Memorandum of Understanding signed for the establishment and financing of a joint venture company to undertake Tri-Star

Memorandum of Understanding signed for the establishment and financing of a 
joint venture company to undertake Tri-Star Resources' roaster project 
Tri-Star Resources PLC ("Tri-Star Resources" or "the Company") 
LONDON, Oct. 9, 2013 /CNW/ - Tri-Star Resources (AIM: TSTR), the integrated 
antimony development company, is pleased to announce that it has entered into 
a non-binding Memorandum of Understanding ("MOU") with Oman Investment Fund 
("OIF"), a Sovereign Wealth Fund of the Sultanate of Oman, and Castell 
Investments Ltd ("Castell") whose ultimate parent company is Dubai Transport 
Company to establish a joint venture company to construct and operate an 
antimony roasting facility (the "Roaster") in Oman. As previously announced, 
the Roaster, a 20,000 tonne per annum nameplate capacity antimony metal and 
tri-oxide manufacturing facility, has a total estimated cost of US$60 million. 
The joint venture company, to be called Strategic & Precious Metals Processing 
LLC ("SPMP"), will be incorporated in the Sohar Free Trade Zone ("Sohar FTZ") 
in Oman, which is managed by Sohar Industrial Port Company SAOC ("Port of 
Sohar"), itself a joint venture between the Port of Rotterdam and the 
Sultanate of Oman. The Sohar FTZ is being developed into a major regional and 
international hub for the downstream processing of metals and minerals. It is 
served with excellent logistical nodes, including its close proximity to the 
Port of Sohar, and low energy costs. The fiscal regime for Sohar FTZ companies 
is also attractive with a zero corporation tax rate provided that certain Oman 
national employment levels are achieved. SPMP is expected to enter into a land 
lease over a 22 hectare plot in Sohar FTZ. 
The MOU is non binding and remains subject to certain conditions including the 
completion of ongoing due diligence, securing banking finance and obtaining 
the necessary permits to operate the Roaster including environmental 
approvals. Tri-Star Resources, OIF and Castell (together the "Joint Venture 
Parties") are working towards the preparation of final binding joint venture 
agreements which are expected to be completed in November 2013. 
Under the MOU, the Joint Venture Parties will own and control SPMP in the 
ratio 40% by Tri-Star Resources, 40% by OIF and 20% by Castell. Key strategic 
and operational decisions of the joint venture, as will be defined in a 
shareholders' agreement, will require the unanimous approval of all Joint 
Venture Parties. 
The funding structure for the total capital cost of US$60 million is expected 
to include US$30 million of project finance to be raised from local and 
regional banks. A number of banks in Oman have been contacted by the Joint 
Venture Parties and indicative loan financing terms have been received and are 
under consideration. 
The balance of the capital cost of US$30 million is expected to include a 
mezzanine loan of US$10 million from OIF with the balance of US$20 million to 
be provided as equity by the Joint Venture Parties, pro rata to their 
ownership interests, over the construction phase of the project. 
Tri-Star Resources has already invested a considerable amount in developing 
the proprietary intellectual property and engineering design work for the 
environmentally compliant roasting of refractory ores to be used in the 
Roaster and also in other potential mineral processing operations (as 
discussed further below). As part of the overall commercial arrangements, the 
MOU anticipates that OIF and Castell will be invited to become co-owners of 
this intellectual property via investment in a separate company set up by 
Tri-Star Resources to own the rights to it. 
The project has received a preliminary Green Light Statement from the Ministry 
of Environment and Climate Affairs, Sultanate of Oman ("MICA"), confirming 
that it has no objection to the Company proceeding with the environmental 
permit procedure for the antimony processing facility. A full environmental 
impact assessment ("EIA") is now being prepared by the Joint Venture Parties 
for the Roaster. The EIA is expected to be completed and submitted to MICA by 
the end of December 2013. Tri-Star Resources has revised the original project 
site plan and general site assembly (prepared for the former site in Ras 
al-Khaimah) to be compatible with the proposed 22 hectare site in the Sohar 
FTZ. 
