BACKGROUND & HISTORY
- Archaeological evidence indicates that the wandering Amerindians migrated to South America from the Caribbean and lived along many of the continent’s coastal lands, including present-day Guyana.
KAROUNI (TROY 100% THROUGH TROY RESOURCES GUYANA INC.)
OCCUPATIONAL HEALTH AND SAFETY
The Company is strongly committed to the long-term health and safety of its employees. In April of this year, the safety programme efforts were increased, including the introduction of the SLAM (Stop. Look. Analyse. Manage) programme. Site safety awareness has dramatically increased and incidents are down considerably since the introduction of this initiative.
(Troy 30% through Austral Gold Limited (ASX: AGD) (Manager) 70%)
In March 2016, the Company reached agreement for the sale of its interest in the Casposo operation in Argentina with Austral Gold Limited (Austral).
The Company sold a 70% interest in Casposo and Austral has an option to acquire the remaining 30% over a three year period commencing in December 2018 for a total consideration of US$7 million. Should the silver price be in excess of US$16/oz. at the time each option is exercised, the exercise price will be increased depending upon the actual silver price at the time.
The Company's is free carried in relation to an initial US$10 million capital investment plan for Casposo.
ANDORINHAS (TROY 100% REINARDA MINERAÇÃO LTDA)
Operations at the Andorinhas mine in Brazil ceased in May 2016 and the associated plant and equipment was sold to Magellan Minerals Limited. The final payment was received in February 2017.
As required under Brazilian law, closure and clean-up of the Andorinhas sites continued during the year and rehabilitation was essentially completed to the satisfaction of the Environmental and Mines Departments. It is expected that final close down of all activities will be completed around the end of November 2017 with mainly monitoring of rehabilitation remaining as required under the closure plan.