QUARTER - Troy Resources Quarterly...2 32,26 7 6.0 1 106.0 2 88.2 9 75.7 8 5,52 9 84,22 8 7,63 9 4 7...

M

KE

OP

Br

Ar

EX

Ar

MARCH QUA

EY POINTS

No lost time

New high groutside the

Ore grade western end

Second higAndorinhas

Casposo onJune quarte

The compan(net of silveUS$549/oz

PERATIONS

azil, AndoriIncrease in coupled wienabled hig

Gold producproduction

Unit cash co

rgentina, CaPlant modifperformancfor April sethroughput

Production

Unit cash credits).

XPLORATION

rgentina, CaNew high grincluding: o Hole C

1,470g/downho

o Hole C2,266g/and 5.445.43g/

These new south east o

Julieta Maingrading 4.7Au_eq from

Troy ResoT: +6

ARTER HIGH

e accidents in

rade mineralisexisting Mini

intersectiond of the Caspo

ghest quarter.

n track to acer.

ny produced er credits) coin the previou

inhas ore widths aith improvedgh quarterly go

ction 11,369oon record.

osts to US$582

asposo fications and ce made throuee the plant in the June q

of 4,318oz go

costs of US$

N

asposo and rade mineralis

CA‐11‐297; 1/t silver or 2ole. CA‐11‐300; 1/t silver or 340m at 8.18g//t Au_eq fromintercepts arof the existing

n Zone South71g/t gold anm 60.35m dow

ources NL| ABN 361 8 9481 1277 |

HLIGHTS

the Company

sation at Kamng Reserve at

s at Julieta oso leases.

ly production

hieve budget

15,687oz golompared to 1us quarter.

nd higher grad mining proold productio

oz is second h

2/oz.

improvemenugh the quarton track to uarter.

old and 72,069

$974/oz gold

Castaño Nusation at Kam

.90m at 6.37.35g/t Au_e

.35m at 3.45.82g/t Au_e/t gold and 2,m 311m downhe located outg Mining Rese

h Vein drillingd 31.68g/t s

wnhole.

3 006 243 750 | F: +61 8 9321 82

y.

mila SE Extensit Casposo.

on the nor

n on record

t throughput

d at US$690/3,532oz gold

ades with depoductivity han to continue

ighest quarte

nts to operatiter and plannachieve budg

9oz silver.

d (net of silv

uevo mila SE Extensi

36g/t gold aeq from 270.6

46g/t gold aeq from 306.4,607g/t silver hole. tside and to trve.

g yields: 18.75ilver or 5.16g

Ground Floor, 44237 | E: troy@tro

ion

rth

at

in

/oz at

pth ave .

erly

ing ned get

ver

ion

and 6m

and 4m or

the

5m g/t

B

CO

CO Co“Scoiddumpr “Winfabu “Pse “OexinthpoIf brw "Simw5kancole

4 Ord Street, Wesyres.com.au | W

razil, AndorSignificant target less plant with 2,510ppb gJune quart

ORPORATE

The amoupaid shareand April n

OMMENTA

ommenting oStrategically tompany. Operentifying anduring comm

modifications tractice.

We started to the month aster pace thudget through

Pleasingly Andecond highest

Of most sigxploration rtersections inheir own rigotential to offresults contiring an additith the aim of

Similarly, althomportant, theye now have okm structure nd untested womplete airbngth of the st

QF

st Perth, WA 6005: www.troyres.co

rinhas gold‐in‐soil than 2km fropeak values gold. The targer.

nt owing on s was paid tonetting A$1.15

ARY

n the quarterhis has been rationally at Cd understandimissioning anto both the p

o see improveof March anhrough April. hput rates in t

dorinhas contquarterly pro

gnificance hoesults at Cn the Kamila eht but impofset the schednue with theional rig to sf bringing the

ough the ore y are strategiore grade minwith the majowith drilling. orne and grtructure to ide

QUARTERFor the three

5, Australia om.au

anomalies aom the Andorranging betwrget will be d

the remainino the Compa55 million.

r, Troy CEO Pan important

Casposo our fong the issuesnd making lant but also

ements flowinnd they haveWe still ex

the June quart

tinues to perfoduction.

owever wereCasposo. Thextension zoneortant also duled drop ine same trend,site to compblock to Reso

grade interceically very signeralisation aority of this sWe are curreround geophentify addition

RLY REPOe months end31 March 20

at the Marcirinhas processween 343ppb rill tested in

g 350,000 pany during Ma

Paul Benson st quarter for ocus has beens with the cir

the requito the operat

ng on from the continued apect to achiter.

orm well with

e the excelhe high gre are excellenbecause of n grade in yea, we will looklete infill drilource status.

epts at Julieta gnificant becat either end otructure coveently planninghysics along nal drill target

RT ded 011

nho sing and the

artly arch

said, the n on rcuit isite ting

hese at a ieve

h its

lent rade nt in the

ar 3. k to ling

are ause of a ered g to the ts”.

OP

CA

Pro

Pro

Hea

Hea

Rec

Rec

Gol

Silv

Pro(oz

Cas(pe

Cas(pe*No(1) B

(2) B

(3) C

Mi

Tot

Go

Silv

Wa

Oc Thequaonacc

En TheEnvandnowseswesaf

PERATIONS

ASPOSO, AR

oduction

ocessed (t)

ad Grade Gold

ad Grade Silve

covery Gold (%

covery Silver (

ld Produced (

ver Produced

oduced Gold E)

sh Cost Net Sier oz of gold)

sh Cost Co‐proer oz of gold eote: Only minor p

Based on the ratio

By‐product costin

Co‐product costin

ining

tal Ore Mined

old Grade (g/t

ver Grade (g/t

aste Mined (B

ccupational

ere were no arter. A totally 5 minor incidents.

nvironment

ere were no vironmental md training hasw a requiremssion on an inell as regular efety training.

