Patagonia GOLD 2019 Financial Results and Update ON Extension to File Q1 2020 Financial Statements and Md&a
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PATAGONIA GOLD 2019 FINANCIAL RESULTS
AND UPDATE ON EXTENSION TO FILE Q1 2020 FINANCIAL STATEMENTS AND MD&A
June 15, 2020 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the “Company”)
(TSXV: PGDC) announces its audited results for the fiscal year ended December 31, 2019
(“YE 2019”). The financial statements together wit h the management’s discussion and
analysis (“MD&A”) are available on the Company’s web site and on SEDAR at
www.sedar.com.
Highlights
Revenue of US $21.9 million and gross profit of US $5.5 million in YE 2019.
In February 2019, the heap leach operations at Loma da and Cap Oeste were placed
on care and maintenance.
Residual production at Cap Oeste of 7,796 ounces of gold and 237,727 ounces of silver
and at Lomada of 3,969 ounces of gold.
Production at Mina Martha of 232 ounces of gold and 65,620 ounces of silver.
Completion of the Reverse Takeover transaction with Hunt Mining Corp. on July 24,
2019.
At Calcatreu, the exploration program during 2019 wa s mostly focused on surface
work, with a total of 41.28 line kilometers of Pole-Dipole geophysical surveying over
the Nelson, Castro Norte, Fiero, Sabrina and Viuda de Castro areas, plus 121.5 line
kilometers of gradient IP geophysics over Nelson, Sabrina and Mariano. An additional
1,687.2 km of ground magnetic surveying, covering 5 5.44sq km, were completed in
the project covering several targets including V49 and Nelson.
Initiated a pre-feasibility study at Cap Oeste to as sess the potential technical and
economic extraction of the higher grade portion of the current mineral resources 1.
Received the final approval closure plan for Lomada on November 2019 and started
with the works of remediation in late 2019.
1. Please refer to the December 2018, Capo Oeste techn ical report, on file at www.sedar.com , for further
information.
Christopher van Tienhoven, CEO commented: “Despite the closure of Lomada and Cap
Oeste in February 2019, the projects continued to generate residual production from the
heap leach pads which helped the Company to reduce i ts commercial indebtedness. In
addition, the successful completion of the Reverse Takeover with Hunt Mining will enable
the Company to advance the development of the high- grade Cap Oeste Underground
Project with processing at the Martha plant.”
First Quarter 2020 Financial Results Release
The Company continues to rely on the temporary blanket relief (the “Relief”) for market
participants from certain regulatory filings published by Canadian securities regulators on
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March 23, 2020 as a result of the COVID-19 pandemic. The Relief provides the Company
with a 45-day extension to file its financial state ments and MD&A for the period ended
March 31, 2020 (the “Q1 Filings”). Patagonia expect s to file the Q1 Filings on or before
July 16, 2020.
There have not been any material business developme nts that are not otherwise
disclosed in this news release. Readers are encoura ged to refer to the Company’s news
releases dated April 16, 2020 and May 15, 2020 for more information on the filing
extension.
Qualified Person’s Statement
Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of
AusIMM, is the qualified person as defined by National Instrument 43-101, has approved
the scientific and technical content of this press release.
About Patagonia Gold
Patagonia Gold Corp. is a mining and development com pany listed on the TSX Venture
Exchange. The Company seeks to grow shareholder val ue through exploration and
development of gold and silver projects in the Pata gonia region of Argentina. The
Company is primarily focused on the Calcatreu project in Rio Negro and the development
of the Cap Oeste underground project. Patagonia, i ndirectly through its subsidiaries or
under option agreements, has mineral rights to over 360 properties in several provinces
of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz,
Argentina.
For more information, please contact:
Dean Stuart
T: 403 617 7609
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited
to, statements with respect to, among other things, anticipated results of production and
processing, assumptions with respect to advancing and defining the Calcatreu project and
possible results of metallurgical testwork, advance ment and development of gold and
silver projects in the Patagonia region of Argentin a, anticipated growth in shareholder
value and when the Company expects to file the Q1 Filings. Wherever possible, words such
as “may”, “will”, “should”, “could”, “expect”, “pla n”, “intend”, “anticipate”, “believe”,
“estimate”, “predict” or “potential” or the negative or other variations of these words, or
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similar words or phrases, have been used to identif y these forward-looking statements.
These statements reflect management’s current belie fs and are based on information
currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many
factors could cause actual results, performance or achievements to differ materially from
the results discussed or implied in the forward-loo king statements. These factors should
be considered carefully and readers should not plac e undue reliance on the forward-
looking statements. Although the forward-looking st atements contained in this news
release are based upon what management believes to be reasonable assumptions, the
Company cannot assure readers that actual results will be consistent with these forward-
looking statements. These forward-looking statement s are made as of the date of this
news release, and the Company assumes no obligation to update or revise them to reflect
new events or circumstances, except as required by law.
Neither the 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.