Business
Scorpio Gold Produces 1,627 Ounces of Gold in Third Quarter 2018 at the Mineral Ridge Operation, Nevada And Receives Debt Extension
VANCOUVER, British Columbia, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that the forebe
About this update from Scorpio Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that the forebearance agreement on its $6 million debt originally expiring on October 15, 2018 was extended to November 16, 2018. The Company also announces its operating results for the third quarter (“Q3”) of 2018 at its 70% owned Mineral Ridge project, located in Nevada. Production at Mineral Ridge in Q3 2018 totalled 1,627 ounces of gold and 655 ounces of silver compared to 4,395 ounces of gold and 2,588 ounces of silver in Q3 of 2017. Gold and silver production for the first nine months of 2018 totalled 6,187 ounces of gold and 2,866 ounces of silver, representing decreases of 59.7% and 63.9%, respectively, over the same period in 2017. As previously reported, mining was suspended in the first week of November 2017, which has resulted in lower gold ounces produced. The Company is currently evaluating various business alternatives including a potential sale transaction, business combination, refinancing its long-term debt, raising financing through an equity financing or through other types of financing. Key Operating Statistics Three months endingSeptember 30 Nine months endingSeptember 30 2018 2017 Change 2018 2017 Change Mining operations Ore tonnes mined - 80,629 -100 % - 370,578 -100 % Waste tonnes mined - 669,610 -100 % - 2,605,557 -100 % Total mined - 750,239 -100 % - 2,976,135 -100 % Processing Tonnes processed - 78,759 -100 % - 368,636 -100 % Gold head grade (g/t) - 1.34 - - 1.54 - Ounces produced Gold 1,627 4,935 -67.0 % 6,187 15,336 -59.7 % Silver 655 2,588 -74.7 % 2,866 7,947 -63.9 % Crusher throughput (tonnes per day) - 856 -100 % - 1,350 -100 % Recoverable(1) gold (ounces) placed on pad - 2,299 -100 % - 12,456 -100 % (1) A weighted average metallurgical recovery factor has been applied to the estimated contained ounces crushed and placed on the leach pad based on the pit from which the ore was mined. About Scorpio Gold Scorpio Gold holds a 70% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint ...