SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

News Feed Item

TriMetals Mining Inc. (Formerly South American Silver Corp.) Files Annual 2013 Financial Statements and MD&A

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/20/14 -- TriMetals Mining Inc. (formerly South American Silver Corp.) (TSX: TMI)(TSX: TMI.B)(OTCQX: TMIAF) reports the release of its audited consolidated financial statements for the year ended December 31, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

The estimated working capital requirements for 2014, per the Company's existing plan, amount to $5,200,000 of which $2,550,000 are for general and administrative expenses (operating activities) and $2,650,000 for investing activities which mainly include exploration work in Gold Springs, Escalones and San Antonio projects. As at December 31, 2013, the Company had working capital of $10,415,697, including cash and cash equivalents of $11,921,723. As a consequence, the Company remains in a strong financial position to meet its working capital requirements for 2014 and to continue activities at its Escalones and Gold Springs projects and to pursue other corporate initiatives.

The Company's priorities for 2014 are to (i) diligently continue managing and preserving the Company's cash resources; (ii) continue international arbitration proceedings against Bolivia to recover full compensation based on the fair market value for the Malku Khota project; (iii) seek an appropriate joint venture partner for the Escalones copper-gold porphyry project in Chile whilst continuing permitting activities and metallurgical testing and analyzing existing data and core samples; and (iv) review the economic potential of the Gold Springs gold project to help determine if it should proceed along the engineering/development curve or continue the exploration phase to further expand the estimated resource, whilst continuing permitting activities and metallurgical testing and completing a NI 43-101 compliant Preliminary Economic Assessment (PEA).

Further details including the full financial statements and MD&A and information on each of the Company's projects, including the recently acquired Gold Springs Gold Project in Nevada/Utah, are available on the Company's website at www.trimetalsmining.com and on SEDAR at www.sedar.com.

Acquisition of High Desert Gold Corporation - Gold Springs, Nevada

On December 20, 2013 the Company acquired all of the issued and outstanding shares of High Desert Gold Corporation ("HDG") that it did not already own in an all-share transaction by way of a plan of arrangement (the "Arrangement") (See News Release NR 13-25 dated December 20, 2013).

The Company now holds a 100% interest in the 74 square kilometre Gold Springs gold project located in western Utah and eastern Nevada. HDG completed 56 drill holes at Gold Springs in 2012 and an additional 55 holes in the 2013 drill program. On February 26, 2014, the Company announced the completion of an updated resource estimate for the Jumbo and Grey Eagle Zones (NR 14-02, February 26, 2014) and On March 19, 2014, the Company filed a NI 43-101 Technical Report(1) that includes the updated 2014 resource (NR 14-05, March 19, 2014). The updated 2014 resource includes measured, indicated and inferred resource categories in comparison to the prior resource of 2013 which only included resources in the inferred category.

The gold-silver mineralization, at both the Jumbo and Grey Eagle Zones, remains open to expansion laterally and to depth as the drilling to date has typically only penetrated the top 150 metres vertically below the surface at Jumbo, and 200 metres below the surface at Grey Eagle. The ZTEM geophysical survey, completed in 2011, indicates that the gold-silver bearing geological/geophysical setting that has been drilled at the Jumbo may continue for approximately 8 kilometres along strike, much of which remains untested.

The exploration budgeted at Gold Springs for 2014 is $1,400,000 which includes, among other things, preparation of a preliminary economic assessment (PEA) to help the Company determine if it should proceed along the engineering/development curve or continue the exploration phase to further expand the resource, continuation of permitting activities including environmental and cultural studies, completion of a NI 43-101-compliant Technical Report that includes the updated 2014 resource, metallurgical test-work and other limited exploration activities.

Escalones, Chile

The Company believes that it needs a partner to develop this project due to its large size. Companies have been approached to gauge their level of interest in joint venturing the property. Reviews are ongoing.

The budgeted exploration at Escalones for 2014 amounts to $1,000,000 which includes further analysis of existing data and core samples, the continuation of environmental and permitting activities and metallurgical testing, and a $500,000 payment under its Option Agreement.