S

RGENTINA (

d (g/t)

er (g/t)

%)

(%)

oz)

(oz)

Equivalent(1)

lver Credits (2

oduct (3) equivalent) production occurr

o of sales prices r

g

ng

d (t)

)

t)

BCM)

l, Health an

lost time injul of 84,548 mnjuries treated

environmentmonitoring ans progressed

ment to undergndividual basieducational se

(Troy 100%

Marc201

Quarte

22,26

6.8

130.1

87.8

77.3

4,31

72,06

6,112) A$96

US$97

A$1,14US$1,15

red prior to 1 Janu

realised

March 2011

Quarter

70,491

7.42

108.98

192,906

nd Safety

uries or accidman hours wed as a result

tal issues durnd implementwell during tgo a training is pre‐employessions as par

through Tr

ch 11 er

9 Montto Mar

2011

62 32,26

87 6.0

11 106.0

82 88.2

39 75.7

18 5,52

69 84,22

18 7,63

69 74

47 53 uary 2011

9 Monthto Marc

201

160,90

7.3

106.5

821,30

dents during tere worked wof work relat

ing the quartation of systethe quarter. Iand informatyment on sitert of our ongo

roy Resourc

thsch1*

62

05

06

25

72

25

27

31

hsh 1

08

4

6

07

the with ted

ter. ems t is tion e as oing

P DufoseoblepeSinom A emopMof Thnuanplfiranmcole Bylin~6thbuofinreci Trthtracstprpe

ces Argentin

rocessing

uring the quocused on speection where bstacle to acvels. In parteriods of highmilarly, the cot achieve vo

modifications.

number of smployed to perational gu

Merrill Crowe sf these will no

he plant desumerous stopnd to allow tant averagedrst week of Apnd over 700 modifications mompleted, wevels in the Jun

y the end of tne with budg6% below budhe final tailingudget recoverf the material time due teturning to a rcuit.

raining and sthe quarter butaining of locactivities to refaff is being rocess superversonnel.

QF

na Ltd)

uarter work ecific areas in filtering issu

chieve a ramticular tailinger than anticilarification anolumes requir

pecialist consaddress theidelines. Modsection and taot be seen unt

sign throughpppages assoche relevant m around 250tpril average thtpd in the made througe still expect ne quarter.

the quarter met for silver dget primarilygs. This has nries are expeclost by the loo recovery ocollection po

taff performat most of thesal staff remaifine and optimstrengthenedvisors from


on commissthe Merrill Cues continuemp up to bugs filtering wipated levels nd precipitatiored under th

sultants and ese issues difications weails filtering btil the June qu

put is 1,100tciated with tmodifications tpd during thhroughput halast week ofh April or stt to reach de

metallurgical reat ~80% withy due to the now been pacted in the Juow recoveries of some of ond and from

ance remainedse areas are nns high on thmise the operd by the adBrazil plus s


ioning the pCrowe and taild to provideudget throughwas affectedof clay in the on sections coe design with

contractors wand to proere made to ut the full imuarter.

tpd. Due to he issues abto be made,

he quarter. Ind reached 570f April. With ill planned toesign through

ecoveries werh gold recoveinability to wrtly rectified ne quarter. Sowill be recovethe liquid lothere to the

d an issue dunow well in hhe list of ongration. Procesddition of sespecialist trai

RT ded 011

2

plant lings e an hput d by ore. ould hout

were ovide the pact

the ove, the the 0tpd the

o be hput

re in eries wash and ome ered osses mill

uring and, oing ssing enior ning

OP Thethesysmause An Juamoalsdedme

Mi Dugraat t97. Wiminfocconconlargto Trosup Thetheordtak

Co In relapprevunquacas Theaccequ6,1

PERATIONS

e maintenance addition ofstem for maintenance pred in Australia

agreement han to assistonitoring and o metallurgy dicated teametallurgical lab

ining

ring the quartade of 7.42g/tthe end of th.66g/t silver.

th the slowerne has estabcus to movenstruction dntract was enge excavatorsprovide five 4oy is currentpervisory staff

e current mine moment weder to ensureke over a num

osts

the early yeatively minopropriate to venue is deduit cash cost arter Caspososh cost of US$

e alternate mcounting, whuivalent”. Usi118oz Au_eq a

S

ce departmenf an experienmaintenance rocedures anda.

has been mad in two arreporting of and plant opm of experboratory as an

ter 70,491t oft gold and 10e quarter wa

r than plannedblished a large to waste uring the qntered into ws and a similar40 tonne dumtly sourcing f for the mine

ning contract ie have the poe high producmber of tasks t

ears of the or contributouse “by‐producted from thper ounce ofo produced 4$974/oz net of

method of rephere the silving co‐producat a cash cost

nt has been snced supervisis being

d planning ba

de with the Ureas of protailings dump

ptimisation. Thts and alsond when requ

f ore was min08.98g/t silvers 145,877 at 7

d ramp up in ge ore stockppre‐strip an

quarter. A swith Sullair for contract wasmp trucks to aadditional e

e.

s due to expirossibility to exctivity it is liko be done in‐

mine life whor to total uct” accounthe cost base f gold produ,318oz of golf silver credits

porting is usiver is convect costing theof US$1153 /

strengthened sor. A databinstalled w

ased on syste

University of Scessing namp behaviour ahis will give uo access to ired.

ed at an averar. Stockpiled o7.10g/t gold a

milling rates tpile allowing td tailings dseparate supor provision os also negotiatarrive early Juengineering a

re in June andxtend this butkely that we whouse.

here silver isrevenue, it ing where silto determineced. During tld at an averas.

ng “co‐produerted to “ge mine producoz Au_eq.

by ase with ems

San mely and us a a

age ore and

the the dam pply of 3 ted une. and

d at t in will

s a is

ver e a the age

uct” gold ced

ThloAsw2,USca

A AdsoinWhaacsp A subycodrw

he high unit ower than plans throughput,ill decrease c465oz of goS$477/oz net ash cost contin

Administrati

dministration ome work froclude purcha

With the moreave customs cquire furthepace.

power supplupplier of elecy end of theompleted andraw is in the hen undergro

QF

cost is predonned producti, and thus prcommensuratld were prodof silver crednue to fall as g

ion

on site is bom the San sing and store frequent exagent visit r equipment

y contract is ctric energy ise calendar yd we can go oorder of 3M

ound mining st


ominantly a ion due to theroduction incrtely. In the mduced at a udits. We expegold producti

being strengJuan office res control inxport of doré regularly theto assist an

being drawns expected toyear when thon grid powe

MW expected tarts.


reflection of e slower rampreases, unit cmonth of Maunit cash cosct to see the on increases.

thened to mto site. This the near futand the nee

ere is a neednd a small o

n up with a l come into efhe 500kV liner. Current poto go to 4.5

RT ded 011

3

the p up. costs arch, st of unit

move will

ture. d to d to ffice

arge ffect e is ower MW

O

AN

Oc ReiForwo

En Theinc Thenowwitpla

Pro Unto 7.2oreaddtheconsaf Miredfac(3.implow Golowon

PERATIONS

NDORINHAS

ccupation, H

inarda has achr the quarter orked with no

nvironment

ere were nocidents during

e old tailings dw going to thth topsoil at tanted with nat

oduction Re

derground prbe strong du

28g/t gold proe body width dition, improe Melechete ntributed to fety.

ll feed gradeduction over tct that the m14g/t gold) fpacted by thewer throughpu

ld productionwer than the ly partially off

S

S, BRAZIL (T

Tonnes Mil

Head Grade(g/t gold)

Recovery (%

Gold Produ(oz)

Cash Cost (per oz)

Health and

hieved 527 daa total of 21lost time inju

o environmeng the quarter.

dam is now fuhe new dam. he end of thetural vegetatio

esults and S

roduction tonuring the quaoduced. With and grade haved rock supstopes from

significant in

e was 6.54g/the previous mill treated for two weeke failure of a ut for a 3 wee

n for the quprevious quafsetting lower

Troy 100% t

M

Qu

lled 5

e

%)

uced 1

A

US

Safety

ays without a 10,285 personry.

ntal problem

ull. Tailings froThe old dam

e wet season aon.

