/4") 66.44 2.91 2.33 0.042 1.26
---------------------------------------------------------------
FE-002 (+1/4") 65.01 3.4 3.25 0.045 1.84
---------------------------------------------------------------
FE-003 (+1/4") 67.62 2.08 1.76 0.051 0.98
---------------------------------------------------------------
FE-004 (+1/4") 65.56 2.92 2.56 0.059 1.3
---------------------------------------------------------------
FE-005 (+1/4") 65.81 3.13 2.42 0.065 1.38
---------------------------------------------------------------
FE-006 (+1/4") 68.16 1.97 1.52 0.046 0.79
---------------------------------------------------------------
FE-007 (+1/4") 67.10 2.78 2.51 0.033 1.17
---------------------------------------------------------------
FE-008 (+1/4") 65.60 4.17 3.03 0.03 1.44
---------------------------------------------------------------
FE-009 (+1/4") 56.99 7.95 7.4 0.078 3.95
---------------------------------------------------------------
FE-010 (+1/4") 68.10 2.32 1.74 0.037 0.87
---------------------------------------------------------------
FE-011 (+1/4") 65.90 3.32 2.72 0.05 1.75
---------------------------------------------------------------
FE-012 (+1/4") 65.55 1.98 1.69 0.048 0.9
---------------------------------------------------------------
FE-013 (+1/4") 59.63 3.56 3.36 0.072 1.79
---------------------------------------------------------------
FE-014 (+1/4") 66.39 2.38 2.14 0.056 1.09
---------------------------------------------------------------
FE-015 (+1/4") 62.23 6.42 2.41 0.089 0.74
---------------------------------------------------------------
FE-016 (+1/4") 68.46 1.1 0.99 0.034 -0.04
---------------------------------------------------------------
FE-017 (+1/4") 63.00 5.22 3.75 0.138 2.59
---------------------------------------------------------------
FE-018 (+1/4") 65.50 3.59 2.38 0.086 1.31
---------------------------------------------------------------
FE-019 (+1/4") 64.11 4.05 3.34 0.058 1.35
---------------------------------------------------------------
FE-020 (+1/4") 60.17 5.79 5.49 0.045 3.56
---------------------------------------------------------------

Analytical Laboratories:

- Nomos Analises Minerais LTDA., Rua Pereitra, 237, Duque de Caxias - RJ
- CEP 25085-300 Brazil

Analytical Technique for Fe: Assays via titration - Fe Total; Titration
process consists on opening the sample with acid digestion (hydrochloric
acid), then reduction of Fe+3 to Fe+2 and then this is titrated with
Potassium dichromate.

- ALS Laboratory Group - Vespasiano, Brasil
Rua Sao Paulo, 685 Celvia
CEP: 33.200-000 Vespasiano
Belo Horizonte MG
Phone: +55 (31) 362 13907 Fax: +55 (31) 362 12057 www.alschemex.com

- Analytical Techniques
- ME-XRF11: Fe-ores by fusion XRF Technique;
- OA-GRA05t: Multi-temperature LOI


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.

ABN 33 006 243 750

Contact Information