Superior Gold Inc. Declares Commercial Production at Hermes
TORONTO, March 26, 2018 /CNW/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSX.V:SGI) is pleased to declare commercial production at its 100% owned Hermes project, which is located approximately 65 kilometres southwest of the Company's 100%-owned Plutonic gold mine in Western Australia.
The Company considered a dual test to determine the conditions required for Hermes to achieve commercial production. These included: 1) reaching 85% of the planned daily haulage rate from Hermes to the Plutonic mill, and 2) delivering a cumulative total tonnage of 100,000 tonnes from Hermes to the Plutonic mill. The Company will include Hermes in its operating costs beginning April 1, 2018.
Chris Bradbrook, President and CEO of Superior Gold stated: "This is another important milestone for the Company. We have been able to build Hermes from internally generated cash flow and completed this work less than 18 months after taking ownership of the Plutonic gold operations in October 2016. It is anticipated that the contribution of mineralization from Hermes will allow us to reach our 2018 production guidance of 100,000 to 110,000 ounces of gold. As production from Hermes was ramping up during the quarter, our first quarter of 2018 will have the lowest quarterly production level for the year."
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.
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 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.
SOURCE Superior Gold
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