Troy-Casposo Financing Complete

PERTH, WESTERN AUSTRALIA--(Marketwire - May 11, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Troy Resources NL (TSX:TRY)(ASX:TRY) -

HIGHLIGHTS

* Troy Resources NL ("Troy") is pleased to announce that the A$15m Tranche A of the A$25 million Revolving Corporate Debt Facility Agreement to be provided by Investec Bank (Australia) Limited ("Investec") is available for drawdown.
* Casposo gold-silver project in Argentina is now fully funded.
* Tranche B of A$10m, which is available for a combination of Casposo exploration and for general corporate purposes, is subject to Investec's due diligence review and final credit approval which is expected in June 2010.
* The facility requires no gold or silver price hedging leaving Troy shareholders fully exposed to the underlying commodity prices.
* Loan Maturity is 3 years.
* Casposo project construction is within budget and on schedule to produce first gold in the September quarter 2010.

Growing junior gold producer, Troy Resources NL announced today the A$15m Tranche A of the A$25 million Revolving Corporate Debt Facility provided by Investec Bank (Australia) Limited, is available for drawdown. Tranche A of A$15 million provides the balance of funding to finalise construction of the Casposo gold and silver mine in Argentina.

Tranche B for the amount of A$10m is subject to Investec's due diligence review and final credit approval, which is expected in June 2010. Although the funding from Tranche B is intended for general corporate purposes it is expected that it will primarily be directed to funding an accelerated exploration program of the Casposo and Castaño Nuevo leases to build the Company's gold and silver Reserves and Resources, with a view to extending the Casposo mine life.

The term of the loan is 3 years and no mandatory gold or silver price hedging is involved.

Commenting on today's announcement, Troy's CEO Paul Benson said: "Having completed the formalities surrounding the initial conditions precedent for Tranche A, the loan is now available for drawdown. The importance of this milestone is that it means the Casposo project is now fully funded. As per the update we made to the market last week the project construction is progressing well and remains on track to pour first gold in the September quarter of 2010.

"We are finalising the remainder of the conditions precedent for the Tranche B facility and we expect that to close in June 2010. The second tranche will allow us to aggressively explore the Casposo and Castaño Nuevo leases with the aim of building the project's gold and silver inventory and extend the mine life."

This report contains forward-looking statements. These forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. Such statements include that the construction costs of the Casposo Project are now fully funded and statements regarding the availability and expected use of the loan facility. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters and construction costs as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals, in the commencement of operations and in the completion of loan documentation.

ABOUT TROY RESOURCES

Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; at Sandstone in Western Australia and the Andorinhas Mine in Para State, Brazil and a gold-silver development project, Casposo, in San Juan province, Argentina.

Troy has an experienced Board and management team with a portfolio of successful, fast-track mine development and low-cost operations.

Troy has an annual exploration budget of over $5 million and a proven track record in exploration discoveries and strategic acquisitions.

Troy is currently focused on developing its Casposo Project, which it acquired in May 2009. With the acquisition and development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.

The Company maintains a robust balance sheet and forecasts continued strong cash flow from its current assets. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.

With development of the Casposo project in Argentina well underway, Troy is positioned to continue its path of strong growth and profitable operations. The Company is on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.

Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.

To view Project Locations, please click on the following link: http://media3.marketwire.com/docs/try510.pdf

ABN 33 006 243 750

For more information, please contact
Troy Resources NL
Paul Benson
Chief Executive Officer
(61 8) 9481 1277
(61 8) 9321 8237 (FAX)
troy@troyres.com.au
or
Purple Communications
Annette Ellis / Warrick Hazeldine
Media Relations
(61 8) 6314-6300
aellis@purplecom.com.au

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