Patagonia Gold Third Quarter 2020 Financial Results
Patagonia Gold Third Quarter 2020 Financial Results
November 27, 2020 Vancouver, B.C. Patagonia Gold Cor p. (“Patagonia” or the
“Company”) (TSXV: PGDC) is pleased to announce its un audited results for the fiscal
period ended September 30, 2020 (“Q3 2020”). The fi nancial statements together with
the management’s discussion and analysis are availa ble on the Company’s website and
on SEDAR at www.sedar.com.
Highlights
Revenue of US$6.55 million and gross profit of US$2.34 million in Q3 2020.
Total production of 2,020 gold equivalent ounces (1 ,596 ounces of gold and 33,073
ounces of silver) with 3,277 gold equivalent ounces (2,679 ounces of gold and 47,703
ounces of silver) sold in Q3 2020.
Received preliminary environmental permit to resume mining operations at its
Lomada de Leiva gold/silver mine (“Lomada”). (See t he Company’s press release
dated October 8, 2020.)
Signed definitive option agreement with Latin Metals Inc. to acquire a 100% interest
in the Mina Angela gold property.
Completed 251.7 line km of ground magnetics surveyi ng at its Calcatreu gold/silver
project.
After Q3 2020, completed the conversion of an aggre gate of US$10 million of
outstanding debt to common shares at a price of approximately $0.30 per share.
On November 23, 2020, obtained a provisional permit to advance the development
of the Cap Oeste underground project (“Cap Oeste”).
Christopher van Tienhoven, CEO commented: “The Company continues to generate
revenue from the residual leach operations at Cap Oeste and Lomada and is excited with
the opportunity to resume mining and leaching activ ities at Lomada as a result of the
improved precious metal prices.”
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 reviewed and
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 365 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
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited
to, statements with respect to resuming operations at Lomada, and the Company’s future
plans and intentions. Wherever 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 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 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.