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.

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
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...