Ulaanbaatar,
Gold production was 5,600 oz in the fourth quarter for a total of 33,500 oz for 2022
Mined 958,288 tonnes and 922,051 tonnes crushed and stacked in the year ended 2022
Strong reagent supplies at the year end and new supply routes functioning well
At
Construction start for Phase 2 Expansion is planned for Q2 2023
The Company is pleased to report a strong finish to 2022 with uninterrupted gold production since the resumption of irrigation in the Spring. Gold production was approximately 5,600 oz in the fourth quarter for a total of 33,500 oz for 2022, and sales for the year was 33,700 oz. We expect 2023 production to come in at a similar level to 2022 with some potential for upside. First quarter production is expected to be approximately 6,000 oz.
The new boiler house has been working effectively through the winter to keep the solution above freezing and this has allowed for cold weather production to continue through the quarter.
The Company has secured a strong inventory of reagent supplies and the new supply routes are functioning well.
Mining activities decreased in the fourth quarter as the planned winter slowdown commenced, with 93,380 tonnes mined across ATO2, ATO1 and ATO4, and 230,399 tonnes crushed and stacked in the third quarter. The Company mined 958,288 tonnes and 922,051 tonnes crushed and stacked in the year ended 2022. We are now stacking Cell 1 of the second lift of the leach pad.
A reserve update has been prepared and we expect to release the details shortly.
As at
President and CEO of
Contact:
Bataa Tumur-Ochir
CEO and President
Shangri-La office
Suite 1201,
Ulaanbaatar 14241,
Tel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in
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