New Triton
Sydney, Dec 6, 2016 AEST (ABN Newswire) - Triton Minerals Ltd (
ASX:TON) (Triton or the Company) is pleased to advise that it has embarked on the revised strategy set out in the prospectus of 24 October 2016, with a renewed focus on the rapid development potential of the premium quality Ancuabe Graphite Project in Mozambique.
A new-look Triton re-commenced trading today, recapitalised and with a fresh Board and management, following a successful Voluntary Administration process.
Following a strategic review, which highlighted the large flake size distribution and opportunity for potential rapid development, the Company has turned its focus to the evaluation and development of Ancuabe and supply into the high value end of the graphite supply market.
New Triton Managing Director, Mr Peter Canterbury said, it was exciting to be heading a company with strong fundamentals.
"We are now excellently positioned with strong cash levels of approximately $8 million at bank, a supportive substantial shareholder in Shandong Tianye Mining Co Ltd, which is the nominee company of Minjar Gold Pty Ltd, and a very attractive project opportunity, that we believe can deliver significant value to all shareholders."
"The global graphite industry is currently going through a period of historically high growth, underpinned by the rapidly developing battery market for automobiles, solar systems and mobile devices. Preliminary test work at Ancuabe has indicated that approximately 50% of the flake size distribution fits in the extra-large or jumbo flake size category which could allow us to market into the niche and high-value end of the market."
"Even during the Voluntary Administration process we have not been sitting still having commenced a 3,000 metre diamond and 1,800 metre reverse circulation (RC) drilling programme last month. This was part of the overall strategy to focus on, further explore and upgrade, the Ancuabe T12 Mineral Resource classification, and to assess other VTEM targets in the Ancuabe area, to support a decision to undertake a Pre-Feasibility Study."
"Results from the drilling are expected to become available progressively over the coming 3 months commencing in December as a programme of sample assaying, resource modelling and metallurgical test work is undertaken."
"Ancuabe is close to existing infrastructure, including roads, port, airport and power, and we are targeting the development of this highly prospective deposit at a scale suitable to the size of the deposit, the demand from the high-value end of the market and a company of Triton's size."
"We look forward to keeping shareholders updated as we progress over coming months."
About Triton Minerals Ltd
Triton Minerals Limited (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
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