On May 2, 2013 the Company completed its drilling program at Escalones copper-gold project in Chile, with a total of 9,070 metres of drilling completed. On August 12, 2013, the Company filed a NI 43-101 Technical Report(2) that includes an updated resource estimate for Escalones (See News Releases 13-13 dated June 28, 2013 and 13-17 dated August 12, 2013) showing a significant increase in copper, molybdenum and gold resources as well as a category upgrade of approximately a third of the resource to Indicated from Inferred.

Malku Khota, Bolivia

Immediately prior to the acquisition of HDG, each shareholder of the Company received one TMI new Common Share and one TMI Class B Share for each common share previously held. The Class B Shares entitle the holders collectively to 85% of the net cash, if any, (after deducting all costs, tax and expenses and the third party funder's portion thereof) received from an award or settlement in relation to South American Silver Limited's arbitration proceeding against Bolivia following the expropriation of the Malku Khota project.

The Company continues to advance before the Permanent Court of Arbitration its international arbitration proceedings against Bolivia for the expropriation of the Malku Khota project. The three-person arbitration tribunal was formed on January 22, 2014 (See News Release 14-01 dated February 3, 2014). The tribunal next step is to set up a provisional timetable for the arbitration itself. This will include a schedule for submission of a Statement of Claim which South American Silver Limited expects to submit in 2014, a Statement of Defense and oral hearings at the court of arbitration. Unless there is a negotiated settlement of the dispute, it is expected that the arbitration can take up to several years from commencement of proceedings until rendering of a final award, hence any actual cash award, if there is one, would not be expected for some time and not in 2014.

On May 23, 2013 the Company entered into an agreement (the "Arbitration Costs Funding Agreement") with a third party funder (the "Fund") pursuant to which the Fund will cover most of South American Silver Limited future costs and expenses related to its international arbitration proceedings against Bolivia on a non-recourse basis. The Company has given certain warranties and covenants to the Fund and has provided security for its obligations. In consideration for the funding, South American Silver Limited and the Company have agreed to pay to the Fund a portion of any recoveries received by South American Silver Limited from Bolivia. (See News Release NR 13-12 dated May 24, 2013 for more details).

About TriMetals Mining Inc.

TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.; the advancement of the large scale Escalones copper-gold project in Chile, and realization of value from the expropriated Malku Khota project in Bolivia through the arbitration process. South American Silver Limited is a company incorporated in the Bermuda Islands, an overseas territory of the United Kingdom, which through its wholly owned Bahaman subsidiaries: Malku Khota Ltd, G.M. Campana Ltd. and Productora Limited., owns 100% of the outstanding shares of Compania Minera Malku Khota S.A., a Bolivian company, holder of the Malku-Khota mining concessions until their nationalization by the Bolivian Government. The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry. The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares are listed on the OTCQX market under the symbols "TMIAF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.

Forward-looking statements

Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "will", "next", "plan", "may", "budgeted", "proceed", ""continue", "further", "potential", "expected", "believes", "creating", "realization" and "pursue" and similar expressions. This News Release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, uncertainties associated with the arbitration proceeding against Bolivia, including the quantum of damages to be obtained and the realization or collection of the value of any award or settlement; and risks of the mineral exploration industry which may affect the advancement of the Escalones or Gold Springs projects, including possible variations in mineral resources or grade, metal prices, availability of sufficient financing to fund further required work in a timely manner and on acceptable terms, timely receipt of required permits, availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, road access to the property, changes in project parameters as plans continue to be refined; and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the ability of the Company to realize value from its investments in Bolivia; the arbitration proceeding along a timeline consistent with other international arbitrations and the Fund honoring its contractual commitments, the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the timely receipt of required permits for Escalones and Gold Springs projects; the continuing support for mining by local governments in Nevada, Utah and Chile, the availability of equipment and qualified personnel to advance the Escalones and Gold Springs projects; and the execution of the Company's existing plans and further exploration and development programs for Escalones and Gold Springs Projects, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.

Subject to applicable laws, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this News Release describe the Company's expectations as of March 20, 2014.

(1) Prepared by Ms. Terre Lane, President of Lane and Associates and Kurt Katsura, M.S., R.G, each a "qualified person" as defined in NI 43-101, and "independent" of the Company as defined in NI 43-10.

(2) Prepared by Jeffrey Choquette of Hard Rock Consulting, LLC and David Dreisinger of Dreisinger Consulting Inc.; each a "qualified person" as defined in NI 43-101 and "independent" of the Company as defined in NI 43-101,

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.