## gold - massive quarterly ##

I have reposted for those Hot Copperites who may missed this on Friday:

TRY's report released this afternoon is on my understanding sensational. It will probably take the market some time to digest its significance. Here is just a small part.
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"Troy hits high note with gold production and new discoveries

Troy Resources NL today announced it had completed its most successful quarter in its 17-year history with gold production and grade at the Sertão Mine in Brazil running better than budget and its exploration team making two significant gold discoveries at Sandstone in Western Australia.

The Brazilian mine continued its strong performance treating 20,029 tonnes of ore at 28.62g/t gold to produce 18,472 ounces at a cash cost of only A$ 71 per ounce.

Attributable gold production from the Company's three mines ­ in Brazil, Bulchina Sandstone and Cornishman at Southern Cross ­ was 93,433 ounces for the nine months of FY 2004, with the production rate well ahead of the full year production forecast of 100,000 ounces.

And, Troy is fast tracking the Lord Nelson and Lord Henry discoveries at Sandstone to development using four drilling rigs on the wholly owned project, with expenditure currently running at about $1 million per month.

Troy told the Australian Stock Exchange today in its Quarterly Report that since the discovery announcement at Lord Nelson, drilling had returned further high-grade intersections which confirmed the Company's confidence in the deposit's early development potential.

These intersections included 7m at 38.60g/t from 48m; 20m at 9.10g/t from 23m; 12m at 12.30g/t
from 60m, and 17m at 19.50g/t from 58m. The drilling conducted so far has yet to delineate the full extent of the oxide mineralisation and has just begun to test the primary mineralisation.

In addition, Troy has met with initial success with drilling at an anomaly, just 150m south of Lord
Nelson and possibly on trend, with the only result received so far being 15m at 2.49g/t gold.

Troy Chairman, Mr John Jones, said that he could not be happier with the Company's current
position. "We have the second lowest cost gold mine in the world and our new discoveries can
transform Troy into a larger scale, longer life gold producer," he said.

During the quarter the Company received A$ 6.5 million in dividends from its Brazil operation, taking the Troy Group's cash and equivalent liquid assets at the end of the March quarter to A$ 21.8 million.

"This gives us a very strong balance sheet and allows us to increase the momentum of our development and exploration thrust," said Mr Jones."
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"..... Initial widespaced RAB drilling of one IP anomaly, just 150m south of Lord Nelson (and possibly on strike) has identified a broad zone of geochemical gold anomalism, including a best intersection of 30m @ 0.58g/t from 20m in an intermixed package of
mafic, granitic and ultramafic rocks. Follow-up RC drilling has just commenced to test this coincident geochemical and IP target. The first RC drill hole intersected 15m @ 2.49g/t (5m composite samples) on section 6883300N. Further RC drilling is planned."
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On my interpretation this is very significant. It gives a strong clue that the Lord Nelson discovery extends for more than 500 metres.
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I suggest if interested in TRY don't take my word. Read the full report and obtain professional advice.