Trio Resources Inc (TRII)

[DragonBear]

Stock Pile was shipped to UC!

(A repost eliminating anything of microscopic content which would could even vaguely be considered "off topic")

Did UC send it back????

Indeed this is getting more hilarious and entertaining as time goes on. On 16-Apr-13 the PR proudly announces 156 tons of minerialized rock has been delivered, and the expected " revenues" $236K. Assume Duncan sent the "good stuff" of 40oz/ton to UC. What was the price of silver from Apr through early to mid May? Answer: 24/oz. After that it started dropping. Shall we do the math: 156 tons * 40 oz/ton * 24/oz = $149.8K. Even if one assumes it costs absolutely nothing for TRII to truck it there, and UC is concentrating and smeltering the mineralized rock for free, there is $86K being created out of the smelting vapors. Of course UC didn't do their part for free. Thus the $236K claim was totally bogus. And being generous on margins TRII might have gotten $119K which comes close to what was reported IFF that was the only shipment, and the 40 oz/ton is accurate. Duncan as usual never explained the revenue shortfall. Once more time: Where are the Revenues!

What if the $40/oz is also bogus? As are all the other claims. Even the SEC was sort of curious

Detailed sampling provides the basis for the quality estimate or grade of your mineral discovery. Please provide a brief description of your sample collection, sample preparation, and the analytical procedures used to develop your analytical results. In addition, please disclose any Quality Assurance/Quality Control (QA/QC) protocols you have developed for your exploration program. These procedures would serve to inform potential investors regarding your sample collection and preparation, assay controls, sample custody, assay precision and accuracy procedures and protocols.

What was Duncan's response when cornered?

Insofar as we are an early stage company, we are still in the process of finalizing our QA/QC protocols and procedures. Currently, we collect grab samples of our product, which we then proceed to crush, and send off to Activation Laboratories, Ltd. for sampling. Many of our estimates rely of information and assays provided by the previous owner, some of which has not been back-tested against internal estimates and MRI data. Accordingly, the previous owner’s estimates may not have been verified and may be unreliable.”

So after 9 months and a loss of $1.5M+, you couldn't afford to assay all of that there silver mineralized rock laying around on the ground, according to SEC Industry Guide 7? As in make it reliable? Grab samples eh?

"Creating a subsidiary is an important step in helping Trio unlock the value of its assets," stated Duncan Reid, CEO of Trio Resources, Inc. "By separating the Company's above- and below-ground resources, we can streamline our accounting to make it easier for shareholders to monitor the progress of Trio's two core business lines. Our parent will focus on generating a steady stream of cash flows by processing mineralized materials using our state-of-the-art mill at our Duncan-Kerr Property while our subsidiary will house our exploration and development activities."

Translation: Creating a subsidiary is a way to try to hide by accounting as to the true nature of the business.