8 Jun 2018 07:00
8 June 2018
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Cap Oeste Production Update
Patagonia Gold Plc, the mining company with gold and silver projects in the southern Patagonia region of Argentina, Chile and Uruguay, is pleased to provide an update on production at Cap Oeste for Q1 2018.
Production at Cap Oeste for Q1 2018 totalled 10,662 oz AuEq at an average cash cost of US$693/oz and US$756/oz including depreciation and amortisation.
The team at Cap Oeste continue with efforts to optimise the production process while the installation of the new crushing circuit to reprocess the material already stacked on the leach pad is completed.
The Company is using the proceeds from gold sales from Cap Oeste to complete the payment of the new crushing circuit as well as reducing its net debt position.
The production guidance for the year is currently being reviewed and the market will be updated once this exercise is complete.
About Patagonia Gold
Patagonia Gold Plc is a mining company that seeks to grow shareholder value through exploration, development and production of gold and silver projects in the southern Patagonia region of Argentina. The Company is primarily focused on its flagship Cap Oeste project in Santa Cruz and the recently acquired Calcatreu project in Rio Negro. In addition, it is carrying out exploration in Manchuria and Sarita in Argentina and San Jose in Uruguay. Patagonia Gold, indirectly through its subsidiaries or under option agreements, has mineral rights to over 220 properties in several provinces of Argentina, Chile and Uruguay and is one of the largest landholders in the province of Santa Cruz, Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Plc
Tel: +54 11 5278 6950
Angela Hallett
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").