The Joint Venture Parties are progressing towards completing the final 
documentation, approvals and financing package so that site preparation work 
and construction can commence in the first quarter of 2014. The Roaster 
construction is expected to take 12 months with a further three months of 
commissioning. The first full year of operation is expected to be 2016. 
Greenstone Equity Partners, a Dubai based investment and advisory firm, has 
advised Tri-Star Resources on the establishment of the joint venture and is 
advising the Joint Venture Parties on the debt financing for SPMP. 
The Roaster is the first phase of the Company's proposed metal processing 
activities. The Joint Venture Parties anticipate the extension of their 
partnership to a second phase processing facility ("Phase 2"), which envisages 
using Tri-Star Resources' clean roasting technology to treat refractory gold 
sulfide concentrates. The Phase 2 project also expected to be located in the 
Sohar FTZ. Having completed a preliminary engineering design plant layout and 
general site assembly, the Company is negotiating an option to lease a further 
76 hectare site adjoining the Roaster site. A preliminary technical report on 
the potential feasibility of the roasting technology developed by Tri-Star 
Resources to treat refractory gold concentrates has been commissioned from an 
independent engineering firm and is expected to be completed by the end of 
October 2013. 
Tri-Star Resources' existing site in the Al Ghail free trade zone in Ras al 
Khaimah ("RAK") some 120km west of Sohar, is under review to assess its 
suitability to host a second refractory gold plant, a gold refining facility 
or an antimony tri-oxide based additives facility. The site is also being 
considered for utilisation of solid waste products from the processing 
facilities, such as gypsum for the growing plasterboard market in the Gulf. 
Commenting on the signing of the MOU, Emin Eyi, Managing Director of Tri-Star 
Resources, said: 
"We welcome our partners to the project in Sohar Free Trade Zone. Oman 
Investment Fund is a leading Sovereign Fund in the Gulf and Castell 
Investments Ltd is part of a diversified regional conglomerate based in Dubai. 
Both parties provide valuable skills and contributions to the Roaster 
project, which provides Tri-Star Resources with confidence on the 
deliverability of this and future projects in the GCC region. 
We are impressed with the progress made by Sohar FTZ in becoming a metals and 
minerals processing hub in the Middle East. Our proposed projects, both Phase 
1 in antimony tri-oxide processing and Phase 2 in refractory gold processing, 
are well suited to the future strategy of Sohar FTZ. Once fully operational 
they will be significant contributors to local employment and the economic 
development of the metals processing sector in Oman. The Sohar FTZ offers 
exceptional logistics and infrastructure nodes, delivers low energy costs and 
brings experience in minerals handling together with valuable fiscal 
incentives. The Joint Venture Parties recognise the importance of developing 
a strategic and precious metal focused, EU environmentally compliant 
processing facility to provide flame retardant ingredients to the global 
plastics and chemicals industry. Antimony tri-oxide is a critical additive for 
many vital manufacturing processes in Europe, USA and Japan. Hence, we 
believe that the plant in Sohar FTZ will be of strategic importance and a 
uniquely important project for Oman. 
Phase 2 is a natural progression of the key processing technology developed by 
our team in roasting other high value sulfide concentrates. Many antimony 
deposits around the world contain significant gold and many gold deposits are 
refractory in nature due to the inclusion of sulfide minerals. We believe that 
our technology will provide an environmentally compliant means of 
reintroducing clean roasting as an alternative to other technologies deployed 
for refractory gold processing, such as; pressure oxidation, bacteria leaching 
or fine grinding. Geological estimates suggest that between 30% and 50% of 
the remaining gold resources in the world are refractory in nature to some 
degree. Further details on the engineering, market opportunity and possible 
economics of Phase 2 will be provided in the near future. We strongly believe 
that a 'renaissance of clean roasting' for gold and other strategic minerals 
is now timely both technically and economically." 
