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TriMetals Mining Inc. Files Third Quarter 2015 Financial Statements and MD&A

Marketwired

VANCOUVER, BC--(Marketwired - November 06, 2015) - 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, 2015 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.

At September 30, 2015 the Company had $3,275,186 in cash and cash equivalents. The Company remains in a strong financial position to meet its working capital requirements for the next 12 months.

During the three and nine months ended September 30, 2015, the Company reported net earnings of $790,427 (2014 -- $5,255,718) and a net loss of $559,604 (2014 -- earnings of $2,898,889), respectively.

Net earnings for the three-month period ended September 30, 2015 included a non-cash gain of $1,330,402 (2014 -- $5,470,562) and the net loss for the nine-month period included a non-cash gain of $897,845 (2014 -- $3,865,269) in respect of changes in the fair value of the Company's Class B shares.

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General and administrative expenses increased to $585,669 in the three-month period ended September 30, 2015 from $518,061 in the same period of last year but decreased to $1,657,010 in the nine-month period of 2015 from $2,121,551 in the same period of last year as the Company has continued to streamline its operations and administration during 2015.

Total exploration spending for the nine months ended September 30, 2015 decreased to $1,545,334 from $2,700,341 incurred in the nine months ended September 30, 2014. The 2015 nine-month costs included $1,279,718 incurred at Gold Springs which mainly included costs associated with updating the resource estimate and preliminary economic assessment and ongoing metallurgical testing. A total of $265,616 was incurred at Escalones, including a cash option payment of $100,000.

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