Scorpio Gold Reports Annual Gold Production Exceeding Guidance at the Mineral Ridge Operation, Nevada
TSX-V: SGN
1462 de la Québécoise
Val-d’Or, QC, J9P 5H4
T: 819- 825-7618
www.scorpiogold.com
News Release No. 231
Scorpio Gold Reports Annual Gold Production Exceeding Guidance
at the Mineral Ridge Operation, Nevada
Vancouver, January 11, 2017 - Scorpio Gold Corpora tion (“Scorpio Gold” or the “Company”) (TSX-V:
SGN; Frankfurt: Z3S) announces its operating results for the full year and the fourth quarter (“Q4”) of 2016
at its 70% owned Mineral Ridge project, located in Nevada.
Total gold production in 2016 was 36,879 ounces, ex ceeding the Company’s high end guidance of 35,000
by 1,879 ounces, or 5%. The annual production for 2016 of 36,879 ounces represented a decrease of 7%
over the prior year. Gold production in Q4 2016 totalled 8,301 ounces representing a decrease of 13% from
Q4 2015. Mine production decreased in 2016 due to mining 24% fewer ore tonnes at 5% lower grades in
the Mary LC and satellite pits, as compared to the prior year. Ore tonnes crushed and placed on the pad
were 5% lower in 2016 compared to 2015 as a result of fewer tonnes mined which was offset by a larger
initial ore stockpile inventory at the beginning of 2016.
Chris Zerga, President, comments, “We are proud to report that we have exceeded the high end of our
production guidance of 30,000-35,000 ounces for 2016 with 36,879 gold ounces produced at Mineral Ridge
in 2016. Scorpio Gold has now completed five years of production at Mineral Ridge, consistently meeting
or exceeding annual guidance, while maintaining a safe working environment for our employees and
contractors. I would like to thank the entire producti on team who continue to make the Mineral Ridge
operation a success.”
Key Operating Statistics
Three months ending
December 31
Twelve months ending
December 31
2016 2015 Change 2016 2015 Change
Mining operations
Mary LC pit
Ore tonnes mined 148,161 119,891 23.6% 553,402 203,468 172.0%
Waste tonnes mined 977,246 743,394 31.5% 3,519,285 1,684,728 108.9%
Total mined 1,125,407 863,285 30.4% 4,072,687 1,888,196 115.7%
Strip Ratio 6.6 6.2 6.5% 6.4 8.3 -22.9%
Satellite pits
Ore tonnes mined 6,028 245,569 -97.5% 196,802 487,234 -59.6%
Waste tonnes mined 5,888 769,186 -99.2% 525,491 2,045,787 -74.3%
Total mined 11,916 1,014,755 -98.8% 722,293 2,533,021 -71.5%
Strip Ratio 1.0 3.1 -67.7% 2.7 4.2 -35.7%
Scorpio Gold Corporation | 2
Three months ending
December 31
Twelve months ending
December 31
2016 2015 Change 2016 2015 Change
Mary pit
Ore tonnes mined - - 0.0% - 202,002 -100.0%
Waste tonnes mined - - 0.0% - 1,053,992 -100.0%
Total mined - - 0.0% - 1,255,994 -100.0%
Strip Ratio - - 0.0% - 5.2 -100.0%
Total producing pits
Ore tonnes mined 154,189 365,460 -57.8% 750,204 892,704 -16.0%
Waste tonnes mined 983,134 1,512,580 -35.0% 4,044,776 4,784,507 -15.5%
Total mined 1,137,323 1,878,040 -39.4% 4,794,980 5,677,211 -15.5%
Strip Ratio 6.4 4.1 56.1% 5.4 5.4 0.0%
Pits under development
Ore tonnes mined - - 0.0% - 92,146 -100.0%
Waste tonnes mined
(pre-stripping) 160,672 - 100.0% 309,902 1,995,432 -84.5%
Total mined 160,672 - 100.0% 309,902 2,087,578 -85.2%
Total mining operations
Ore tonnes mined 154,189 365,460 -57.8% 750,204 984,850 -23.8%
Waste tonnes mined 1,143,806 1,512,580 -24.4% 4,354,678 6,779,939 -35.8%
Total mined 1,297,995 1,878,040 -30.9% 5,104,882 7,764,789 -34.3%
Processing
Tonnes processed 142,101 265,017 -46.4% 846,140 891,997 -5.1%
Gold head grade (g/t) 1.37 1.66 -17.5% 1.44 1.52 -5.3%
Ounces produced
Gold 8,301 9,503 -12.6% 36,879 39,690 -7.1%
Silver 4,074 4,905 -16.9% 16,950 19,742 -14.1%
Crusher throughput
(tonnes per day) 1,545 2,881 -46.4% 2,312 2,444 -5.4%
Recoverable(1) gold
ounces placed on pad 4,301 9,434 -54.4% 26,549 29,189 -9.0%
(1) A weighted average metallurgical recovery factor has been ap plied to the estimated containe d ounces crushed and placed on
the leach pad based on the pit from which the ore was mined.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the produc ing Mineral Ridge gold mining operation located in
Esmeralda County, Nevada with joint venture partner Elevon, LLC (30%). Mineral Ridge is a conventional
open pit mining and heap leach operation. The Minera l Ridge property is host to multiple gold-bearing
structures, veins and lenses at exploration, developm ent and production stages. Sc orpio Gold also holds a
100% interest in the advanced exploration-stage Gold wedge property in Manhattan, Nevada with a fully
permitted underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed
on a care and maintenance basis and can be restarted immediately when needed.
Scorpio Gold Corporation | 3
Scorpio Gold’s Chairman, Peter J. Hawley, PGeo, is a Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the content of this news release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Chris Zerga,
President
For further information contact:
Chris Zerga, President
Tel: (819) 825-7618
Email: [email protected]
Investor Relations
Jag Sandhu, JNS Capital Corp.
Tel: 778-218-9638
Email: [email protected]
Website: www.scorpiogold.com
Neither TSX Venture Exchange nor its Regula tion 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.
The Company relies on litigation protection for "forward-looking" statements. Th is news release contains forward-looking
statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and
other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve
known and unknown risks, uncertainti es and other factors that coul d cause actual events or results to differ materially from
estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks related to open
pit mining and heap leach processing operati ons and those risk factors outlined in the Company’s Management Discussion and
Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be
required by applicable securiti es laws, the Company disclaims any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or resu lts or otherwise. Forward-looking statements are not guarantees of
future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.