About Tri-Star Resources 
Tri-Star Resources is a focused antimony company whose management has many 
years experience in trading and mining this critical mineral.The Company's 
objective is to become the leading integrated antimony metal and products 
manufacturer to western economy consumers utilising an environmentally 
advanced 20,000 tonnes per annum name plate capacity antimony metal and 
tri-oxide production facility in the Gulf, with raw material supplied from its 
upstream resource projects in Turkey and Canada and from third party 
producers. www.tri-starresources.com 
About Oman Investment Fund 
Oman Investment Fund is a Sovereign Wealth Fund of the Sultanate of Oman. It 
was established in 2006 to invest in long- and medium-term projects within and 
outside Oman. The OIF's aim is to achieve the best possible returns. Over the 
years the OIF has built a globally diversified investment portfolio including 
Real Estate and Private Equity assets across various sectors, covering Travel 
& Leisure, Financial Services, Utilities, Media & Entertainment, Telecom 
Infrastructure, Industrial Goods & Services, Industrial Transportation and 
Engineering sectors. www.oif.om 
About Castell Investments Ltd 
Castell Investments Ltd is a private company which has been formed by Dubai 
Transport Company LLC, a diversified regional conglomerate based in Dubai. 
www.dutco.com 
This news release may contain "forward-looking information", as defined under 
applicable Canadian securities laws. Forward-looking information typically 
contains statements that relate to future, not past, events and often contains 
words such as "anticipate", "believe", "plan", "estimate", "expect", and 
"intend", statements that an action or event "may", "might", "could", 
"should", or "will" be taken or occur, or other similar expressions. There can 
be no assurance that the forward-looking information contained in this release 
will prove to be accurate, and actual results and future events could differ 
materially from those anticipated in such information. 
All statements, other than statements of historical fact, included in this 
release including, without limitation, relating to the incorporation of SPMP, 
the proposed land lease in Sohar FTZ, the expected funding structure for the 
capital cost of the Roaster project, the expected timing for completion of the 
EIA and commencement of site preparation work and construction, and the plans 
and expected impact of the Roaster project, constitute forward-looking 
information. Forward-looking information is based on a number of factors and 
assumptions which have been used to develop such information but which may 
prove to be incorrect, including, but not limited to, assumptions in 
connection with the ability to satisfy all conditions to the MOU, the ability 
to obtain the EIA and to complete construction of the Roaster project, the 
availability of financing for the cost of the Roaster project on acceptable 
terms and general economic and market conditions. Forward-looking information 
involves known and unknown risks, uncertainties and other factors which may 
cause actual results, performance or achievements, or other future events, to 
be materially different from any future results, performance or achievements 
expressed or implied by such forward-looking information. Such factors 
include, among others, risks associated with changes in laws applicable to the 
Roaster project, the volatility of commodity prices, currency exchange rates 
and interest rates, and global economic conditions, and the additional risks 
identified in the Company's Annual Report and Financial Statements for the 
year ended 31 December 2012 or other reports and filings with applicable 
securities regulators. Forward-looking information in this release is based on 
the Directors' beliefs, estimates and opinions on the date of this release and 
the Company does not undertake to update publicly or revise the 
forward-looking information contained in this release, except as required by 
applicable securities laws. 
Any financial outlook or future-oriented financial information in this 
release, as defined by applicable Canadian securities laws, has been approved 
by the Directors as of the date of this release. Such financial outlook or 
future oriented financial information is provided for the purpose of providing 
information about the Company's current expectations and plans relating to the 
future. Readers are cautioned that such outlook or information should not be 
used for purposes other than for which it is disclosed in this release. 
 

SOURCE  Tri-Star Resources PLC 
Tri-Star Resources Plc Emin Eyi, Managing Director Tel: +44 (0) 20 3463 2260 
Brian Spratley, Technical Director Tel: +44 (0) 1233 629 550  SP Angel 
Corporate Finance (Nomad and Broker) Robert Wooldridge / Katy Birkin Tel: +44 
(0) 20 3463 2260  Greenstone Equity Partners Alex Gemici / Omar Al-Gharabally 
Tel: +971 (4) 388 0488  Yellow Jersey PR Limited (Financial PR) Dominic 
Barretto / Kelsey Taynor Tel: +44 (0) 7768 537739 
Keith, Bayley Roger & Co (Joint Broker) Brinsley Holman Tel: +44 (0) 20 3100 
8300 
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CO: Tri-Star Resources PLC
ST: Nova Scotia
NI: MNG FIN VNT LOAN MNA  
-0- Oct/09/2013 18:44 GMT
 
 
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