$Montanore thanks; Patagonia Gold First Quarter Financial Results VANCOUVER, British Columbia, May 28, 2021 (GLOBE NEWSWIRE) --
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its results for the quarter ended March 31, 2021 (“Q1 2021”).
The financial statements for Q1 2021 together with the related management’s discussion and analysis are available on the Company’s website and under the Company’s profile on SEDAR at www.sedar.com.
Highlights
Generated revenue of US$5.75 million and gross profits of US$2.28 million in Q1 2021.
Produced 2,171 gold equivalent ounces (1) and sold 3,198 gold equivalent ounces (1) .
Received a definitive permit for the development of the Cap-Oeste gold/silver underground project.
Closed C$9.3 million equity financing.
Exercised the option to acquire a 100% interest in the Mina Angela project located in Chubut Province, Argentina.
Mr Hunt is founder and president of Huntwood Industries, one of the largest building products manufacturers in the Western United States.
Tim Hunt has led the development of Huntwood Industries for the past 3 decades, taking the business from a start-up venture to a significant middle-market enterprise responsible for over $2bn in sales.
Mr. Hunt previously spent time as an investment broker, cultivating lasting alliances in the mining and investment communities and has been involved in the mining sector for over 30 years, $including those as founder of Hunt Mining, which has been active in Argentina for 14 years.
Patagonia is focused on the Calcatreu gold and silver project in Rio Negro Province, Argentina and the Cap Oeste underground resource, with the potential for processing at the M. Martha plant in Santa Cruz Province, Argentina.
$During its production life Martha produced from very high-grade veins and vein breccias. The high silver grades of the historic Mineral Reserves, ranging from over 2,500 grams/tonne (g/t) in the early years of the project to over 400 g/t in the later production years, and the high silver to gold ratio of the historic Mineral Reserves which averaged over 900:1, set Martha apart from the other producing mines in the province.
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