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Triton Minerals: UK Broker Visits Balama North Graphite Projects In Mozambique

Triton Minerals (ASX:TON) has hosted UK broker Fox-Davies Capital on a site visit to inspect the leases and the recently commenced graphite exploration program.

The visit included inspections of both the Ancuabe and Balama North projects in the Cabo Delgardo province of Mozambique.

The broker also viewed the current port facilities.


Peter Rose from Fox-Davis Capital was on site in Mozambique between the 28th of April and the 2nd of May 2014.

At the time of the visit, drilling was in progress at the bottom of Nicanda Hill and we were able to view the samples from the RC drilling.

It was obvious that graphite was present in the samples but at that time the hole had not reached its designated depth and no assaying had been conducted.

It is only since the assays have been received and further holes have been drilled that the size and significance of the discovery have become apparent.

At the time we visited the Ancuabe leases there was no drilling being conducted. We did however visit the AMG Advanced Metallurgical GroupN.V.'s ("AMG") processing plant which was being rehabilitated after a long period
being mothballed.

The main focus is on Balama North which Triton believes has the potential to become a world class graphite ore body. An intensive programme of drilling and metallurgical test work has been planned for the 6 month period ending September 2014.

Mapping, trenching and rock sampling is scheduled for the current quarter at Chalmers and Black Hills, parallel structures to Nicanda Hill and Cobra Plains.

This will be followed in the third quarter of 2014 by infill drilling at Nicanda Hill with the aim of producing an Inferred Mineral Resource before the end of 2014.

Despite the high level of success at the Balama North prospect, there are no plans to neglect either Ancuabe or Balama South. Mapping, trenching and rock sampling is scheduled for the September quarter 2014.

Since the site visit the successful exploration has led to a 400% increase in the Triton share price from A$0.10 to A$0.45 and as of the 31st March 2014 Triton has A$3.87M in cash.

Since the dramatic increase in the share price there has been a substantial conversion of options into shares and we estimate that proceeds from the exercise of options will have covered approximately 70% of the exploration expenditure.

Further excellent drilling results were released on 23rd June 2014. Significant high grade intercepts were reported at Nicanda Hill.

This included a high grade zone , where using a 10% GrC cut off, holes TMBD0005 and 0006 reported 30m at 17.6% GrC and 22.7m at 16.9% GrC respectively.

A full initiation report will be released shortly.

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