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Scorpio Gold (TSXV:SGN) announced it has reached a record production of gold at its 70 percent owned Mineral Ridge project in 2014, totaling 40,814 ounces. This is up four percent from 2013 despite delays in receiving a mine permit for its satellite deposits.
According to the press release:
Total gold production in 2014 was 40,814 ounces, an increase of 4% over the year 2013. Gold production in Q4 2014 totalled 10,258 ounces, representing a decrease of 10% from Q4 2013 and a 9% decrease from Q3 2014. Production challenges occurred in the fourth quarter of 2014 as the Company experienced a delay in receiving its mine permit for the satellite deposits. The delay created a shortfall in scheduled tons and ounces mined from those pits and had to be made up by mining in the Mary LC area. Looking forward, the Company is in the process of finalizing its 2015 budget and expects to provide guidance in Q1 2015 once the mine permit for the satellite deposits has been received.
Peter J. Hawley, CEO, said:
We are proud to report a record annual gold production of 40,814 ounces at Mineral Ridge in 2014, representing a 4% increase over 2013 and meeting our 2014 production guidance. Scorpio Gold has now completed three full years of production at Mineral Ridge and has fully transitioned production from the Drinkwater pit to the Mary pit. On behalf of the Company, I would like to thank the entire production team and contractors who continue to make the Mineral Ridge operation a success.
Click here to read the Scorpio Gold (TSXV:SGN) press release
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