Troy Resources NL
ASX : TRY
TSX : TRY

Troy Resources NL

December 20, 2010 09:06 ET

Troy Resources NL: Sale of Interest in Volta Resources Inc.

PERTH, WESTERN AUSTRALIA--(Marketwire - Dec. 20, 2010) - Troy Resources NL (TSX:TRY)(ASX:TRY) -

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HIGHLIGHTS

  • Troy sold its 1.92 million shares of Volta Resources Inc.
  • Net proceeds of C$4.5 million or approximately A$4.5 million.
  • Troy will book a pre-tax profit on the sale of approximately A$4.2m in the December 31 half year results.

Troy Resources NL ("Troy") is pleased to announce the sale of its interest in Volta Resources Inc. ("Volta") (TSX:VTR). Volta is a TSX listed gold explorer focussed on West Africa. Troy sold its 1,923,076 shares in an off-market transaction.

Net proceeds from the sale are approximately A$4.5 million. The interest was originally acquired via the then TSX listed Birim Goldfields Inc. for A$3.3m in May 2006. With fall in equity markets during the global financial crisis, the carrying value of the interest was written down in the December 2008 accounts to A$0.3m and thus a pre-tax profit on the sale of the interest of approximately A$4.2 million will be recorded in the December half year financial results.

ABN 33 006 243 750

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