Troy Resources to Enter the ASX Top 300
PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 9, 2009) - Troy Resources NL (TSX:TRY)(ASX:TRY) -
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Troy Resources NL ("Troy") is pleased to report it will be included in the S&P/ASX 300 Index with effect from the close of trade on 18 September 2009.
Standard & Poor's Index Services, the leading provider of equity indices in Australia, announced Troy's inclusion in the ASX300 Index in a statement on 4 September. They noted: "Both the S&P/ASX 200 and the S&P/ASX 300, together with component indices are reviewed as part of the September quarterly rebalance. The quarterly rebalance considers the aggregate market capitalisation and liquidity of stocks for the preceding 6-months of 2009 as a basis for eligibility."
Commenting on the announcement Troy's CEO Paul Benson said: "This is an important achievement for Troy, and one that reflects the 340% increase in Troy's share price since the lows of November 2008 during the depths of the Global Financial Crisis.
"This is a significant milestone in Troy's growth trajectory and a clear indicator to our shareholders that the growth strategy embarked upon by the Board and Management is on target. Today Troy has the largest Reserve and Resource base, and the longest forecast production profile in the Company's 25-year history.
"Our entry into the ranks of Australia's top 300 companies will also serve to raise the profile of Troy within a wider audience of potential investors."
Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold silver development project, Casposo, in San Juan province, Argentina.
Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.
Troy has an annual exploration budget of $5 million and a proven track record in exploration discoveries and strategic acquisitions.
Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.
The Company maintains a robust balance sheet, and its current assets are forecast to continue to generate strong cash flow. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.
With the recent Casposo acquisition, Troy is positioned to continue its path of strong growth and profitable operations and is well on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.
Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.
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ABN 33 006 243 750
