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Ellis Martin Report: Steppe Gold Ltd (STPGF) Reports Accelerating Progress on Phase 2 Expansion
Malibu, CA, United States (ABN Newswire) - Join Ellis Martin now for a conversation with Anee...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Ellis Martin Report: Steppe Gold Ltd (STPGF) Reports Accelerating Progress on Phase 2 Expansion\n \n Malibu, CA, United States (ABN Newswire) - Join Ellis Martin now for a conversation with Aneel Waraich the Executive Vice President and Director of Steppe Gold Ltd (OTCMKTS:STPGF)(TSE:STGO). We take a look at a demonstrated explorer, developer and gold producer in Mongolia employing approximately 250 individuals locally. Production costs all in are about $750-800 per ounce. Today Mr. Waraich reviews the company's Phase 2 expansion of the ATO Gold Mine and how that will also bring down production costs per ounce of gold. Listen to the interview.\n \n \n Highlights:\n \n \n Power Update - Approval has been received from government agencies to provide grid power to the ATO Phase 2 Expansion. This landmark agreement will drive significant energy savings and will be a key infrastructure benefit for the ATO Gold Mine and its local communities. Will reduce expected cash costs by well in excess of $100/oz for Phase 2.\n \n \n The new fixed crusher is near completion, providing greatly accelerated crushing rates and represents a key component of the Phase 2 Expansion.\n \n \n Steppe Gold retains an inventory of 80,000 ounces of gold on a 70% recovered basis, allowing for strong near term production rates.\n \n \n Power Update\n \n \n Steppe Gold's ATO Gold Mine has received relevant approvals from the Ministry of Energy and National Dispatching Center to build and connect a high voltage power line system of 110/35/10 kV and use 10MW from the Dornod Province State Power Plant. This is a major milestone in the Phase 2 Expansion, and a special purpose company Steppe Power LLC has been established to manage the development and connection to the state grid system.\n \n \n The Company retained a leading global engineering firm to advise on available energy options for the Phase 2 Expansion, including renewable alternatives. Renewable options are generally too expensive at this scale, with traditional energy sources more economic.\n \n \n With the recent significant rise in fuel prices, connecting to the state grid power system will dramatically reduce projected energy costs by 75%, or from approximately $32M to $8M annually at the Phase 2 Expansion and will reduce expected cash costs by well in excess of $100/oz.\n \n \n The Company plans to co...