Patagonia Gold Second Quarter Financial Results
August 27 2021 - 8:31AM
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC)
announces its results for the quarter ended June 30, 2021 (“Q2
2021”). The financial statements for Q2 2021, together with the
related management’s discussion and analysis (“MD&A”), are
available on the Company’s website and under the Company’s profile
on SEDAR at www.sedar.com.
Highlights
- Generated revenue of US$2.73
million and gross profit of US$0.42 million in Q2 2021.
- Produced 2,519 gold equivalent
ounces (1) (1,725 ounces Au and 54,010 ounces Ag) and sold 1,457
gold equivalent ounces (1) (1,021 ounces Au and 29,202 ounces
Ag).
- Continued the Calcatreu gold/silver
project baseline study and condemnation drilling in areas for
future waste piles and a leach pad.
- Completed 5,173 meters of RAB
drilling at the Cap-Oeste Monte Leon target area to define size
potential with a view to identifying additional material to place
on the Cap Oeste leach pad.
- Entered into a definitive option
agreement with Mirasol Resources Ltd. (“Mirasol”) and Mirasol’s
wholly owned subsidiary, Australis S.A., to acquire a 75% undivided
interest in the Homenaje gold/silver project, located in Santa
Cruz, Argentina.
- Entered into a definitive transfer
agreement with Mirasol and Australis S.A., which grants Patagonia a
100% undivided interest in the Nico gold/silver project, located in
Santa Cruz, Argentina.
(1) Gold equivalent
ounces include silver ounces produced and sold converted to a gold
equivalent based on a ratio of the average spot market price for
the commodities during the period. The ratio for three months ended
June 30, 2021 was 67.92:1 (2020 – 101.13:1). The ratio for the six
months ended June 30, 2020 was 68.00:1 (2020 – 93.04:1).
Qualified Person’s
Statement
Donald J. Birak, an independent geologist and
Registered Member of SME and Fellow of AusIMM and a qualified
person as defined by National Instrument 43-101, has reviewed and
approved the scientific and technical content of this news
release.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused,
publicly traded mining company listed on the TSX Venture Exchange.
The Company seeks to grow shareholder value through exploration and
development of gold and silver projects in the Patagonia 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, indirectly through its subsidiaries
or under option agreements, has mineral rights to over 420
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 StuartT: 403 617 7609E:
dean@boardmarker.net
Christopher van Tienhoven, Chief Executive
OfficerPatagonia Gold CorpT: +54 11 5278 6950E:
cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements with respect to, among other things, advancement and
development of gold and silver projects in the Patagonia region of
Argentina and the anticipated growth in shareholder value. 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-looking
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
reasonable assumptions, the Company cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this news release, and 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 news release.
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