VANCOUVER, BC–(Marketwired – November 10, 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 and nine months ended September 30, 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.

At September 30, 2016, the Company had $3,089,150 in cash and cash equivalents.

Total exploration spending for the nine months ended September 30, 2016 decreased to $1,318,484 from $1,545,334 incurred in the same period of 2015. The current period costs included $1,194,694 incurred at Gold Springs which included, among others, drilling and supervision, metallurgical testing, environmental studies for permitting and land payments. At Escalones, the Company incurred costs of $123,790 which mainly included land payments and supervision.

The comparative 2015 nine-month costs included $1,279,718 incurred at Gold Springs which mainly included costs associated with updating the resource estimate and PEA, and ongoing metallurgical testing. A total of $265,616 was incurred at Escalones, including a cash option payment of $100,000.

The Company expects to spend $1.9 million in exploration at Gold Springs in 2016, which includes, among other things, $1.3 million in a drill program, $0.3 million in land payments and $0.2 million in environmental studies for permitting. The Company is well advanced in its exploration program at Gold Springs with $1.2 million spent in exploration during the first nine months of 2016. The Gold Springs drill program includes 20,000 feet of drilling (6,100 metres), road and drill-pad construction, geochemistry, camp costs and consulting and supervision, among other things. The drill program is expected to be completed in early December and the present plan is to update the mineral resource estimate for Gold Springs by the end of Q1 2017.

General and administrative expenses for the three-month period decreased from $566,315 in 2015 to $380,661 in 2016 and for the nine-month period decreased from $1,637,656 in 2015 to $1,522,225 in 2016. Excluding the impact of share-based payments, which is a non-cash expense, and tends to fluctuate significantly between quarters in accordance with the timing of stock option grants and the Company’s share price, general and administrative expenses decreased in 2016 by a factor of 24% in the 3-month period and 20% in the nine-month period when compared to the same periods of 2015, as the Company has continued to streamline its operations and administration in Q3.

Under International Financial Reporting Standards, the Company’s Class B shares are considered to be financial instruments, not equity instruments, and classified as non-current liabilities in the Company’s balance sheet. The Class B shares are measured at fair value at each period-end, which is based on the closing price of the Class B shares on the Toronto Stock Exchange (“TSX”), and changes in fair values are included in the determination of earnings/loss for the period. These changes in fair values have fluctuated significantly on a quarterly basis and hence created significant impact and volatility in earnings/loss for the periods.

During Q3, 2016, the closing price of the Class B shares on the TSX decreased from CDN$0.33 per Class B share at June 30, 2016 to CDN$0.27 per Class B share at September 30, 2016. This price decrease during Q3, 2016 gave rise to a non-cash income amount of $5,776,630 (2015 – $1,330,402). During the nine-month period ended September 30, 3016, the closing price of the Class B shares on the TSX increased from CDN$0.11 per share at December 31, 2015 to CDN$0.27 per Class B share at September 30, 2016, giving rise to a non-cash charge of $14,714,347 (2015 – income of $897,845) in the 9-month period.

The Company reported net earnings of $5,407,440 ($0.04 per share) during the three months ended September 30, 2016 (2015 – $790,427 ($0.01 per share)) and a net loss of 16,574,559 ($0.12 per share) during the nine months ended September 30, 2016 (2015 – $559,604 ($0.00 per share)). Net earnings/loss include the non-cash income/charge explained above in respect of the change in the fair value of the Company’s Class B shares.

Arbitration

The oral hearing in the Company’s subsidiary, South American Silver Limited’s (“SASL”) international arbitration against the Plurinational State of Bolivia (“Bolivia”) was held in Washington, D.C., on July 11 to July 21, 2016 (NR 16-16, July 25, 2016). Pursuant to the procedural orders in place, both parties submitted post-hearing memorials on October 31, 2016, after which the Tribunal will deliberate and issue a final award. It is typical for tribunals in this type of arbitration to require six to twelve months after the oral hearing to finalize and issue a final award.

SASL seeks monetary compensation for damages in the amount of $385.7 million, which includes $307.2 million for all of its losses caused by Bolivia’s breaches of the UK-Bolivia Treaty, plus $78.5 million in pre-award interest but excludes fees and costs incurred in connection with the arbitration proceeding.

The Company has Class B shares outstanding that entitle the holders collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third party funder’s portion thereof) received by TMI from an award or settlement in relation to SASL’s arbitration proceeding against Bolivia. The Class B shares carry redemption and retraction rights and rights on liquidation, are non-voting and non-participating in regards to dividends and on liquidation other than as described above.

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.

About TriMetals Mining Inc.

TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.

The Company’s approach to business combines the team’s track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.

The Company’s common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols “TMI” and “TMI.B” and the common shares and Class B shares also trade on the OTCQX market under the symbol “TMIAF” and “TMIBF”. Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.

Forward-looking Statements

Certain statements contained herein constitute “forward-looking statements”. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “expect”, “plan”, “seek”, “continue”, “typical”, “will”, “intention”, “creating”, “and similar expressions. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the outcome of the international arbitration process, including the timing and the quantum of damages to be obtained, management’s expectation with regard to the final amount of costs, fees and other expenses and commitments payable in connection with the arbitration, and any inability or delay in the collection of the value of any award or settlement; and risks of the mineral exploration industry which may affect the advancement of the Gold Springs or Escalones projects, including possible variations in mineral resources or grade, recovery rates, metal prices, availability of sufficient financing to fund further required work in a timely manner and on acceptable terms, availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters as plans continue to be refined; and other risks more fully described in the Company’s Annual Information Form filed and publicly available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the ability of the Company to realize value from its investments in Bolivia; the arbitration proceeding in a customary manner and in accordance with Procedural Order No. 1 (as amended in April and June 2015 and in January 2016) and the third party funder honoring its contractual commitments, the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada, Utah and Chile, the availability of equipment and qualified personnel to advance the Gold Springs project; and the execution of the Company’s existing plans and further exploration and development programs for the Gold Springs Project, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.

Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this news release describe the Company’s expectations as of November 10, 2016.

TriMetals Mining Inc. Contact:
Ralph Fitch
President & CEO
303.584.0606
[email protected]

Matias Herrero
Chief Financial Officer
303.584.0606
[email protected]