TriMetals Mining Inc. files Third Quarter 2014 Financial Statements and MD&A

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 7, 2014) - TriMetals Mining Inc. (TMI.TO)(TSX:TMI.B)(TMIAF)(TMIBF) reports the release of its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2014 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

As at September 30, 2014, the Company had working capital of $5,341,761, including cash and cash equivalents of $6,050,547. The Company remains in a strong financial position to meet its planned working capital requirements for the remainder of 2014.

The exploration budget at Gold Springs for 2014 was revised upwards on August 21, 2014 to continue the drill program in the second half of 2014. Hence the estimated working capital requirements of the Company for the full year of 2014, per the Company's amended plan, amount to $6,200,000 (previously $5,700,000). Of this amount, $2,550,000 are for general and administrative expenses (operating activities) and $3,650,000 (previously $3,150,000) are for investing activities which mainly include exploration work at Gold Springs and Escalones. As at September 30, 2014 the Company has spent $4,720,784 of the $6,200,000 planned working capital requirements for 2014.

The revised exploration program at Gold Springs for the full year of 2014 includes, among other things, completion and filing of Technical Reports that include the updated 2014 resource estimate and the Preliminary Economic Assessment (filed on SEDAR on July 8, 2014), the drilling program of 36 RC drill holes designed to expand the mineral resource estimate and of 2-4 diamond drill holes on both the Jumbo and Grey Eagle resource blocks to provide metallurgical, density and detailed geological information. It also includes the continuation of permitting activities including environmental and cultural studies, metallurgical test-work and other exploration activities throughout the year. During the nine months ended September 30, 2014 the Company completed 37 RC drill holes (36 were planned) and spent $1,774,125 of this year's exploration program at Gold Springs.

Assay results from the last 11 RC drill holes completed at Gold Springs this year are still pending and will be reported when results are received.

The Company took a number of cost-saving initiatives to reduce General and Administrative expenses which included, among others, closing its main office in Vancouver in Q4 2013, executives' salaries reduction, and a significant staff reduction in South American and Canada. As a result, General and Administrative expenses decreased from $4,303,198 in the nine months ended September 30, 2013 to $2,121,551 in the nine months ended September 30, 2014 and from $1,465,925 in three month period ended September 30, 2013 to $518,061 in the three month period ended September 30, 2014.