Scorpio Gold Forecasts 40,000-45,000 Oz. Gold Production in 2014 at the Mineral Ridge Operation, Nevada
13 Février 2014 - 2:00PM
Marketwired
Scorpio Gold Forecasts 40,000-45,000 Oz. Gold Production in 2014 at
the Mineral Ridge Operation, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 13, 2014) -
Scorpio Gold Corporation ("Scorpio Gold" or the "Company")
(TSX-VENTURE:SGN) provides its 2014 guidance and budget for the 70%
owned Mineral Ridge project, located in Nevada.
Peter J. Hawley, CEO reports: "The Company's forecast for its
third year of commercial production at Mineral Ridge represents a
new high of 40,000-45,000 ounces gold. The operation has
consistently exceeded tonnage and grades indicated by the 2012 Life
of Mine Plan Study completed by AMEC. These factors contributed to
a strong operating performance in H1 2013, enabling the Company to
increase its 2013 production forecast and decrease its cash cost
estimate midway through the year. As in early 2013, the Company has
taken a conservative approach to estimating total cash cost for
2014 at US$800-$850 per ounce of gold sold, and may revise this
estimate at a future date if warranted by quarterly operating
results."
Production in 2014 is scheduled from the Drinkwater and Mary/LC
pits. Scorpio Gold recently received approval from the Nevada
Bureau of Land Management for its Amended Plan of Operations,
allowing the Company to proceed with the planned expansion of the
current Mary pit to incorporate the Mary LC zone. The new Mary/LC
pit will have dimensions far exceeding the current operating
Drinkwater pit. Completion of a new mineral reserve estimate and
Life of Mine plan, which will incorporate the Drinkwater, Mary and
Mary LC mineralization, is expected in Q1 2014.
2014 Mineral Ridge Operations Forecast:
- Production: 40,000 to 45,000 ounces gold
- Total Cash Cost: US$800 to US$850 per ounce of gold sold
Key estimated parameters forming the basis for the 2014 forecast
are:
- Average throughput: 2,840 short tons (2,580 metric tonnes) per
day
- Average grade: 0.061 ounces per short ton (2.09 grams per
tonne) gold
- Waste to ore ratio of Drinkwater and Mary/LC producing pits
combined: 4.3 to 1
The Company expects these parameters to fluctuate throughout
2014 and as a result, these parameters should be treated as
full-year averages and will not necessarily be reflective of
quarterly operating results.
2014 Capital Expenditure, Development and Exploration Budget
Capital, development and exploration expenditures for the
Mineral Ridge operation in 2014 are budgeted at US$11.0 million as
follows:
Expenditures |
US$ |
Capital |
$1.2 M |
Development |
$5.9 M |
Exploration |
$3.9 M |
Total |
$11.0 M |
2014 Exploration
The 2014 exploration program at Mineral Ridge is budgeted at
US$3.9 million and includes 18,000-24,000 metres (60,000-80,000
feet) of drilling. The program will focus on continued resource
expansion and upgrading of the satellite deposits as well as drill
testing of the Custer target, which lies along strike and southeast
of the Mary LC zone. Other high quality exploration targets on the
property will also be tested.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the Mineral Ridge gold
mining operation located in Esmeralda County, Nevada with joint
venture partner Waterton Global Value L.P. (30%), and is currently
entitled to receive 80% of cash flow generated. Mineral Ridge is
currently in production as a conventional open pit mining and heap
leach operation. The Mineral Ridge property is host to multiple
gold-bearing structures, veins and lenses at exploration,
development and production stages. Scorpio Gold also holds a 100%
interest in the advanced exploration-stage Goldwedge property and
processing facility in Manhattan, Nevada, and is currently in
process of selling the advanced exploration-stage Pinon gold
property near Carlin, Nevada. The Company is assessing its
exploration plans for the Goldwedge property as well as the
potential for toll milling at the Goldwedge plant, which is
currently permitted for 400 tons per day.
Scorpio Gold's CEO, Peter J. Hawley, PGeo, is a Qualified Person
as defined by National Instrument 43-101 and has reviewed and
approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
Neither 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.
The Company relies on litigation protection for forward-looking
statements. This news release contains forward-looking statements
that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding
the Company's plans with respect to the exploration, development
and exploitation of its Mineral Ridge project and forecasts of
mining, gold production and operating costs. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ
materially from estimated or anticipated events or results implied
or expressed in such forward-looking statements, including risks
related to mining, factors that can increase operating costs and
those risk factors outlined in the Company's Management Discussion
and Analysis as filed on SEDAR. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty thereof.
Scorpio Gold CorporationSteve RoebuckPresident(819)
825-7618sroebuck@scorpiogold.comwww.scorpiogold.comTorrey Hills
CapitalJim MacdonaldInvestor Relations(858)
456-7300jm@sdthc.com
Scorpio Gold (TSXV:SGN)
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