Trecora Resources Announces Results of AMAK's Guyan Mineral Resource Estimate
SUGAR LAND, Texas, Sept. 26, 2017 /PRNewswire/ -- Trecora Resources (NYSE: TREC), a leading provider of high purity specialty hydrocarbons and waxes, today announced that the results of a Mineral Resource Estimate ("MRE") for the Guyan Gold Project currently being explored and developed by the Al Masane Al Kobra Mining Co. ("AMAK") have been released. Trecora is currently a 33.4% owner of AMAK, which is a Saudi Arabian Joint Stock Company located in the Kingdom of Saudi Arabia.
"We are pleased with the results of the Mineral Resource Estimate for the Guyan Gold Project as it provides us with additional confidence in the asset's ability to generate future upside opportunities for AMAK," commented Simon Upfill-Brown, President and Chief Executive Officer of Trecora Resources. "The findings support the potential for an economically viable project which could generate additional cash flow for the operating Copper-Zinc-Gold-Silver mine and processing facility, subject to the conclusion of more formal feasibility studies. With a goal of potential monetization of our investment in AMAK, we anticipate the completion of additional exploration that will further enhance the value of the asset for Trecora shareholders."
- Indicated and Inferred Mineral Resource of 563kt (thousand metric tonnes) at 5.5g/t Au, for 99koz gold (open-pit and underground)
- Guyan Gold Project is favorably located near the operating Al Masane mine and processing plant
- Progress to Pre-Feasibility Study in Q4-2017 to confirm synergies with existing plant and mine infrastructure
- Completion of 130 diamond drill holes in 2016 and expect further down-dip and extension drilling to re-commence in Q4-2017 and continue in 2018
For a copy of the full Summary Report, please follow the link below: http://www.trecora.net/documents/Mineral_Resource_Estimate_Summary.pdf
About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high purity hydrocarbons and other petrochemical manufacturing. TREC also owns and operates a leading manufacturer of specialty polyethylene waxes and provider of custom processing services located in the heart of the Petrochemical complex in Pasadena, Texas. In addition, the Company is the original developer and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.
Statements in this press release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our belief, as well as, assumptions made by and information currently available to us. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Trecora Resources' filings with the Securities and Exchange Commission, including Trecora Resources' Annual Report on Form 10-K for the year ended December 31, 2016, and the Company's subsequent Quarterly Reports on Form 10-Q. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release.
Cautionary Note to U.S. Investors Regarding the Use of Mining Terms
This news release has been prepared in accordance with the general requirements for public disclosure of a Mineral Resource prepared and reported in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral resources and Ore Reserves, the JORC Code, 2012 Edition, which differ from the requirements of U.S. securities laws. This reporting Code and disclosure requirements differ significantly from the mineral reserve disclosure requirements of the U.S. Securities and Exchange Commission (the SEC”) set out in Industry Guide 7.
The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website or on our press releases, such as “measured mineral resources,” “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves,” under Industry Guide 7 and which SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml. Investors are also cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Consequently, resource information contained in this news release as to AMAK is not comparable to similar information that would generally be disclosed by U.S. companies in accordance with the rules of the SEC.
Investor Relations Contact:
The Piacente Group
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SOURCE Trecora Resources