Summary

nnages and garter with 50mining at greave increasedpport systemsm the footwncreases in p

t gold for thquarter mostlow grade Lks. Mill throumill motor wek period.

arter of 11,3arter with higr milled grade

through Re

March 2011

uarter Q

7,464

6.54

93.7

1,369

A$579

S$582 U

lost time injunnel hours we

s, accidents

om the plant a will be cappand then will

grade continu0,890t of ore eater depth td as per plan.s and accessiwall have aproductivity a

he quarter. Ttly reflected tLagoa Seca oghput was a

which resulted

369oz was 14gher throughps.

inarda Min

March2010

Quarter

9 Mto

58,329 1

3.90

90.6

6,633

A$853

US$768 U

ury. ere

or

are ped be

ued at

the In ing lso and

The the ore lso d in

4% put

neração Ltda

Months March2011

9 Mto

174,007 1

6.78

93.5

34,364

A$606

US$584 U

QF

a)

Months March2010

72,968

4.63

91.5

23,760

A$709

US$628


December 2010

Quarter

55,122

8.10

93.7

13,196

A$556 US$549


RT ded 011

4

O

SA

Oc TheMa

En ThelaydisfroKalare HethedamWo Wireh‘fodu

Ge Tenaromin

PERATIONS

ANDSTONE,

ccupation, H

ere were noarch quarter.

nvironment

e rehabilitatioy down aremantled and om the mine lgoorlie for teas will be com

avy rains durie Lord Nelsomaged the bork has started

th the advehabilitated wallow up’ momps should gr

eneral

n tonnes of gound the goldneral processi

S

AUSTRALIA

Tonnes Mil

Head Grade(g/t gold)

Recovery (%

Gold Produ(oz)

Cash Cost (per oz) * (Sandstone

December qua

Health and

lost time in

on the mininga was commoved off sitand mill wastreatment. Smpleted early

ing the quarteon and the Bboundary fencd on repairing

ent of the aste dumps histure in winrow further a

gold bearing d room and ming facilities in

A (Troy 100

M

Qu

lled

e

%)

uced

e completed prodarter resulting fro

Safety

njuries record

g contractor’smpleted withte. All contams also removSeeding of ay next quarter

er damaged mBulchina wasce line and fg the dumps,

rain new ghas occurred nter the vegnd stabilise th

material was mills and shippn Kelmscott fo

0%)

March 2011

uarter Q

‐ 1

‐

‐

‐

‐ ‐

AU

uction during Sepm final site clean

ded during t

s workshop a infrastructu

minated matered and sent ll rehabilitati.

many sectionste dumps, afence line roaroad and fenc

growth on tand with sometation on the dumps.

extracted froped to Nagromor treatment.

March2010

Quarter

9 Mto

103,322

2.64

91.4

7,994

A$1,039US$930 Uptember 2010, 33nup)

the

and ure rial to ion

s of and ad. ce.

the me the

om m’s

C

Months March2011

9 Mto

96,992 3

1.72

92.8

5,321*

A$846US$758 U36 additional oun

Rehabil

Contractor’s W

QF

Months March2010

58,387

2.36

93.23

25,049

A$960US$875 nces were recover

itation at Lor

Workshop InfrRipped Read


December 2010

Quarter

‐

‐

‐

336*

‐ ‐

red during the

rd Henry Wast

rastructure Ady for Seeding


te Dumps

rea Cleared ag

RT ded 011

5

and

EX

AR(Tr Thethr

Ka In extDeknoExtof strhoscomhoshaeac Onforint26.343thedrisouFig An hoVe6.3270silv3063111). TherhycurSouto thereq Respotdri

XPLORATION

RGENTINA, roy 100% th

e main focusree drill rigs cu

amila South

early Januarytensions of thposit. The cuown veins (Inctension Vein) infill and steucturally comsts the Kammprised of a les planned toallow depths ch hole (abou

March 15, 2r CA‐11‐295 erval as 14.70.24g/t Au_eq3.0m to 357.2e early Marclling has foutheast of thegure 1, Figure

additional 8 les have interin assay resu36g/t gold an0.6m, includiver or 62.50g6.4m to 3071.0m to 316.4

ese interceptyolite dyke anrrent drilling hutheast Extenthe southeaste undergrounquired and pla

sults to datetential new zlling complete

N

CASPOSO

hrough Troy

s of the currurrently in op

heast Target

y, 2011 Troy he main veinurrent prograca Vein, B Veat depth andep‐out extensmplex northwmila and Mseries of norto test B Vein/(+/‐ 100m) at 250m – 350

2011 Troy anand final a0m at 7.79g/t from 342.502m: at 8.04g/ch drilling of ocussed on e second dyke2 and Figure 3

holes (3,175.4rsected the Inults include; d 1,470g/t silng 0.80m at g/t Au_eq fro7.15m: 1.35m40m: 5.40m a

s are all locad outside thehas confirmednsion Vein at which reprend Resourceanned.

e have beenone of minered to date at

y Argentina

ent program eration at Cas

t

commenced ns that compam is designin, Aztec Veind along strike tsional drill hwest southeasMercado Dethwest to sou/Southeast Exand the Inca m).

nnounced preassays have t gold and 1,0m that includ/t Au and 1,3Hole CA‐11delineating e at the Kamil3).

4m) have beeca Vein. SigniHole CA‐11‐lver or 27.35g14.23g/t gol

om 271.7m, Hm at 35.82g/at 45.43g/t A

ted southease current Minid that both Inre mineraliseesents potentie but additio

n very encouralisation suggKamila SE Exte

a Ltd)

is drilling wsposo.

drilling on trise the Kamed to test tn and Southeathrough a seroles within tst corridor thposits. Drilliutheast orientxtension Vein Vein deeper

eliminary resuconfirmed t292g/t silver des 14.2m fro333g/t Ag. Sin‐295, follow‐the Inca Vea SE Target (s

en drilled and ficant new In‐297; 1.90m g/t Au_eq frod and 3,379gHole CA‐11‐30/t Au_eq; au_eq (see Tab

t of the secong Reserve. Tca Vein and td and continal extensions onal drilling

uraging with gested from tension Target

with

the mila the ast ries the hat ing ted at in

ults the or om nce ‐up ein see

all nca at

om g/t 00; and ble

ond The the nue to is

a the t.

