Superior Gold Inc. announces third quarter 2017 detailed production results
REPORTS HIGHEST QUARTERLY PRODUCTION LEVELS OF 2017
(In US Dollars unless otherwise stated)
TORONTO, Nov. 1, 2017 /CNW/ - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) is pleased to announce detailed production results for the third quarter of 2017 from the Company's 100%-owned Plutonic Gold Mine, located 800 kilometres north east of Perth, in Western Australia. The Company released initial preliminary production results on October 5, 2017.
PRODUCTION DETAILS
Production details are summarized in the table below.
|
Q1 |
Q2 |
Q3 |
YTD Nine Month | |
|
Stope material mined (Tonnes) |
155,382 |
149,524 |
161,371 |
466,278 |
|
Stope grade mined (g Au/t) |
4.15 |
3.59 |
4.01 |
3.92 |
|
Development material mined (Tonnes) |
45,404 |
56,839 |
48,563 |
150,805 |
|
Development grade mined (g Au/t) |
2.77 |
2.31 |
2.33 |
2.46 |
|
Surface material milled (Tonnes) |
134,390 |
92,144 |
121,122 |
347,656 |
|
Surface material grade (g Au/t) |
0.49 |
0.37 |
0.77 |
0.56 |
|
Total material milled (Tonnes) |
332,405 |
308,824 |
324,549 |
965,777 |
|
Grade milled (g Au/t) |
2.5 |
2.3 |
2.6 |
2.46 |
|
Recovery (%) |
78% |
76% |
80% |
78% |
|
Gold Produced (ounces) |
20,769 |
17,556 |
21,621 |
59,946 |
|
Gold Sold (ounces) |
21,801 |
19,353 |
20,836 |
61,990 |
Chris Bradbrook, President and CEO of Superior Gold stated: "The detailed production results for the third quarter highlight the continued solid operating performance at the Plutonic Gold Mine. This was the strongest quarter of production this year and the Company is on track to meet its annual production guidance of approximately 75-80,000 ounces of gold for 2017. Development at our Hermes project remains on schedule and on budget and we anticipate production commencing by 2018. The contribution of the mineralized material from Hermes is expected to allow us to reach our objective of increasing annual production to 100,000 ounces of gold."
The Company will be releasing complete financial and operating results for the third quarter and first nine months of 2017 before market open on November 15, 2017.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and statements regarding exploration results and exploration plans.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCESuperior Gold
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