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Patagonia Gold 2022 Financial Results
VANCOUVER, British Columbia, April 28, 2023 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited results f
About this update from Patagonia Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, April 28, 2023 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited results for the financial year ended December 31, 2022 (“YE 2022”). The audited consolidated financial statements for YE 2022, together with the related management’s discussion and analysis, are available on the Company’s website and under the Company’s profile on SEDAR at www.sedar.com. Highlights Generated revenue of US$12.3 million in YE 2022. Produced 6,490 gold equivalent ounces (1) and sold 6,782 gold equivalent ounces (1). Spent US$5.4 million for the exploration of key projects in Argentina. In August 2022, the Company presented the Environmental Impact Study for the development of the Calcatreu project (the “EIA”). In March 2023, the Rio Negro provincial Mining Department provided a favorable opinion on the EIA. The EIA is currently being reviewed by the provincial Environmental Department and it continues to progress within the administrative framework established by the applicable authorities for review and approval of such studies. Completed a 3,102-meter diamond drill program at Tornado/Huracán in the province of Santa Cruz, Argentina, which encountered anomalous, precious metal mineralization (2). Completed a 728.2-meter diamond drilling program at Cap-Oeste, in the province of Santa Cruz, to obtain samples for metallurgical testing and for mineral resource block model confirmation (2). Completed 1,384 meters of RC drilling at the Abril Project, in the province of Santa Cruz, Argentina (2), which encountered anomalous, precious metal mineralization. Notes: (1) Consisting of 5,080 gold and 116,286 silver ounces of production and 5,310 gold and 121,184 silver ounces sold, converted to a gold equivalent using a ratio of the average spot market price for the commodities each period. The ratio for the year ended December 31, 2022 was 82.41:1 (2021 – 73.03:1). (2) Please refer to news releases issued on May 18 and May 26, 2022, November 16 and November 29, 2022 and December 22, 2022 (and available on the Company’s website and under the Company’s profile on SEDAR at www.sedar.com) for additional information on drilling at Tornado/Huracán, Capo-Oeste and Abril, respectively. Qualified Person’s Statement Donald J. Birak, an independent, consulting geologist, Regist...