Patagonia GOLD Announces Third Quarter Results
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PATAGONIA GOLD ANNOUNCES THIRD QUARTER RESULTS
November 28, 2019 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the
“Company”) (TSXV: PGDC) is pleased to present its unaudited results for the third quarter
ended September 30, 2019 (“Q3 2019”). The financia l statements together with the
management’s discussion and analysis (“MD&A”) are available on the Company’s website
and on SEDAR at www.sedar.com.
These are the first set of consolidated results fol lowing the reverse takeover transaction
(the “RTO”) with Patagonia Gold Plc which became effective July 22, 2019.
Highlights
Revenue for Q3 was US$5.6 million and US$16.2 milli on for the nine months to
September 30, 2019.
Continued production from existing heap leach pads at Lomada and Cap Oeste
following placing both operations on care and maintenance.
Production of 3,374 ounces AuEq (2,583 ounces Au and 67,814 ounces Ag) during Q3
and 11,698 ounces AuEq (9,433 ounces Au and 193,315 ounces Ag) for the nine
months to September 30, 2019.
Sales of 3,844 ounces AuEq (2,890 ounces Au and 79,715 ounces Ag) during Q3 at an
average gross price of US$1,460/ounce and 12,117 ou nces AuEq (9,832 ounces Au
and 194,343 ounces Ag) at an average gross price of US$1,345/ounce for the nine
months to September 30, 2019.
Cash costs of US$412/ounce AuEq for the Q3 and US$5 50/ounce AuEq for the nine
months to September 30, 2019.
At Calcatreu, the location of drill holes to obtain samples for metallurgical testwork
was defined.
Entered into option agreement with Latin Metals Inc. for the acquisition of the Mina
Angela Project in Chubut Province. Due diligence work is underway.
Note: Gold equivalent ("AuEq") values were calculat ed multiplying the Ag ounces by the silver metal pr ice
then dividing by the Au metal price; both correspon ding to average metal prices during the month of
production.
Christopher van Tienhoven, CEO commented: “We are pleased to have completed the
RTO with Patagonia Gold Plc. It is an exciting tim e for the newly-formed Company and
we look forward to continuing production from Cap Oeste and processing material at the
Martha facility. We are also excited about the prospect of advancing the Calcatreu project
and completing metallurgical testwork and to further define the project.”
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Qualified Person’s Statement
Donald J. Birak, an independent geologist and Regis tered 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 350 properties in several provinces
of Argentina, Chile and Uruguay and is one of the l argest 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 Argentina and anticipated growth in shareholder
value. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “pre dict” or “potential” or the negative or
other variations of these words, or similar words o r phrases, have been used to identify
these forward-looking statements. These statements reflect management’s current beliefs
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-
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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.