Name of the Project
Smarts underground gold project.

Location
Smarts underground is part of the 100%-owned Karouni gold mine, in Guyana.

Project Owner/s
Troy Resources.

Project Description
The project has a maiden ore reserve of 1.08-million tonnes at 2.6 g/t gold for 89 400 oz.

A preliminary economic assessment has determined that the Smarts project is economically viable, with a forecast 2.5-year mine life.

The currently proposed mining method is longhole retreat stoping. Pillars (rib, island or sill) will be used to maintain stable ground conditions where required, advancing production from top-down to expedite ore production.

It is possible that the bulk zone will also be amenable to block caving, subject to geotechnical assessment. Alternatively, the bulk zone could potentially be mined by targeting smaller, higher-grade veins, subject to obtaining a better understanding of grade distribution through additional drilling or development.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Mining costs for the Smarts underground project have been estimated at $65-million, with processing costs estimated at $25-million.

Planned Start/End Date
None stated.

Latest Developments
Troy has said that, subject to receipt of a final geotechnical report and the funds to meet the capital requirement, it is ready to commit to proceed with development of the project.

Key Contracts, Suppliers and Consultants
Auralia Mining Consulting (ore reserve); and Peter O'Bryan & Associates (geotechnical assessment).

Contact Details for Project Information
Troy Resources, tel +61 8 9481 1277 or email troy@troyres.com.au.