TriMetals Mining Inc. Files 2015 Annual Financial Statements and MD&A

VANCOUVER, BC--(Marketwired - March 22, 2016) - TriMetals Mining Inc. (TMI.TO) (TSX:TMI.B) (TMIAF) (TMIBF), reports the release of its audited consolidated financial statements for the year ended December 31, 2015 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

As at December 31, 2015, the Company had working capital of $2,319,636 including cash and cash equivalents of $2,316,468. The existing working capital is sufficient to enable the Company to continue with its planned activities at its Gold Springs project and meet its other working capital requirements for 2016.

The Company reported net earnings for the year 2015 of $2,735,225 ($0.02 per share) compared to net earnings of $319,551 ($0.00 per share) reported during 2014.

Net earnings included non-cash income amounts of $4,290,100 (2014 - $1,754,695) in respect of the change in fair value of the Company's Class B shares and $154,071 (2014 - $1,113,792) in respect of the change in fair value of stock options exercisable into Class B and common shares.

During 2015 the Company continued to streamline its operations and administration, adopting cost-cutting initiatives which resulted in general and administrative expenses decreasing from $2,899,720 in 2014 to $2,152,744 in 2015.

Total exploration spending for the year ended December 31, 2015 decreased to $2,097,943 from $3,263,068 incurred during 2014. The 2015 costs included $1,775,518 incurred at Gold Springs which included direct drilling, costs of updating the resource estimate and preliminary economic assessment, and ongoing metallurgical testing. A total of $322,425 was incurred at Escalones, including a cash option payment of $100,000.

The comparative 2014 costs included $2,308,422 incurred at Gold Springs, including $514,217 in direct drilling costs as well as costs associated with the updated resource estimate for the Jumbo and Grey Eagle Zones, and the initial preliminary economic assessment. At Escalones, the Company incurred costs of $954,646 in 2014, including a $500,000 cash option payment as well as costs associated with further analysis of existing data and core samples, the continuation of environmental and permitting activities and metallurgical testing.

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