TriMetals Mining Inc. Files First Quarter 2016 Financial Statements and MD&A

VANCOUVER, BC --(Marketwired - May 06, 2016) - TriMetals Mining Inc. (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF), reports the release of its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2016 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.

During the three months ended March 31, 2016, the Company reported a net loss of $2,021,546 ($0.01 per share) compared to net earnings of $712,016 ($0.01 per share) reported in the first quarter of 2015.

The 2016 first quarter loss include a non-cash charge of $1,502,901 (2014 - income of $1,138,077) in respect of the change in fair value of the Company's Class B shares.

During Q1 2016 the Company continued to streamline its operations and administration, adopting cost-cutting initiatives which resulted in general and administrative expenses decreasing from $547,354 in Q1 2015 to $421,419 in Q1 2016.

Total exploration spending for the quarter ended March 31, 2016 decreased to $296,612 from $451,929 incurred in the first quarter of 2015. The first quarter spending included $228,333 incurred at Gold Springs which included costs associated with further analysis of exploration data and ongoing metallurgical testing. In addition, the Company expanded its Gold Springs property holdings by acquiring a 64.75 hectare Utah State mineral lease at a cost of $20,000. At Escalones, the Company incurred costs of $68,279 which mainly included land payments and supervision.

The comparative exploration spending for the first quarter of 2015 included $361,263 incurred at Gold Springs, including costs associated with updating the resource estimate and completing a PEA, and $90,666 incurred at Escalones.

As at March 31, 2016, the Company had working capital of $1,835,771 including cash and cash equivalents of $1,542,592.

Outlook

The priorities of the Company are to (i) continue with the exploration program at Gold Springs with the intention of expanding the mineral resource and moving the project closer to production; (ii) seek an appropriate joint venture partner for the Escalones copper-gold porphyry project in Chile; (iii) continue international arbitration proceedings against Bolivia to recover full compensation based on the fair market value for the Malku Khota project; and (iv) diligently continue managing the Company's cash resources.