11:51 AM EST - Troy Resources Limited : announced that, since the recommended offer by Troy for all of the shares in Azimuth just over four weeks ago, the gold sector has experienced tremendous volatility. The price of gold has dropped from $1,605 U.S. per ounce to $1,475 U.S.. The S&P/ASX Gold Index has dropped by 24% and the S&P/TSX Global Gold Index is down 22%. In addition, just about every gold company listed on the ASX and the TSX over this period has seen its share price drop materially with some as much as 49% and the average across the Australian listed gold sector down around 23% Whilst this volatility is obviously not good for shareholders of either Troy or Azimuth, it does underscore and reinforce the compelling logic of the proposed combination of Troy and Azimuth. In an environment where gold and equity markets are unforgiving and investors are increasingly risk averse, the Troy offer will bring together the best attributes of both companies in one group which will have the technical skills, financial capacity and geological prospectivity to deliver value to shareholders over the long term. Troy Resources Limited
shares T.TRY are trading unchanged at $2.06.