Nevededere

ew high gradein widths haensity is insufelineate the equired and is

Figure 1: KaPolar

Figure 2: Kam

QF

de mineralisatas been encoficient to cleaextent of thin progress.

amila Southeaization ‐ Resis

mila Southeas


tion associatountered. To arly define orie zone. Add

ast Zone Geolstivity & Drill

st Zone Geolo


ed with variadate the drilientation and itional drilling

logy, InducedCollars

ogy and Drillin

RT ded 011

6

able lling /or g is

ng

EX

Jul Thethetesminandwitbet Soudrion wit3.581m44mintDri201exiat doteximpsysdri Thethi11‐Jul JU‐3.7

XPLORATION

FigureInca

lieta Target

e second rig ie area below tsting the posneralogy fromd a change in th an improvetween 50m –

utheast Vein lling producethe Southern

th 8.0m at 655g/t Au_eq fm; and RC‐10m and 3.0mercepts are oilling commen11 with the custing Resourcdepth for a minant to moxture changprovement instems at deptlling (see Figu

e first three 2s potential no‐32 to JU‐11‐ieta Main Zon

‐11‐32; 0.65m78g/t Au_eq f

N

e 3: Kamila SE a Vein Gold Eq

t

is drilling at tthe existing Rssibility at dm calcite domivein texture ement in gra100m below t

Zone: In 201ed two encoun Vein system6.96g/t Au_erom 52m and0‐39 with 12m at 6.65g/tpen down dipnced at the Jurrent prograce. The objectchange in vore silica domges hopefun grade. This hs between 4ure 4, Figure 5

2011 DC drillorthwest tren35 targeted tne. Significant

m at 2.85g/t from 62.40m d

Target Longitquivalent (gra

the Julieta Maesource with epth for a cinant to morechanges hopede. We are tthe existing d

10, Reverse Curaging gold m. These incleq from 33md 3.0m at 5.66.0m at 9.86gt Au_eq fromp/plunge. DiamJulieta Main m testing thetive of testingvein mineralominate and a lly associat drilling is tar40m – 80m be5, Figure 6 and

holes were nding vein systhe Southern assay interva

gold and 65downhole.

tudinal Sectioam /metres)

ain Zone testithe objectivechange in vee silica dominaefully associatargeting deptrilling.

Circulation “Rassays intervuded; RC‐10‐

m plus 5.0m 6g/t Au_eq frog/t Au_eq from 60m. Themond Core “DZone in Mar

e area below tg the possibilgy from calcchange in veed with rgeting the veelow the existid Table 2).

planned to testem: Holes JVein set at t

als include:

5.0g/t silver

on

ing e of ein ate ted ths

RC” vals ‐38 at om om ese DC” rch the lity cite ein an ein ing

est JU‐the

or

JU4.inAugrfr

F

Ad1.fr3gdo JU5.in10nago74 JU4.2.94

U‐11‐33; 12.7m.80g/t Au_encluding 2.0mu_eq from 5rading 19.24gom 61.6m to

igure 4 Julieta

dditional min.96m at 1.96gom 85.5m – 8g/t silver orownhole.

U‐11‐34: 18.75.16g/t Au_encluding 8.45m0.04g/t Au_eqarrow high gold and 73g/t4.5m downho

U‐11‐35: 4.76m.85g/t Au_eq.54g/t gold a4.1m downho

QF

m grading 4.5q from 56.at 6.73g/t go56.7m to 58/t gold and 663.4m downh

Main Zone GeoAssay H

neralised integ/t gold and 86.5m as wel0.98g/t Au

5m grading 4.q from 60.m at 9.18g/tq from 60.35grade intervat silver or 11.ole.

m grading 4.2q from 84.34and 29g/t silole.


54g/t gold an.75m to 69old and 37g/t8.75m down66g/t silver orhole.

ology with 201Highlights

ercepts in J7g/t silver oll as 4.7m at 0u_eq from 9

.71g/t gold an

.35m to 79t gold and 605m to 68.8m al of 0.65m g.34g/t Au_eq

24g/t gold an4m downholelver or 2.96g


nd 18g/t silve9.4m downh silver or 7.25nhole and 1r 20.18g/t Au_

1 Drill Collars a

U‐11‐33 inclor 2.06g/t Au_0.95g/t gold 94.5m to 99

nd 32g/t silve9.1m downh0.46g/t silverdownhole angrading 10.30from 73.85m

nd 43g/t silvee and 4.68mg/t Au_eq fr

RT ded 011

7

r or hole 5g/t .8m _eq

and

ude _eq and .2m

er or hole r or nd a 0g/t m to

r or m at rom

EX

Fig

Fig

Ca Troouttheto combeebeedelho

XPLORATION

gure 5: LongitLocation of

gure 6: JulietaVie

asposo Nort

oy’s Reverse Cts along strikee quarter 6 hoRCCAN‐11‐1

mmenced on en drilled in en plagued blays in sourcinles are display

N

tudinal SectioNew and Pro

a Main Zone New looking to

te Target

Circulation “Re and at deptoles were com17) totalling January 6th 8 holes (see by mechanicang replacemeyed in Figure 7

on of Main Julposed Hole P

New Access Tro the Southwe

C” rig is drillinth on Casposmpleted Marc

481m. Sinc2011, a totaFigure 8). Thl problems went parts. Resu7 and Table 3

lieta Zone witierce Points

rack & Drill Paest

ng shallow steo Norte. Durih (RCCAN‐11‐ce the drillil of 622m hahis program hwith the rig aults from rece.

th

ad

ep‐ing ‐12 ing ave has and ent

Ta MonLuasDemanww–m A suseto(cthex

A(T ThCaThscupin Atvegrwst

Fig

arget Asses

Mapping and ngoing and wucia vein whssays were repetailed struct

mineralogy andnd other struould be to ranork will be aiCentre for Ex

model to aid in

detailed airburvey is beingelected vein to southeast overed by yohis we are pxpedite surfac

ARGENTINA,Troy earnin

he first phase astaňo and cohis drill progrcoping of the p to 100m betersected nar

t Dios Protégéein as expectrade assays. ith some prelill high in the

QF

ure 7: Locatio

ssment and

sampling of we are currenhere some eported late lasural vein focud textures as ctural data isnk outcroppinded by the Uxploration Tarranking the v

orne (helimagplanned as wargets and pocorridor betounger volcanputting accesce work.

