Troy Resources increases gold reserves figure

Australian gold producer Troy Resources has increased its group gold reserves to a record 1.1 million ounces.

A resource estimate of 3,997,000 tonnes at 3.4 grams per tonne for 435,000 ounces at the Andorinhas project in Brazil has taken the total to the record amount.

Significant intersections at Lagoa Seca have included 31 meters at 10.9 grams per tonne and six metres at 11.8 grams per tonne.

The company's chief executive, Tommy McKeith, commented: "Initial drilling is confirming the significant potential of this project which will soon be the sixth gold mine that Troy has developed.

"Troy is well positioned for growth, with gold production from the Andorinhas project expected in January 2008 and initial drill results demonstrating good potential for expansion and this combined with a very robust balance sheet, as a result of excellent operating results, to continue to deliver on its growth strategy."

Troy is one of the top ten Australian-owned gold miners.