5th Sep 2013 08:39
LONDON (Alliance News) - Patagonia Gold PLC Thursday said that after reassessment of its La Manchuria project it wants to move towards production earlier than expected.
The exploratory gold mining company with operations in Argentina said it has confirmed the potential of an open-pit mining resource at its La Manchuria site after additional sampling and metallurgical studies.
The company said sampling of the site established the presence of a wide low-grade mineralisation, including one space reporting 144.2 metres at 1.02 grams for tonne of gold equivalent.
"Subject to the completion of necessary studies and permitting, the Company will aim to fast track La Manchuria into production by 2015 to further boost the development and construction of its flagship Cap-Oeste/COSE project," Chief Executive Bill Humphries said in a statement.
Patagonia Gold added that production is on track to meet its 1.750 ounces of gold estimates for September at its Lomada Project. A main pad has been completed and is expected to start loading early in the company's fourth quarter.
Patagonia Gold shares were up 0.55 pence, or 4.4% at 13.05 pence in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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