, CASTAÑO g 100%)

of Diamond Comprised of 27ram was planthree outcro

elow surface. rrow veins at t

é Vein and Sated but geneVein texturesiminary fluid system above


on RC holes C

Ground Fo

f other outcrntly building dencouraging cst year. ussed mappinwell as recos underway. Tng vein targetniversity of Wrgeting who aveins for drillin

g‐magnetics awell as additioortions of thetween Mercaniclastics). Inss tracks int

NUEVO

Core drilling w7 shallow holnned as a wiopping vein syTo date all othe targeted d

an Agustin Veerally resulteds and vein minclusion wore the boiling z


asposo Norte

ollow‐Up

ropping veinsdrill pads on channel samp

ng recording vrding orientatThe current ps for drilling. TWestern Austrare building ang.

and radiometronal IP work oe main northwado and Julpreparation

to that area

was completedes (see Figurede spaced inystems to depof the holes hdepths.

in drilling hit d in narrow mineralogy alrk suggest we zone.

RT ded 011

8

e

s is the ples

vein tion plan This ralia a 3D

rics) over west ieta for to

d at e 8). itial pths have

the low ong are

EX Whassindanddepdepa starcon Degoiyea

Fig

BR(Tr Thedelfocin‐sthr

XPLORATION

hile the drillinsays, vein cdicate we ared higher ore gpth. At the pths of about tructure withrget depth. Dnsidered.

tailed reloggiing and followar which will i

gure 8: CastaňPro

RAZIL, ANDOroy 100% th

e rainy seasolays in fieldcused on the soil anomaliesrough geologic

N

ng has generacomposition, e near the togrades, if presSan Pedro V 40m below sh some brecciDeeper drilling

ng and surfaw‐up drilling nclude some

ňo Nuevo Driotégé Vein &

ORINHAS hrough Rein

n has resulted work. Explevaluation ofs at Marcinhocal mapping a

ally returned atextures a

p of the epitsent, are likelyVein the holeurface. Each hation but littlg of that str

ce alteration is scheduled deep drilling.

lling – St AguSan Pedro Ve

narda Mine

d in difficultieoration durif the recently o and Lagoa Seand rock samp

anomalous gond mineralothermal systey to be foundes targeted thole intersecte veining at tructure is bei

mapping is ofor later in t

stin Vein , Dioein

eração Ltda

es in access ang this periidentified goeca East Targepling.

old ogy em, at the ted the ing

on‐the

os

)

and iod old‐ets

ThMsigbestgrbedesugadononoth47 ThcadeFoquthexst Atdisinth

Atwnogrinthtobeadun

he Marcinho TMamão Minegnificant goletween 343prike length orab chip sampetter gold aeformed BIFulphides. Thearimpo workinown dip poteot test the ortheast or ehis extension 70ppbb, 418p

he mineralisaarbonate altereveloped in ormations “Buartz veins anhe BIF bandingxposed in therike. The shea

t the top of thsplaying well nistral displache folding at th

Figure 9: SMarcin

t Lagoa Seca ith anomaloortheast strureywacke seqtrusives. Thishe nearby Lago date no exeen identifiedditional rocnderway in or

QF

Target is locat. Grid based‐in‐soil anopb gold and f 1,400m witples (see Figuassays are s with qua Marcinho Mangs. Earlier hential below tpossibility oxtensions to area produc

ppb, 362ppb a

ation is assocration as well the host roIFs”. The BIFnd quartz veing. The controle workings haar cuts the BIF

he hillock the developed drcement whichhe Mamão M

Soil Grid at Mho Main and

East, gold‐inus gold valuuctural trenduence in assos target has aoa Seca Pit buposures of thed. Detailedk grab samprder to better


ted 1.2km noed soil samomalies (pea2,510ppb goth coincident ure 9 and Tabassociated wrtz veins caain Target is eistoric drillingthe garimpo. of any poteeast. Recent

ced gold valuand 343ppb go

ciated with as patchy dis

ock which is Fs are cut bnlets are develling west ‐ noas been mappF foliation and

BIFs are intenrag folds with h is a similarine. RC Drillin

Marcinho AreaMarcinho SW

n‐soil and roues have ded within thociation witha similar struut one key elehe ultramaficd geological pling over thdefine drill ta


orth‐northwesmpling identifk values raold) occur oveanomalous r

ble 4 below). with intensivarrying oxidieast of Marcig focussed on These holes ntial plunge soil samplinges as 2,510pold.

silicification seminated pya Banded I

by “en echeleloped paralleorthwest sheaped over a 40d banding.

nsively deformboth dextral r deformationng is planned.

– Including W Targets

ck grab sampefined an eahe host me deformed feuctural settingement is missc intrusives h

mapping he anomaliesargets.

RT ded 011

9

st of fied nge er a rock The vely ized nho the did to

g in ppb,

and yrite Iron on” el to ar is 00m

med and n to

ples ast–eta‐elsic g as ing; have and s is

CO

Co At comrespos At sitevisis oandThenocontalme

At wittheand(“ACoforart

OMMUNITY

ommunity

Troy we undemmunities wsponsibilities sitive impact w

Casposo in Are tours for aiting the opeongoing withd educationale communityrmal with twntinues to suks by local edicine.

Andorinhas ith the local coe constructiond associatedAME”), has rempany to enar Company emticle manufact

Y

erstand that wwith which wseriously anwe have had o

rgentina we wanyone from ration. Norma support for courses in th relations offwo full timeupport local doctors on

in Brazil the ommunity andn of the Flore facilities. Teceived consiable them to mployees. In rtured.

we need to bwe operate. nd are prouon these com

will shortly comthe local areal communityschools and

he nearby towfice continues employees. radio stationhygiene an

Company cond elected offista do AraguaThe Floresta derable assismanufacturereturn, the AM

e valued by tWe take o

d of the vemunities.

mmence weeea interested y relations wospecial traini

wn of Calingass to function The Compas and presend preventati

ntinues to wocials assistingaia football ovLadies Groutance from te work uniformME are paid p

the our ery

kly in

ork ing sta. as

any nts ive

ork g in val up, the ms per

Flo

Floresta do Ar

oresta Ladies G

QF

raguaia Footba

Group ladies gro


all Complex und

oup with Reina


der constructio

arda work over

RT ded 011

10

on

ralls

F

CA As miladdsec Trosubquahelperhelat $ Theappreqgrobal In Macas

DE TroLimterSep As fac

NE TroMa

FINANCE RE

ASH POSITIO

at 31 Marchllion in availadition, Troy curity for vario

oy’s wholly bsidiaries hearter end, Reld 289 ouncesr ounce) andld 883 ounces$1,400 per ou

e Troy group’proximates Aquirement of oup is requirelance of A$5.0

addition RMLarch 2011 whsh was receive

EBT FACILIT

oy has a debmited, totallinrm to 31 Marptember 2011

at 31 Marchcility and drew

ET DEBT & L

oy’s Debt lessarch 2011, tot

EPORT

ON

h 2011, Troy able cash withheld A$2.7 ous environm

owned Bld cash depeinarda Mines of gold awad Troy Resous of gold equiunce).

s available caA$8.6 millionthe Investec ed to maintai0 million.

