Superior Gold Announces Q3 Production Results

Precious Metals

Superior Gold Inc. announced its production results for the third quarter of 2018 from the company’s 100 percent-owned Plutonic Gold operations.

Superior Gold Inc. (TSXV:SGI) announced its production results for the third quarter of 2018 from the company’s 100 percent-owned Plutonic Gold operations, located 800 kilometres northeast of Perth, in Western Australia. The Plutonic Gold operations include the Plutonic underground mine and the Hermes open pit mine.

Highlights are as follows:

Operating Parameters1

Q1

Q2

Q3

YTD

Nine month

period

ended

September

30, 2018

Stope material mined (Tonnes)

152,101

157,479

176,068

485,649

Stope grade mined (g Au/t)

2.61

3.18

2.75

2.84

Development material mined (Tonnes)

55,401

35,483

49,219

140,103

Developmentgrade mined (g Au/t)

1.58

1.79

1.96

1.76

Hermes material mined (Tonnes)

157,179

252,521

245,672

655,373

Hermes grade mined (g Au/t)

1.58

1.51

1.40

1.49

Hermes waste mined (Tonnes)

2,517,823

2,269,357

2,789,275

7,576,455

Surface material milled (Tonnes)2

133,741

199,315

216,797

549,853

Surface material grade (g Au/t)\2

1.52

1.64

1.45

1.53

Total material milled (Tonnes)

343,932

388,513

437,067

1,169,512

Grade milled (g Au/t)

2.01

2.27

2.02

2.10

Recovery (%)

86%

90%

87%

88%

Gold Produced (ounces)3

19,232

25,608

24,719

69,559

Gold Sold (ounces)3

18,940

25,797

25,842

70,579

Chris Bradbrook, president and CEO, commented:

We are pleased to have achieved record quarterly gold sales for the second successive quarter at our Plutonic Gold operations. The ounces sold in the third quarter of 2018 represent a 24 percent year over year increase. Of particular significance is the fact that, with cumulative production of 50,327 [ounces] from the second and third quarters, we have now maintained an annualized production rate of more than 100,000 ounces for the past six months.

During the quarter, we commissioned the gravity circuit and saw the positive benefits from its operation. A scheduled tank reline was expected to negatively affect recoveries, but this was offset by the beneficial impact of the gravity circuit. Recently announced site changes are achieving the intended improvements, which we believe will lead to improved operating performance.

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