(In US Dollars unless otherwise stated)
TORONTO, Jan. 15, 2018 /CNW/ - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) is pleased to announce production results for the fourth quarter and full year 2017 from the Company's 100%-owned Plutonic Gold Operations, located 800 kilometres north east of Perth, in Western Australia.
FOURTH QUARTER HIGHLIGHTS
- Gold Produced was 20,197 ounces
- Gold Sold was 20,029 ounces
FULL YEAR 2017 HIGHLIGHTS
- Gold Produced was 80,143 ounces exceeding guidance of 75-80,000 ounces
- Gold Sold was 82,019 ounces
ADDITIONAL FOURTH QUARTER HIGHLIGHTS
- Since acquiring the Plutonic Mine in October 2016, the Company has produced a total of 103,137 ounces of gold
- Mining of the Hermes open pit project commenced on schedule in December
- Released underground drill results of up to 25.2g Au/t over 10.15 metres 36.5g Au/t over 4.00 metres and 192.0g Au/t over 0.60 metres
Production details for the fourth quarter and full year 2017, are summarized in the table below.
|
Three month period ended December 31, 2017 |
Twelve month period ended December 31, 2017 |
|
|
Gold Produced (ounces) |
20,197 |
80,143 |
|
Gold Sold (ounces) |
20,029 |
82,019 |
Chris Bradbrook, President and CEO of Superior Gold stated: "2017 was a year of significant achievements and we are extremely pleased to announce such strong production results, exceeding guidance, for our first full year of operation. We have now operated the Plutonic Gold Mine for five consecutive quarters and have produced over 100,000 ounces of gold.
Mining has commenced, on schedule, at our Hermes development project. Initial ore was processed before year end and commercial production is anticipated during the first quarter of 2018. The contribution of the mineralization from Hermes is expected to allow us to reach our objective of increasing annual production to more than 100,000 ounces of gold."
The Company plans to release throughput, grade and recovery information for the fourth quarter and full year 2017, along with 2018 guidance, in the near future and will release complete financial and operating results for both periods in March.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