L sold US$2.9 hich was receed the beginn

TY

bt facility witng A$35.0m. Tch 2013. The 1.

h 2011 Troy w a further A$

LIQUID ASS

s available castaled approxim

within Austrh major Austmillion in caental bonds.

Brazilian andposits of A$ração Ltda (“aiting sale (A$rces Argentinvalent awaitin

sh and gold a as at 31 Mdebt facility in a minimum

million worteivable at quing of April.

th Investec BThe facility hfirst 25% is r

had drawn A3.0m on 5 Ap

ETS

sh and liquid mately A$18.4

ralia held A$5ralian banks. ash deposits

d Argentine1.9 million. “RML”) in Bra$0.4m at $1,4na Ltd (“TRAng sale (A$1.2

nd silver bulliMarch 2011. is that the Trm available ca

h of gold on uarter end. T

Bank (Australas a three‐yerepayable by

A$27.0m of tril 2011.

assets as at 4 million.

5.1 In as

ean At azil 400 L”) 2m

ion A

roy ash

30 The

lia) ear 30

his

31

G DugoavCaUapqu Duofouwthtopr

H Th

EX DuwArto

CA CawArfoA$Br

OLD SALES

uring the quaold at an aveverage Cash Cash Margin nderground pproximately uarter.

uring the quaf gold equivaunce. The avhich gives a che high silver o process, saleroduction.

EDGING

he Troy group

XPLORATIO

uring the quaas A$2.3 mrgentina, A$0o Sandstone, w

APITAL EXP

apital and devas A$3.6 millrgentina on tor the local $2.2 million wrazil for ongoi

QF

arter, RML in erage price oCost was US$of US$816 pdevelopmentUS$176 pe

arter, TRAL inlent at an average cash cocash margin ocontent and res can be grea

is totally unh

ON EXPENDI

rter, total expillion. Of th.25 million towithin Austral

PENDITURE

velopment exion. This washe Casposo Ppower line cwas incurred ng undergrou


Brazil sold 1of US$1,398 582 per ouncper ounce ft capital eer ounce pro

n Argentina soverage price ost was US$of US$264 peresulting timeater than 1 mo

hedged.

ITURE

ploration expeis A$2.0 mio Brazil and thia.

xpenditure dus made up ofProject includicommitment.at the Ando

und developm


11,599 ouncesper ounce. ce, which givefor the quarxpenditure woduced for

old 1,514 ounof US$1,4171,153 per ouer ounce. Duee for the refinonth in arrear

enditure incurllion related he net remain

uring the quaA$1.4 millioning A$0.8 mil. The remainrinhas projec

ment.

RT ded 011

11

s of The es a rter. was the

nces per

unce e to nery rs of

rred to

nder

rter n in lion ning ct in

C

Di DaPauKenGoFreJohRo

Sto AuTor

CORPORATE

rectors

vid Dix, Non‐ul Benson, CEn Nilsson, Exeordon Chambeed Grimwade,hn Jones, Nonbin Parish, No

ock Exchan

stralian Stockronto Stock Ex

Hole ID Ea

CA‐11‐285 243

CA‐11‐286 243

CA‐11‐288 243

CA‐11‐289 243

CA‐11‐291 243

CA‐11‐292 243

CA‐11‐293 243

CA‐11‐295 243

E INFORMA

Executive ChaEO, Managing ecutive Directers, Non‐Exec, Non‐Executivn‐Executive Dion‐Executive

ge Listings

k Exchange, ASxchange, TSX

asting (m)

Northing (m)

39201 6547791

39280 6547837

39403 6547808

39519 6547806

39458 6547813

39531 6547736

39389 6547810

39458 6547733

ATION

airman Director or utive Directorve Director rector Director

SX code: TRY code: TRY

Table 1: Kamila

Depth (m)

Az

299.6 45

310.6 45

344.5 45

250.3 45

266.3 45

367 45

320.5 45

380.5 45

r

Southeast Zone De

z Dip

5 ‐80

5 ‐70

5 ‐70

5 ‐60

5 ‐60

5 ‐60

5 ‐60

5 ‐65

Is

O

U

Fo PaT:AnT:

eep Drilling Summa

From (m)

To (m

270.75 272.1

218.45 219.4

329.35 330.5

330.5 331.6

217.8 218.7

218.7 220.2

243.2 243.7

250.50 251.0

251.00 251.6

296.35 297.2

334.00 334.6

334.60 335.3

337.20 338.2

343.00 344.0

344.00 345.0

345.00 346.0

346.00 347.0

347.00 348.0

348.00 349.0

ssued Capita

Ordinary Shar

Unlisted

Employee Opt

Employee Per

Investec (Aust

or further info

aul Benson, C +61 8 9481 1nnette Ellis, P +61 8 6314 6

ary of Assay Results

m) Length* (m)

1 1.35

4 0.95

5 1.15

6 1.1

7 0.9

2 1.5

7 0.5

00 0.50

65 0.65

20 0.85

60 0.60

30 0.70

20 1.00

00 1.00

00 1.00

00 1.00

00 1.00

00 1.00

00 1.00

QF

al

res

tions

rformance Rig

tralia) Bank O

ormation plea

EO Troy Reso1277 |E: troy@Purple Commu6300 | E: aellis

s ‐ March Quarter

Gold Grade (g/t)

Silver Grade (g/t)

0.16 44

0.35 55

0.33 99

2.17 726

0.89 106

2.38 184

1.43 259

1.22 155

0.15 29

0.15 18

0.38 86

0.47 123

0.87 301

3.75 1752

1.01 1134

0.51 438

0.81 582

21.55 2171

3.78 853


ghts

Options

se contact:

ources NL @troyres.comunications s@purplecom

Grade (g/t)

(Au_eq) (m

0.79 1.Au

1.14 0.A

1.74 2.2Au

12.54

2.40 2.Au5.01

5.13

4.8Au_1fro

3.43 1.Au_e

0.56

0.41 0.

Au_e

1.61 1.Au(In

2.23

5.17 1.

