Patagonia Gold Second Quarter 2020 Financial Results and Filing of Restated Financial Statements and MD&A for Q3 2019
Patagonia Gold Second Quarter 2020 Financial Results
and Filing of Restated Financial Statements and MD&A for Q3 2019
October 15, 2020 Vancouver, B.C. Patagonia Gold Corp. (“Patagonia” or the “Company”)
(TSXV: PGDC) is pleased to announce its unaudited results for the fiscal period ended June
30, 2020 (“Q2 2020”). The financial statements toge ther with the management’s
discussion and analysis (“MD&A”) are available on the Company’s website and on SEDAR
at www.sedar.com.
Highlights
Revenue of US$4.71 million and gross profit of US$0.8 million in Q2 2020.
Total production of 2,268 gold ounces and 36,760 silver ounces in Q2 2020.
Submitted application for preliminary environmental permit (the “Lomada Permit”)
for mining and leaching operations at Lomada de Lei va gold project and received a
Preliminary Permit on October 8, 2020.
Completed a 76 line-km ground magnetic survey and 7 .7 line-km of pole-dipole
induced polarization-resistivity (IP/Res) at Calcatreu during Q2 2020.
Completed a 480 line-km ground magnetic survey, cov ering 24 km 2, at La Josefina
gold/silver project during Q2 2020.
Christopher van Tienhoven, CEO commented: “Our team continues to maintain gold and
silver production at some of Patagonia’s projects generating cash flow for exploration and
development. We are continuing on our journey of be coming an intermediate mining
producer in a socially responsible manner committed to environmental sustainability and
the safety and health of our people.”
Patagonia also announces that it has filed restated condensed interim consolidated
financial statements and MD&A for the interim period ended September 30, 2019, which
are available on the Company’s profile on SEDAR at www.sedar.com. Subsequent to the
issuance of the condensed interim consolidated fina ncial statements for the three and
nine months ended September 30, 2019 on November 28 , 2019 on SEDAR at
www.sedar.com, the Company determined that there wer e errors related to the
accounting for the reverse acquisition of Hunt Mining Corp. completed on July 24, 2019,
as well as the conversion of several balances denom inated in foreign currencies. As a
result, balances reported in the Company’s condense d interim consolidated statements
of financial position and comprehensive income (loss) have been restated from amounts
previously reported. The Company also made additional presentation changes and note
disclosure improvements in the restated financial statements. Details of the changes are
fully described in Note 2 of the restated financial statements. The amended and restated
condensed interim consolidated financial statements and MD&A for the interim period
ended September 30, 2019 replace and supersede the previously filed interim financial
statements and MD&A for such period filed on November 28, 2019.
Qualified Person’s Statement
Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of
AusIMM, 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 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, the Company’s future plans and intentions. Wher ever possible, words such as “may”,
“will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”
or “potential” or the negative or other variations of these words, or similar words or phrases,
have been used to identify these forward-looking st atements. These statements reflect
management’s current beliefs and are based on infor mation 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 place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in this news release are
based upon what management believes to be reasonabl e assumptions, the Company
cannot assure readers that actual results will be c onsistent with these forward-looking
statements. 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.