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Scorpio Gold Reports Annual Gold Production at Mineral Ridge Operation, Nevada
VANCOUVER, British Columbia, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:SGN) announces its operating re
About this update from Scorpio Gold Corporation
[{"type":"text","content":"VANCOUVER, British Columbia, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:SGN) announces its operating results for the full year and the fourth quarter (“Q4”) of 2017 at its 70% owned Mineral Ridge project, located in Nevada. Total gold production in 2017 was 19,045 ounces, which slightly exceeded the Company’s low-end guidance of 19,000 ounces. The annual production for 2017 of 19,045 ounces represents a decrease of 48% over the prior year. Gold production in Q4 2017 totalled 3,709 ounces representing a decrease of 55% from Q4 of 2016. Mine production decreased in 2017 due to mining 47% fewer ore tonnes, although average grades were 9% higher as compared to the prior year. Brian Lock, CEO, comments, “As previously announced, mining was suspended in the first week of November 2017. Earlier this month, the Company announced results from Mine Technical Services on the mineable, higher-grade mineralization in the existing pits at Mineral Ridge and a positive updated feasibility study, which supports the Company’s plans for the construction of a 4,000 TPD milling facility with CIL recovery and dry stack tailings circuit. Construction of the milling facility will begin once financing is obtained and the Plan of Operations Amendment and Water Pollution Control permit are approved and issued.” Key Operating Statistics Three months endingDecember 31 Twelve months endingDecember 31 2017 2016 Change 2017 2016 Change Mining operations Mary LC pit Ore tonnes mined - 148,161 -100.0 % 315,242 553,402 -43.0 % Waste tonnes mined - 977,246 -100.0 % 1,805,218 3,519,285 -48.7 % Total mined - 1,125,407 -100.0 % 2,120,460 4,072,687 -47.9 % Strip Ratio - 6.6 -100.0 % 5.7 6.4 -10.9 % Satellite pits Ore tonnes mined 24,290 6,028 303.0 % 78,854 196,802 -59.9 % Waste tonnes mined 113,972 5,888 1,835.7 % 665,226 525,491 26.6 % Total mined 138,262 11,916 1,060.3 % 744,080 722,293 3.0 % Strip Ratio 4.7 1.0 370.0 % 8.4 2.7 211.1 % Total producin...