Sydney - Monday - July 28 (RWE) - Troy Resources Limited ( TRY)...

Sydney - Monday - July 28 (RWE) - Troy Resources Limited ( TRY) report the results of its N143-101 and JORC Pre-feasibility Study (collectively the Study) for the open cut mining and treatment of the Smarts and Hicks Deposits at its 100% owned Karouni Project in Guyana (the Project).

The Study was prepared by Troy personnel and qualified consultants.

The Study considers only Measured and Indicated Resources that are mineable by open cut and follows on from the N143-101 Preliminary Economic Assessment and JORC Scoping Study (PEA) that considered both the open cut and underground mining of the Smarts and Hicks Indicated and Inferred Resources announced to the market on 21 January 2014.

On 28 April 2014, the company announced that in order to fast track development of the Project and to enable production to be brought forward to the first half of calendar 2015, the initial Pre- feasibility would consider only the open pits and that a Pre- feasibility study for the underground would be completed at a later date.

The key differences between the Study and the PEA include:

** Considers only Resources that can be mined by open cut while the PEA considered both open cut and underground;

** Resources within the open pits are either Measured (82%) or Indicated (18%) as compared with Indicated (49%) and Inferred (51%) in the PEA;

** Assumes a processing throughput of 1Mtpa compared to 750ktpa with similar capital;

** Metallurgical recovery has improved to 94% following the completion of further testwork compared to 92%;

** A higher IRR and quicker payback; and

** First gold production in the first half of calendar 2015 compared to the second half of 2015.

Recent infill drilling has upgraded the open cut Resource to be mined at Smarts and Hicks to Indicated and Measured status enabling Mineral Reserves to be estimated.

The geological interpretation of the high grade zones in the Smarts Pit has been confirmed by infill drilling.

The Smarts Pit continues to show excellent financial returns with the Study showing a higher after-tax IRR and quicker payback than the original open cut and underground project considered in the PEA.