PI Financial Corp Updates Coverage on Trevali Mining Reiterating Speculative Buy Recommendation - Video Research Alert Posted on InvestmentPitch.com

Vancouver, British Columbia--(Newsfile Corp. - August 21, 2013) - PI Financial Corp. has updated coverage on Trevali Mining (TSX: TV) (OTCQX: TREVF). Following the announcement that the company had commenced zinc and lead-silver concentrate production at its Santander Mine in Peru, analyst Aleem Ladak reiterated his speculative buy rating, and a 12-month target of $2.05, a premium of 166% to the $0.77 price the day the report was issued.

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Trevali is a zinc-focused base metals mining company with operations in Canada and Peru. In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat polymetallic deposit all located in the Bathurst Mining Camp of northern New Brunswick.

In Peru, the Crushing, Transfer, Grinding, Floatation and Tailings circuits are all operational and undergoing commissioning and optimization. As part of the commissioning process the mill is currently processing stock-piled mineralized feed during day-shift and fine tuning the plant and optimizing the reagent schemes and run criteria following each run during the subsequent night-shift as required.

Production at Santander had been delayed since the first quarter of this year due to challenging climatic conditions, delays in receiving key electrical safety cells for the mill substation and an overall slower-than-expected construction period. The silver lining to the delayed start of production is that the price for zinc has been strengthening since the spring and is up by 10% to about US$0.88 at present on the London Metals Exchange.

"Commencing metal concentrate production from our Santander Mine is a major achievement for Trevali. We now aim to ramp-up operations to the planned 2,000-tonne-per-day throughput," stated Dr. Mark Cruise, Trevali's President and CEO. "This milestone is a testament to the hard work and dedication of the Trevali - Glencore construction teams as well as our contract partners that continue to play a vital role in our success."

Now that the construction is over, P. I. Financial believes a ramp up to full production can begin and that positive cash flows are expected by the end of the year.

Analyst Aleem Ladak stated, "Our 2013 and 2014 earnings per share estimates remain at $0.02 a share and $0.34 a share, respectively; the increase in earnings in 2014 will be driven by output starting at the caribou Mill."

The company currently trades at $0.70 well below the $2.05 target price, and with 221 million shares outstanding, the company is capitalized at $155 million.

For more information, please visit the company's website www.trevali.com or contact Steve Stakiw, VP Investor Relations & Corporate Communications at 604-638-5623 or email sstakiw@trevali.com.

For more information about PI Financial or to obtain a copy of their research report, contact your nearest PI Financial office. Their branches are listed on their website at www.pifinancialcorp.com.

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