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TSX, ASX: TRY
PERTH, Western Australia, Feb. 8 /CNW/ - Troy Resources NL ("Troy" or the
"Company") (TSX, ASX: TRY) is pleased to announce the appointment of Graham
Buttenshaw as Chief Operating Officer ("COO"), effective 11 February 2008.
Graham Buttenshaw has spent the last three years with Apex Silver Inc
where he was VP and General Manager of their US$900m San Cristobal silver
project in southern Bolivia. Before that Graham had worked as Operations
Manager at OK Tedi in New Guinea and in senior roles with the Henry Walker
Eltin contract mining group. The preceding 17 years Graham worked for the
Billiton Group in Ghana, Australia, the UK and Peru.
Graham is fluent in English and Spanish, he is a Charted Engineer with a
Bachelor of Science (Engineering) from the Royal School of Mines, Imperial
College London and has attended the Advanced Management Program at Harvard
CEO Paul Benson said, "I am delighted that Troy has been able to attract
a person of Graham Buttenshaw's capability and international operations
experience to the Troy Team."
Graham will take immediate responsibility for Troy's Australian
operation, Sandstone. Additionally, Graham will also lead the project that is
focused on identifying a transaction where Troy can vend its wholly owned gold
processing plant, currently held in storage in Cobar NSW, into a resource
development project earning a direct equity interest for Troy.
With this change, Ken Nilsson, Troy's Executive Director based in Brazil,
will be able to focus on building Troy's position in Brazil. The immediate
priority is to bring the Andorinhas gold mine into full production which
includes construction and commissioning of the second mill line and bringing
the Mamao underground mine into full production.
Ken is also responsible for the completion of the current concept study
looking at the viability of mining the colluvial iron ore that is found on the
Andorinhas leases. With the results of the concept study due in June 2008, a
decision on whether to proceed into production would be made soon thereafter.
This is an exciting time for Troy. With the commissioning of Troy's new
Andorinhas mine in Brazil, and the potential to commercialise the iron ore on
those leases, Troy is entering the next phase of its development.
Troy is not, however, limiting aspirations to Andorinhas alone and is
currently completing an aggressive US$2.6m exploration program at Sandstone
aiming at identifying additional ore to extend that mine's life.
Troy is also determined to leverage the gold processing plant that is
held in storage in Cobar NSW with the aim of identifying a transaction where
the Company can vend the processing plant into a project in return for a
direct equity interest. In today's environment of skyrocketing capital costs
and delayed plant delivery, the value proposition from Troy is compelling.
With a track record of low cost operations management and delivering projects
quickly, efficiently and at low cost, Troy is not only an ideal joint venture
partner, but can bring a processing plant that reduces capital and accelerates
This news release 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.
For further information:
For further information: Mr Paul Benson, Chief Executive Officer, Troy
Resources NL, Perth, Western Australia, Tel: (6 18) 9481 1277, Email: