3rd Feb 2015 08:59
LONDON (Alliance News) - Patagonia Gold PLC Tuesday said production from its Lomada de Leiva mine in Argentina beat its guidance in 2014, sending its shares higher in opening trade.
The company said the Lomada mine produced 29,347 ounces of gold in the year to the end of December, ahead of its guidance for 26,900 ounces.
Annual gross sales from the mine hit USD34.9 million in 2014, with an average selling price of USD1,251 per ounce.
The group said its guidance for Lomada production in 2015 is 31,000 ounces.
Patagonia also said its pre-feasibility studies for the Cap Oeste Heap Leach project, also in Argentina, are nearing completion, with an environmental impact assessment due to be presented in the second quarter of 2015.
Shares in the company were up 1.7% to 3.00 pence on Tuesday morning, falling back after adding around 8% in opening trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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