Au_(In

28.78

17.21 14.Au_e

6.77

Inc355m

go

9.12

and4m go

52.56

15.97


87,968,82

2,945,50

60,00

1,585,29

.au

m.com.au

Interval at g/t Au_eq) ‐

Vein

35m at 0.79g/t u_eq (Inca Vein)

95m at 1.14g/t Au_eq K SEXT

25m at 7.02g/t u_eq (Inca Vein)

40m at 4.03g/t _eq (Inca Vein)

80m at 4.45g/t _eq incl 0.8m at 1.76g/t Au_eq om244.5m (Inca

Vein)

15m at 1.81g/t eq from 250.50m (Inca Vein)


30m at 1.94g/t _eq from 334m nca Vein splay?)

00m at 5.17g/t _eq from 337.2m nca Vein splay?)


cluding 347m – m: 8m at 12.55g/t old & 1513.4g/t

silver

d 351m – 355m: grading 16.83g/t old & 1791.5g/t

silver

RT ded 011

12

23

00

00

93

Not

Gol

Pro

The

Gol

CA‐11‐296 243

CA‐11‐297 243

te: (*) The colum

1. Au_eq grThe go

d equivalency is

cessing recoverie

e equivalency is c

d equivalency is 2. NSR – No3. Gold by F4. Silver by

by induct2006. M

Hole ID E

JU‐11‐32 2

JU‐11‐33 2

JU‐11‐34 2

JU-11-35 2

39496 6547741

39382 6547878

mn length represe

rade calculated uold equivalent cu

determined by m

es were determi

calculated by the

calculated by tho Significant ResuFA and either a gthree techniquetively coupled plethod numbers w

asting (m) Nort

(m

2433980 6551

2433968 6551

2433953 6551

2433953 6551

350.3 45

370 45

ents downhole w

using a gold to silut‐off was determ

Au/Ag ra

Au Price

Ag Price

Au proce

Ag procemetal price and r

ned by metallurg

e formula ‐ Gold:

e formula: Au_eqults All samples wgravimetric or AAes: four‐acid digeasma with opticawere GMA, ICP‐A

Tab

thing m)

Depth (m)

1534 149.45

1552 126.55

1587 117.2

1587 144.15

5 ‐60

5 ‐60

widths. At this tim

ver ratio of 1:70mined according

atio 1:70.0

US$933

US$15.

essing recovery 9

essing recovery 8recovery factors.

gical testwork ca

Silver ratio = (g

= (9

= 70

q g/t = Au g/t + (were prepared anAS finish, using mstion followed byal emission spectAR‐39 and silver 4

ble 2: Julieta Target

Az Dip

-45 -65

-45 -65

includi

ng

and

-45 -65

includi

ng

and

0 -90

349.00 350.0

350.00 351.0

351.00 352.0

352.00 353.0

353.00 354.0

354.00 355.0

355.00 355.6

355.60 356.4

356.40 357.2

358.00 359.2

268.80 269.1

270.60 271.7

271.70 272.5

me the Company

. As per May 201to the paramete

00

3.33/oz

.50/oz

93.7%

80.6% Metal prices we

rried out by inde

gold price ÷ silve

933.33 ÷ 15.5) x (

0.00

(Ag g/t ÷ 70.00)nd assayed by Al

method gold 4‐50 y AAS reading fotroscopy (ICP‐OE4A‐50.

t Diamond Core Sig

From (m)

To (m)

62.4 63.05

65.55

66.5

101 102

56.75

69.45

56.75

58.75

61.6 63.4

85.5 86.5

94.5 99.2

60.35

79.1

60.35

68.8

73.85

74.5

84.3 85.1

85.1 86.1

86.1 87.1

00 1.00

00 1.00

00 1.00

00 1.00

00 1.00

00 1.00

60 0.60

40 0.80

20 0.80

20 1.20

15 0.35

70 1.10

50 0.80

has insufficient d

10 Current Caspoers below:

ere the average p

ependent consult

r price) x (gold re

(.937 ÷ .806)

lex Stewart (Assaor gold 4A‐50 fo

or check samples ES) reading for al

nificant Assay Resu

Length* (m)

GoGra(g/

0.65 2.8

0.95 0.7

1 1.7

12.7 4.5

2 6.7

1.8 19.

1 1.9

4.7 0.9

18.75 4.7

8.45 9.1

0.65 10.

0.76 4.8

1.0 2.3

1 2.

QF

1.74 470

6.07 1447

15.65 1197

30.55 2834

3.83 743

17.29 2392

4.46 696

3.71 1766

2.51 1352

0.66 185.5

0.22 67

0.63 81

14.23 3379

data to estimate

so NI‐43101 Tech

prices assumed in

tants on diamond

ecovery ÷ silver r

ayers) Argentina or samples with gup to February 2l samples in mine

ults – March 2011

old de /t)

Silver Grade (g/t)

G

85 65

77 4

70 4

54 18

73 37

24 66

96 7

95 3

71 32

18 60

30 73

82 11

35 13

4 41


8.45

26.74

32.75

71.04 352

302

14.44

51.46

14.40

28.94

21.82

3.31 1.

Au_(In

1.18 0.

Au_

1.79 1.9Au_

62.50

true widths.

hnical Report

n the Casposo life

d drill core from

recovery)

Laboratory in Mgold>10g/t 2006, aqua regia eralised intersec

Grade (g/t) (Au_eq)

Int

3.78 0.65

0.83 0.95mAu_e

1.76 1m at

4.80 12.7mAu_e

7.25 2m at

20.18 1.8m Au_e

2.06 1m at

0.98 4.7m Au_e

5.16 18.75Au_e

10.04 8.45mAu_e

11.34 0.65mAu_e

4.98

4.762.54

2.99


m – 353m: 1m at 0.55g/t gold & 2834g/t silver

20m at 3.31g/t _eq from 358.0m nca Vein splay?)

35m at 1.18g/t _eq from 268.8m (Inca Vein)

90m at 27.35g/t _eq from 270.6m (Inca Vein )

e of mine plan.

