Patagonia Gold plc Provides Operational Update on its Lomada De Leiva Mine and Exploration on El Tranquilo Property; Announces Operating Results for the First Eight Months of 2014; Provides Operating Guidance for the Year 2014
For the first eight months of 2014 the Lomada Project sold a total of 16,088.43 ounces of gold for gross revenues of $20,837,508 at an average all in cash cost of $812 per ounce. Total ore mined from the commencement of the project is 736,600T at the rate of 2.10 g/t for 49,800 Oz contained gold.
Full year guidance production has been revised due to the extended delivery timeline of additional mining equipment impacting the planned expansion. The full year production target for 2014 is now set at approximately 27,000 ounces of gold. The second large excavator has been delivered and is now operational with mine production steadily increasing. Equipment availability is also increasing due to the company taking on all maintenance in house and removing costly third party providers from site.