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Scorpio Gold eye on 30K-35K Oz of gold production

2016-05-14


Scorpio Gold Corporation financial results for the first quarter 2016. Peter Hawley, President & CEO, comments, "We are pleased to report another strong quarter of production at Mineral Ridge, wherein total ore mined increased 16.4%, processed material increased 15.2% and the head grade increased 17%, compared to Q1 2015. The decreased metal production in Q1 of 2016 is attributed to slower leach pad recoveries while equipment was being relocated in order to utilize new areas of the pad for leaching. Both gold and silver recoveries from the leach pad are expected to increase in Q2 2016.

Production guidance for the Mineral Ridge mine for 2016 remains at 30,000-35,000 ounces of gold to be produced at a total cost of $850-$900 per ounce gold sold. The Company has completed its drill program for 2016 with approximately 19,000 meters of RC drilling completed in 148 holes with the main focus on the 2015 exploration successes.

Mining at Mineral Ridge remains scheduled to end in mid-2017. An initial presentation was made in March, 2016 to the Bureau of Land Management (BLM) with respect to permitting the Custer, Oromonte, and Paris claims for additional mining which would extend the mining schedule. There can be no assurance that any applications made for permitting will be successful.”