Casposo.

endoza Argentin

digestion followctions after Febru

erval (m at g/t Au_eq)

5m at 3.78 g/t Au_eq

m at 0.83 g/t q

t 1.76 g/t Au_eqm at 4.80 g/t q

t 7.25 g/t Au_eqat 20.18 g/t q

t 2.06 g/t Au_eqat 0.98 g/t q m at 5.16 g/t q

m at 10.04 g/t q

m @ 11.34 g/t q

6m @ 4.85 g/t Au_eq

RT ded 011

13

na.

wed uary

Not

Not

te: (*) The colum

Hole ID Ea

RCCAN‐11‐12

2

RCAN‐11‐13 2

RCAN‐11‐14 2

te: (*) The colum

mn length represe

asting (m) Nort

(m

2439464 655

2439411 65512

2439360 65512

mn length represe

Table 2

ents downhole w

thing m)

Azimuth

1237 355

248.54 350

239.56 15

ents downhole w

Sample ID

908277

908286

908273

908280

908283

908272

908278

908314

908279

908208

908285

908311

908290

908312

908304

908211

908298

908274

908284

2: Julieta Target Dia

widths. At this tim

Table 3: Caspo

h Dip Depth (m)

‐65 102

‐80 81

‐45 66

widths. At this tim

Table 4: ASignificant R

East

630012,00

630009,00

630009,00

630043,00

630007,00

629979,00

630047,00

629833,00

630046,00

626694,00

630004,00

629080,24

630885,00

629956,00

629196,87

626440,00

629204,07

630085,00

630005,00

amond Core Signific

87.1 88.1

88.1 89.1

94.1 94.8

94.8 95.8

95.8 96.8

96.8 97.8

97.8 98.78

me the Company

oso Norte RC Drillin

From m

To m

34.0 35.0

35.0 36.0

40.0 40.5

40.5 41.0

41.0 41.5

41.5 42.0

41.0 41.5

41.5 42.0

42.0 42.5

42.5 43.0

me the Company

Andorinhas MarcinRock Chip Grab Sam

North

9175920,00

9175927,00

9175923,00

9175935,00

9176030,00

9175932,00

9175930,00

9175987,00

9175928,00

9177829,00

9176013,00

9175724,19

9176236,00

9175967,00

9175671,64

9177824,00

9175721,36

9175947,00

9176014,00

cant Assay Results –

1 5.7

1 6.0

0.7 1.3

1 1.9

1 0.

1 4.1

0.98 4.3

has insufficient d

ng Significant Assay

Length* (m)

GoGra(g/

1.0 8.0

1.0 6.8

0.5 1

0.5 5

0.5 4

0.5 1

0.5 1.3

0.5 0.5

0.5 2.2

0.5 2.0

has insufficient d

nho Target mpling Results

Rock Type

VQZ

SBI

VQZ

VQZ

VQZ

VQZ

VQZ

VQZ

SBI

VQZ

VQZ

SBI

SBI

VQZ

VQZ

SSW

SBI

VQZ

SBI

QF

– March 2011 (cont

74 77

04 63

35 20

99 25

6 7

14 41

31 52

data to estimate

y Results

old ade /t)

Silver Grade (g/t)

G

01 131

87 76

0 1

5 1

4 1

7 1

39 5

54 2

28 6

03 6

data to estimate

Au_ppm

32.88

22.67

22.37

14.80

9.17

8.61

7.51

7.34

6.93

6.40

5.31

5.12

4.90

4.77

4.43

3.21

3.01

2.58

2.47


t.)

6.84

6.94

1.64

4.68

2.35

0.70

4.73

5.05

true widths.

Grade (g/t) (Au_eq)

Int

9.88 2m a

7.96

2.24 2m a

incl Au_

1.20

1.72

2.39

1.46

2m a

incA

0.57

2.37

2.12

true widths.


8m @ 2.96 g/t Au_eq

terval (m at g/t Au_eq)

at 8.92g/t Au_eq from 34m


0.50m at 2.39g/t _eq from 41.50m


cl 1m at 2.24g/t Au_eq from 42

RT ded 011

14

NoteAssa Geo

Info“quahas persFor the Com Thismanmatprodequ

e: All samples wereay on a 50 gram cha

ological information

Is a full time emp

Has sufficient exdefined in the 20

Is a member of t

Has consented in

rmation of a scientalified person” undsufficient experienson” as defined in “further informationgeology, samples c

mpany’s website.

report contains fnagement and are berially from the reduction, developmeipment failure, dela

e prepared and assarge with an AAS fi

in this Report has b

ployee of Troy Reso

xperience which is 004 Edition of the ‘A

he Australasian Inst

n writing to the incl

tific or technical nater National Instrumce, which is relevan“National Instrumenn regarding the Comcollection and testi

forward‐looking stbased on what manesults expressed orent and/or exploraays in obtaining gov

908281

908306

908275

908289

908149

908276

ayed by the RML Minish.

been compiled by T

ources NL

relevant to the typAustralasian Code fo

titute of Mining and

usion of this data

ture in this report wment 43‐101 – “Stant to the style of mnt 43‐101 – Standarmpany’s projects inng procedures plea

tatements. These nagement believes tr implied in the foration activities, chavernmental approva

Table 4: ASignificant Rock

630095,00

629205,30

629958,00

630898,00

628509,00

629960,00

Mine site laboratory

Troy’s Vice Presiden

pe of deposit undeor Reporting of Exp

d Metallurgy

was prepared undendards of Disclosur

mineralisation and trds of Disclosure foBrazil, Australia an

ase refer to the tec

forward‐looking sto be reasonable asrward‐looking statenges in project parals or in the comme

Andorinhas Marcink Chip Grab Samplin

9175959,00

9175667,03

9175966,00

9176196,00

9175504,00

9175968,00

y with selected che

nt Exploration & Bus

er consideration anploration Results, M

r the supervision ore for Mineral Projetype of deposit undr Mineral Projects”nd Argentina, includchnical reports filed

statements reflect ssumptions. A numements. Such factrameters as plans encement of operat

nho Target ng Results (cont.)

VQZ

VQZ

VQZ

VQZ

SBI

VQZ

eck sampling by SGS

siness Developmen

nd to the activity wineral Resources an

f Peter J. Doyle, Vicects”, a Fellow of thder consideration, a. Mr Doyle has revding a description od which are availab

management’s cumber of factors couldtors include, amongcontinue to be reftions.

QF

2.35

2.17

1.46

1.24

1.17

1.14

S Mineral Services L

t, Peter Doyle, who

which he is undertand Ore Reserves’

ce President Explorahe Australasian Instand to the activity hiewed and approveof Troy’s quality assle under the Comp

urrent beliefs based cause actual resulg others, future prined, variations in


Laboratory using M

o:

aking to qualify as

ration and Business titute of Mining anhe is undertaking, ted the information surance program, qpany’s profile at ww

ed on informationlts, performance, orices of gold, the aore grade or recov


Method FA50 being

a Competent Perso

Development of Trd Metallurgy. Mr. Dto qualify as a “quacontained in this reuality control measww.sedar.com or o

n currently availabor achievements to actual results of cuvery rates, plant an

RT ded 011

15

Fire

on as

roy, a Doyle alified eport. sures, n the

ble to differ urrent nd/or

QUARTER - Troy Resources Quarterly...2 32,26 7 6.0 1 106.0 2 88.2 9 75.7 8 5,52 9 84,22 8 7,63 9 4 7...

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