Welcome!

News Feed Item

Scorpio Gold Produces 9,034 Ounces of Gold in Second Quarter 2014 at the Mineral Ridge Operation and Provides Update on Life of Mine Study

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/14/14 -- Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) announces its operating results for the second quarter ("Q2") of 2014 at its 70% owned Mineral Ridge project, located in Nevada.

Production at Mineral Ridge in Q2 2014 totalled 9,034 ounces of gold and 3,771 ounces of silver. Total gold production for the first half ("H1") of 2014 stands at 19,328 ounces; an increase of 6.3% from H1 of 2013. The 2014 production forecast for Mineral Ridge remains unchanged at 40,000 to 45,000 ounces of gold (as reported in the Company's February 13, 2014 news release).

Peter J. Hawley, CEO, reports, "We are in a planned period of transition at Mineral Ridge, as production from the Drinkwater pit winds down and production from the Mary pit increases, resulting in a dip in gold ounces produced during Q2 2014 compared to the previous year. In addition, gold head grades in Q2 2014 were lower than the same period in 2013, but not unexpected based on the mine plan for this transition period. Head grades are expected to return to average levels as per the current Life of Mine plan in H2 2014. Overall, we are very pleased with the operation's performance in H1 2014.A stronger second half of 2014 is expected based on the above, and as gold inventory on the leach pad is further drawn down by a new, higher capacity carbon column recently installed in the ADR plant. We confirm our guidance of 40,000 to 45,000 ounces gold production at Mineral Ridge in 2014."

Key Operating Statistics

                                   Three months                  Six months 
                                 ending June 30              ending June 30 
                     -------------------------------------------------------
                          2014      2013 Change       2014      2013 Change 
----------------------------------------------------------------------------
Mining operations                                                           
  Drinkwater pit                                                            
    Ore tonnes mined   165,882   209,114  -20.7%   320,834   372,656  -13.9%
    Waste tonnes                                                            
     mined             326,304   568,765  -42.6%   724,537 1,181,831  -38.7%
----------------------------------------------------------------------------
    Total mined        492,186   777,879  -36.7% 1,045,371 1,554,487  -32.8%
    Strip Ratio            2.0       2.7  -25.9%       2.3       3.2  -28.1%
                                                                            
  Mary pit                                                                  
    Ore tonnes mined    79,394    33,644  136.0%   172,142    68,585  151.0%
    Waste tonnes                                                            
     mined             612,511   444,029   37.9% 1,027,872   771,044   33.3%
----------------------------------------------------------------------------
    Total mined        691,905   477,673   44.8% 1,200,014   839,629   42.9%
    Strip Ratio            7.7      13.2  -41.7%       6.0      11.2  -46.4%
                                                                            
  Total producing                                                           
   pits                                                                     
    Ore tonnes mined   245,276   242,758    1.0%   492,976   441,241   11.7%
    Waste tonnes                                                            
     mined             938,815 1,012,794   -7.3% 1,752,409 1,952,875  -10.3%
----------------------------------------------------------------------------
    Total mined      1,184,091 1,255,552   -5.7% 2,245,385 2,394,116   -6.2%
    Strip Ratio            3.8       4.2   -9.5%       3.6       4.4  -18.2%
                                                                            
  Pits under                                                                
   development                                                              
    Mary LC Pit                                                             
    Ore tonnes mined     6,915         -      -      6,915         -      - 
    Waste tonnes                                                            
     mined (pre-                                                            
     stripping)        411,162         -      -    668,558         -      - 
----------------------------------------------------------------------------
    Total mined        418,077         -      -    675,473         -      - 
                                                                            
  Total mining                                                              
   operations                                                               
    Ore tonnes mined   252,191   242,758    3.9%   499,891   441,241   13.3%
    Waste tonnes                                                            
     mined           1,349,977 1,012,794   33.3% 2,420,967 1,952,875   24.0%
----------------------------------------------------------------------------
    Total mined      1,602,168 1,255,552   27.6% 2,920,858 2,394,116   22.0%
                                                                            
  Processing                                                                
    Tonnes processed   247,073   208,262   18.6%   491,846   414,108   18.8%
    Gold head grade                                                         
     (g/t)                1.80      2.56  -29.7%      1.87      2.49  -24.9%
    Ounces produced                                                         
    Gold                 9,034    10,769  -16.1%    19,328    18,180    6.3%
    Silver               3,771     4,379  -13.9%     8,884     7,119   24.8%
    Crusher                                                                 
     throughput                                                             
     (tonnes per day)    3,168     2,670   18.7%     3,215     2,707   18.8%
    Recoverable(1)                                                          
     gold (ounces)                                                          
     placed on pad       9,297    11,126  -16.4%    19,263    21,527  -10.5%
----------------------------------------------------------------------------
 (1) A 65% metallurgical recovery factor has been applied to the estimated  
contained ounces crushed and placed on the leach pad.                       

The Company plans to release an updated mineral reserve estimate and Life of Mine Study incorporating the Drinkwater, Mary/LC and satellite deposits on July 21, 2014.

About Scorpio Gold

Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is currently entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and lenses at exploration, development and production stages. Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property and processing facility in Manhattan, Nevada. The Company is assessing its exploration plans for the Goldwedge property as well as the potential for toll milling at the Goldwedge plant, which is currently permitted for 400 tons per day.

Scorpio Gold's Chief Executive Office, Peter J. Hawley, PGeo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this release.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Peter J. Hawley, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without restriction, any statements regarding the Company achieving production forecasts for 2014. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks related to open pit mining and heap leach operations, including unanticipated changes in the mineral content of materials being mined; unanticipated changes in recovery rates; changes in project parameters; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; availability of skilled labour and the impact of labour disputes; delays in obtaining governmental approvals; changes in metals prices; the availability of cash flows or financing to meet the Company's ongoing financial obligations; unanticipated changes in key management personnel; changes in general economic conditions; other risks of the mining industry; and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

Contacts:
Scorpio Gold Corporation
Steve Roebuck, President
(819) 825-7618
[email protected]

Investor Relations:
Jim Macdonald, Torrey Hills Capital
(858) 456-7300
[email protected]
www.scorpiogold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, redu...
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...