Wednesday May 31, 9:15 am Eastern Time
Company Press Release
Trivalence Reports $0.07 per Share Earnings for March Quarter
VANCOUVER, B.C.--(BUSINESS WIRE)--May 31, 2000--Trivalence Mining Corporation (CDNX:TMI. - news; OTCBB:TMIGF - news) is pleased to report financial results for the three and nine month periods ended March 31, 2000.
During the 3nd quarter ended March 31, 2000, the Company achieved record production and record revenue. During the third quarter production reached 10,450 carats, a 41% increase over the year ago quarter. Third quarter revenue was $6.2 million compared to $2.9 million, an increase of 110% over the year ago quarter.
For the nine months ended March 31, 2000, the Aredor mine produced 28,390 carats or 59% over the year ago period. Nine month revenues were $12.2 million, compared to $5.9 million an increase of 105% over the year ago period.
Net income for the quarter ended March 31, 2000 was $1,029,093 or $0.07 per share compared with a loss of $2,279,723 or $0.15/share in 1999. Net loss for the nine month period ended March 31, 2000 was $855,717 or $0.6 per share, compared with a loss of $4,758,142 or $0.31 per share in 1999. The improvement in operating results is primarily due to increased production levels and diamond sales. Financial highlights from the Aredor diamond mine are as follows:
3 months ended 9 months ended
Mar 31, Mar 31, Mar 31, Mar 31,
2000 1999 2000 1999
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Diamond sales $6,160,564 $2,935,762 $12,174,750 $5,938,088
Cost of sales 2,723,487 2,445,041 7,585,499 7,244,560
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Mine net
operating cash
flow $3,437,077 $409,721 $4,589,251 $(1,306,472)
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The Company's financial statements have been filed with SEDAR and can be viewed on its website at www.sedar.com
KOKONG KIMBERLITE PROJECT, BOTSWANA:
Exploration work on Trivalence's 3,764 square kilometre Kokong property in Botswana will start this month with a compilation of available data. The Company has retained MPH Consulting Botswana (Pty) Limited to carry out the exploration program. An aeromagnetic survey at 200 metre line spacing is scheduled to start on 1st August 2000.
The Kokong kimberlite field contains 34 kimberlite pipes, 14 of which are known to be diamondiferous. The Kokong kimberlites lie in the west of the Kaapvaal Craton, the world's most important location for primary diamond deposits. The Kokong property is approximately 200 kilometres west of the rich Jwaneng Mine, owned by the Debswana Diamond Mining Company (50% De Beers).
AREDOR K23 KIMBERLITE UPDATE:
In addition to a drilling program, the Company has completed stripping the 1.5 meter laterite cap in order to expose kimberlite for a planned 10,000 tonne bulk test on its recently discovered K23 kimberlite on the Aredor concession. Drill data has confirmed a kimberlite body that covers an approx. area of 5.2 hectares (52,000 square meters). It remains open to one direction and to depth past 77 meters. The Company is encouraged by the diamond counts returned to date from four samples processed by Lakefield Research Ltd., an independent Canadian laboratory. All four samples returned macrodiamonds. The Company will continue with a series of step out holes combined with infill holes, in order to define the surface limits of the K23 kimberlite.
The bulk testing program is designed to obtain a representative sample of diamonds in determining grade and diamond value. The bulk test is scheduled to take place in the first two weeks of June, 2000. It will be processed through the Company's existing facilities at Aredor and will be scrutinized by an independent engineering firm.
Trivalence Mining Corporation is a publicly traded mineral exploration and development company with a primary focus on diamonds. The Company owns an 85% interest in the Aredor diamond mine in Guinea and a 50% interest in the Palmietgat kimberlite diamond mine currently under development in South Africa.
In addition to its investments in the Aredor and Palmietgat diamond mines, Trivalence has kimberlite exploration projects in Guinea, Botswana and Quebec.
Lutfur Rahman Khan President and CEO
The Company relies upon litigation protection for ``forward looking'' statements.
The Canadian Venture Exchange neither approves nor disapproves of the contents of this News Release.
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Contact:
Warren Robb or Omer Nizami
Phone: (604) 684-2401
Facsimile:(604) 684-2407
Website: www.trivalence.com
Toll Free:1-888-273-3671
Email: tmi@intergate.bc.ca
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