VANCOUVER, British Columbia, Nov. 28, 2019 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to present its unaudited results for the third quarter ended September 30, 2019 (“Q3 2019”). The financial statements together with the management’s discussion and analysis (“MD&A”) are available on the Company’s website and on SEDAR at www.sedar.com.
These are the first set of consolidated results following the reverse takeover transaction (the “RTO”) with Patagonia Gold Plc which became effective July 22, 2019.
- Revenue for Q3 was US$5.6 million and US$16.2 million for the nine months to September 30, 2019.
- Continued production from existing heap leach pads at Lomada and Cap Oeste following placing both operations on care and maintenance.
- Production of 3,374 ounces AuEq (2,583 ounces Au and 67,814 ounces Ag) during Q3 and 11,698 ounces AuEq (9,433 ounces Au and 193,315 ounces Ag) for the nine months to September 30, 2019.
- Sales of 3,844 ounces AuEq (2,890 ounces Au and 79,715 ounces Ag) during Q3 at an average gross price of US$1,460/ounce and 12,117 ounces AuEq (9,832 ounces Au and 194,343 ounces Ag) at an average gross price of US$1,345/ounce for the nine months to September 30, 2019.
- Cash costs of US$412/ounce AuEq for the Q3 and US$550/ounce AuEq for the nine months to September 30, 2019.
- At Calcatreu, the location of drill holes to obtain samples for metallurgical testwork was defined.
- Entered into option agreement with Latin Metals Inc. for the acquisition of the Mina Angela Project in Chubut Province. Due diligence work is underway.
Note: Gold equivalent (“AuEq”) values were calculated multiplying the Ag ounces by the silver metal price then dividing by the Au metal price; both corresponding to average metal prices during the month of production.
Christopher van Tienhoven, CEO commented: “We are pleased to have completed the RTO with Patagonia Gold Plc. It is an exciting time for the newly-formed Company and we look forward to continuing production from Cap Oeste and processing material at the Martha facility. We are also excited about the prospect of advancing the Calcatreu project and completing metallurgical testwork and to further define the project.”
Qualified Person’s Statement
Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of AusIMM, is the qualified person as defined by National Instrument 43-101, has approved the scientific and technical content of this press release.
About Patagonia Gold
Patagonia Gold Corp. is a mining and development company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 350 properties in several provinces of Argentina, Chile and Uruguay and is one of the largest landholders in the province of Santa Cruz, Argentina.
For more information, please contact:
T: 403 617 7609
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
This news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, anticipated results of production and processing, assumptions with respect to advancing and defining the Calcatreu project and possible results of metallurgical testwork, advancement and development of gold and silver projects in the Patagonia region of Argentina and anticipated growth in shareholder value. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.