Aussie gold firm says has US$15m exploration budget this year

Australian gold firm, Troy Resources Limited says it is focused on extending its open pit reserves and exploration and has a US$15M budget in 2014 for this.
Troy says it remains positive about the imminent closure of its mineral agreement so that it can proceed with construction activities and get the operation up and running.
In a full-page advertisement in today’s Stabroek News, Troy also said that it is upgrading the Linden to Omai crossing and the Omai to 72 Mile roads.
Troy is constructing a mine at Kaburi in Region Seven and in April this year said that over US$15M has already been directly committed for the building of the mine.
Troy Resources Incorporated in May received a US$5M grinding mill for its Karouni Gold Project at Kaburi.
The company hopes to start mining by February of next year and is currently in the process of grading the land and bringing in more machinery. Last month, government approved duty and tax-free concessions for equipment and other goods to be brought into the country by the company for the Karouni Gold Project.
In today’s advertisement, Troy noted that the global market has seen a softening in the price of gold to under US$1300 per ounce and the company has had to alter its plan. As a result, underground mining has been deferred and the company is working and upping reserves hence the US$15m exploration budget.
In terms of its business dealings, Troy interestingly warns that all of its employees are subject to strict procedural and transparency guidelines in relation to business practices.
“It should be noted that any form of payment or inducement to individuals and organizations to expedite, seek favours, get unfair advantage or to circumvent official procedures in any country of operation is unlawful under Australian Corporate law”, the company said. It added that any breach is regarded as a serious crime and may result in a prison sentence for any officer engaged in such a practice.