Troy Resources NL
ASX : TRY
TSX : TRY

Troy Resources NL

August 01, 2011 21:50 ET

Troy Resources NL: New Senior Management Team to Drive Troy's Future Growth

PERTH, WESTERN AUSTRALIA--(Marketwire - Aug. 1, 2011) - Troy Resources NL (TSX:TRY)(ASX:TRY) -

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HIGHLIGHTS

  • Mr Ken Nilsson appointed Director of Project Development
  • Mr Andrew Storrie promoted to Chief Operating Officer for the Troy Group
  • Mr Marcus Brewster appointed as Brazil Operations Manager

Troy Resources NL ("Troy") is pleased to announce the following changes to the Company's senior management team.

Executive Director, Mr Ken Nilsson, will take on the role of Director of Project Development and Argentina Country Manager. Mr Nilsson, who has built all of Troy's mines, will review new growth opportunities for Troy. This will include advanced external projects brought to the Company and also managing the optimisation of the underground mine development at Troy's flagship Casposo gold and silver mine in San Juan, Argentina. This latter project will focus on assessing whether the newly discovered high grade Kamila South East Extension will support an accelerated development schedule for the underground mine. It is expected that the review will be completed by the June quarter 2012.

In the course of establishing Troy's presence in Argentina including the successful commissioning of Casposo, Mr Nilsson has built excellent working relationships with local, regional and national government officials and regulators. Mr Nilsson will be the Company's Argentina Country Manager responsible for maintaining these key relationships and assisting in future Company developments within Argentina.

Mr Nilsson is a qualified chemist and mining engineer with over 40 years industry experience. He has worked in Sweden, Australia, Brazil and Argentina. He is fluent in English, Portuguese, Spanish and Swedish.

Mr Andrew Storrie, currently the Andorinhas Operations Manager in Brazil, has been promoted to Chief Operating Officer for Troy and will join Troy's Executive Committee reporting to the CEO. Mr Storrie will relocate to San Juan, Argentina and have responsibility for both the Casposo (Argentina) and Andorinhas (Brazil) mines. Mr Storrie will remain the Company's Brazil Country Manager responsible for key government relationships.

Mr Storrie has worked in the UK, Namibia, South Africa, Gambia, Columbia, Venezuela and Brazil and is fluent in English, Spanish and Portuguese. He has a Bachelor of Mining Engineering (Hons) degree from the Camborne School of Mines and a Diploma in General and Production Engineering.

The Company is also pleased to welcome Mr Marcus Brewster who is joining Troy as Brazil Operations Manager reporting to Mr Storrie. Mr Brewster's most recent role was Mineral Resources Manager (Geology Manager) at Gold Fields Ghana Limited's Tarkwa Gold Mine, Ghana.

Mr Brewster has an MSc in Mining Engineering (Merit) and an MSc in Geology both from the Camborne School of Mines, UK and a Certificate in Project Management. He has extensive international experience having worked previously in Brazil, Namibia, Finland, South Africa, Laos and Ghana. Mr Brewster is fluent in English, German and Portuguese.

Commenting on the changes, CEO Paul Benson said: "These changes significantly strengthen the Troy management team and position us for further growth."

"Ken Nilsson has done a truly outstanding job building Troy's mines quickly and at low cost. In his new role Ken will focus on reviewing the increasing number of advanced projects that are presented to Troy with the aim of identifying Troy's next development project. Ken will also be responsible for the most important project for the Company from a value perspective in the coming years which is looking at the potential to fast track production of the new high grade Kamila South East discovery at Casposo."

"Andrew Storrie has done a great job at Andorinhas; maximising production and increasing productivity. In the COO role Andrew will be responsible for both Andorinhas and Casposo as the Company's production grows to around 130,000oz Au_eq in FY2012."

"Finally I am delighted that Troy has been able to attract a person of Marcus Brewster's capability and international operations experience. Marcus will take over as Operations Manager of Andorinhas. Marcus, who has a background in Mining Engineering and Geology and has worked in Brazil before, will run the current operation but also lead the push to build the reserve base and extend the mine life.

"Marcus is joining the company on September 1, 2011. These changes, which will take effect over the next 6 months, are very important for the company, strengthening our management team as we position Troy for future growth from both our existing production and reserve base and acquisition opportunities."

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; Andorinhas Mine in Para State, Brazil and the Casposo gold and silver mine, in San Juan province, Argentina.

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

Troy has an annual exploration budget in excess of $8 million and a proven track record in exploration discoveries and strategic acquisitions.

With the development of the Casposo project, Troy has entered a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.

The Company is positioned to continue its path of strong growth and profitable operations, and is on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.

The Company maintains a robust balance sheet 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.

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

ABN 33 006 243 750

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