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Steppe Gold Files Annual Financial Statements and Provides Update
TORONTO, April 02, 2019 (GLOBE NEWSWIRE) -- Steppe Gold Limited (TSX: STGO) (the “Company” or “Steppe Gold”) is pleased to provide a corporate update and announ
About this update from Steppe Gold Ltd.
[{"type":"text","content":" TORONTO, April 02, 2019 (GLOBE NEWSWIRE) -- Steppe Gold Limited (TSX: STGO) (the “Company” or “Steppe Gold”) is pleased to provide a corporate update and announced today the filing of its audited consolidated financial statements as at the and for the three and twelve months ended December 31, 2018 and the Management’s Discussion & Analysis related thereto, which are available on SEDAR and at www.steppegold.com. All dollar amounts, unless otherwise indicated, are reported in U.S. dollars. HIGHLIGHTS Despite continuing difficult capital markets for the mining sector, Steppe Gold managed to be the only mining IPO on the main board of the Toronto Stock Exchange in 2018. The Company is proud of its achievements in a difficult time raising $25m for the IPO and securing a $23m streaming agreement with a strong financial partner in Triple Flag Mining Finance Ltd. The Company broke ground at its flagship ATO project and has made significant progress towards its first gold pour. “I am extremely proud of the work the team has accomplished in the last 10 months since we completed our IPO in order to get the flagship ATO project built, not to mention the incredible work done by our exploration team during the year. We believe that 2019 will be a year of great successes for the Company and we look forward to providing value to all our shareholders,” said Matthew Wood, Chairman and CEO. “The immediate focus is completing the commissioning and pouring first gold from the ATO Gold Project.” Development The ATO development is nearing completion, project capital expenditures remain under budget and completion is expected in Q2 2019. The ATO 1 open cut has completed the Phase 1 mining with 205,000 tonnes of ore being mined to the end of March. This ore was mined from initially free dig ore and then ore from three blast patterns. Phase 2 mining will commence on plant commissioning. The crushing circuit is also complete and fully operational. The heap leach pad construction is complete for Cell 1, with approximately 170,000 tonnes crushed and stacked to the end of March. Crushing and stacking will be ongoing throughout April. Exploration The Company has completed a total of 99 drill holes for 16,157.5 meters since acquiring the project in late 2017. Exploration results have been above expectation and they have further undersc...