Stick this in your fusebox - (AC/DC) TROY RESOURCES ANNUAL...

Stick this in your fusebox - (AC/DC)

TROY RESOURCES ANNUAL REPORT 2017 CHAIRMAN’S REVIEW


In September 2017, Investec agreed to further amendments to the Company’s debt facility. As I write, the outstanding balance of the debt facility is approximately US$23.2 million which represents a substantial decrease from the maximum balance of A$100 million (approx. US$75 million) taken out in 2015.
The Budget for the 2018 financial year sees production guidance of 60,000 to 70,000 ounces of gold. Moreover, the AISC is expected to decrease significantly through the mining of higher grade ore and with the strip ratio expected to decrease from approximately 8:1 at mid-year to approximately 4:1 by December 2017. The updated Life-Of-Mine Plan based on currently interpreted Reserves sees gold production at a similar rate until early 2020.
In Spearpoint, Smarts NW, Smarts Underground and Larken, Troy has some highly attractive nearmine exploration targets which, funding permitting, will be the subject of further work this financial year.
I take this opportunity to thank my fellow Directors, and all Troy employees, contractors, consultants and other stakeholders for their significant efforts, assistance and forbearance during 2017.
Finally, a very big thanks to you our shareholders for all your support and patience. I do understand your disappointment at what has transpired in 2017 and give you my unwavering commitment to doing what I can to restore value in 2018.
Yours sincerely

Peter Stern Non-Executive Chairman

Nothing to learn here Sherlock - this is just Howards Peters 2 bob, there is more & if you put on your xray visions you may be able to peek in between some of the lines, depends on the brand of course.

Go the Gold Price