Proactiveinvestors United Kingdom Patagonia Gold

RNS press release - Posting of Annual Report and Notice of AGM

Mon, 14 May 2012 09:38:00 +0100

Patagonia Gold says it's on track for gold production target of 200,000 ounces a year by 2015

Wed, 25 Apr 2012 08:50:00 +0100

Patagonia Gold (LON:PGD, TSE:PAT) achieved rapid progress in 2011 and is on track towards its goal of
producing 200,000 ounces of gold per year by 2015.

So said chairman Sir John Craven, as the mining explorer unveiled results for the year to December 31 last year.

He told investors that in 2011, it completed more than 61,000 metres of drilling - double the amount drilled in 2010 and the total indicated resources were raised to 1.3 million ounces of gold equivalent.

Exploration expenditures increased to US$18.7 million in 2011 from US$7.2 mln in 2010.

"We focused exploration at our flagship Cap-Oeste Project while at the nearby high-grade COSE gold project we paved the way for an intensive mine development schedule that aims for gold production to begin in early 2013.

"Meanwhile, at our Lomada de Leiva Project, we achieved gold production at a surface mine and pilot heap leach pad and are preparing to quadruple its processing capacity in 2012 to full commercial production," he said.

The pilot project at Lomada operated successfully at an initial capacity of 50,000 tonnes last last year and during this year it will be raised to 200,000 tonnes, the firm said.

By early 2013 Lomada is expected to be producing 21,000 ounces of gold a year at an average cash cost of $325 per ounce.

At that level, it will be generating sufficient cash flow to fund all exploration drilling at the Santa Cruz properties for a mine life of at least seven years, it said.

Meanwhile, mining at the firm's second major project, after Cap-Oeste, COSE is scheduled to begin in early 2013.

This is expected to start generating revenue in Q2 2013, and over the subsequent 12 months, COSE will partly fund development of Cap-Oeste into production, said the firm.

An ambitious 80,500 metre drill program is in progress at Patagonia's properties in Santa Cruz with 40,500m planned at Cap-Oeste.

Other prospective locations within the same Tranquillo block and within mine trucking distance will be drilled, including COSE, Monte Leon, La Pampa, La Marciana, Vetas Norte and Don Pancho, said the firm.

Patagonia will also continue exploration on other prospects including La Manchuria, as well as regional targets Sarita, El Bagual and Bajo Pellegrini.

The firm posted a loss for the year of US$33.1 million compared to a loss of US$11.2 mln in 2010.

As at the 2011 year-end, Patagonia had $10.9 million in cash and cash equivalents, it said.

"Patagonia Gold is well on its way to achieving its growth objective of producing 200,000 ounces of gold a year by 2015," said chief executive Bill Humphries.

"As Patagonia Gold reaches towards its goals in 2012, we look forward to a future of achievement, prosperity and excitement."

RNS press release - 2011 Year End Financial Results

Wed, 25 Apr 2012 07:00:00 +0100

Patagonia Gold: Busy months ahead in Santa Cruz

Wed, 18 Apr 2012 12:46:00 +0100

In the months ahead there should be plenty for investors to get their teeth into as Patagonia Gold’s projects begin to demonstrate their commercial potential.

Patagonia Gold hits 16.3m at 18.97 g/t gold at Cap-Oeste deposit

Wed, 28 Mar 2012 07:42:00 +0100

Patagonia Gold (LON:PGD) said drilling continued to hit high grade gold and silver at its flagship Cap-Oeste project in Argentina, including 16.3 metres with 18.97 grams per tonne (g/t) gold.

The company provided more results from the Phase 3 drilling campaign at Cap-Oeste, which was completed in February this year.

It also revealed results from the COSE gold and silver deposit, which lies on the same block as Cap-Oeste - El Tranquilo.

The latest highlights from the Cap-Oeste drilling along strike to the north west of the main shoot included 16.30 metres with 18.97 g/t gold and 282.51 g/t silver in hole CO-346-D.

Another hole showed a 2.55 metre interval with 19.69 g/t gold and 21.11 g/t silver of silver.

Assay results are pending for a further nine holes from Cap-Oeste and the firm has retained an engineering firm to prepare a NI43-101 resource upgrade to include the phase 3 drilling - scheduled to be completed in the second quarter of this year.

The firm has now embarked on phase 4 drilling at Cap-Oeste, aimed at extending the resource envelope and investigating the 1.8 km of unexplored strike between Cap-Oeste and COSE.

So far 16 holes have been completed.

Meanwhile, at COSE, two diamond drill holes have been recently completed for a smelter study to be carried out.

The smelter off-take marketing studies returned 7.75 metres at 34.45 g/t gold and 301.49 g/t silver from one hole and 14.10m at 34.80 g/t gold and 366.8 g/t silver from the other.

The holes were positioned to intersect material considered to be "representative" of the average head grade that Patagonia intends to market as concentrate for smelter feed.

A further four step-out holes were sunk to intersect the COSE structure at various points along strike and all hit the host fault structure and demonstrated elevated gold and silver values, Patagonia added.

Following a recent resource upgrade, the firm's flagship Cap-Oeste project has a gold equivalent (AuEq) resource of 966,972 ounces in the indicated category, with a further inferred resource of 228,968 gold-equivalent ounces.

At COSE, an underground mining operation is in preparation to begin in the second quarter this year.

RNS press release - Drilling Update - Cap-Oeste

Wed, 28 Mar 2012 07:00:00 +0100

RNS press release - Price Monitoring Extension

Fri, 16 Mar 2012 16:36:00 +0000

RNS press release - Exercise of Options

Wed, 14 Mar 2012 07:00:00 +0000

Patagonia Gold's chief executive buys shares in company

Wed, 07 Mar 2012 07:45:00 +0000

Patagonia Gold's (LON:PGD) chief executive has upped his stake in the company.

William Humphries bought 300,000 shares yesterday at an average price of 35.67 pence each for around £107,000, the exploration firm said in stock exchange statement.

It means he now holds around 15.4 million shares, or about 2.09 per cent of the company.

Last month, Patagonia reported good recovery levels for both gold and silver from preliminary metallurgical testing at its main Cap-Oeste project in Argentina.

Patagonia recovered 88.3 per cent and 95.5 per cent gold and silver respectively from the sulphide samples and up to 98.8 per cent gold and 97.5 per cent silver from the oxides.

The Cap-Oeste gold and silver project has a NI 43-101 compliant gold equivalent resource of 966,972 ounces gold equivalent within the indicated category, with a further inferred resource of 228,968 ounces gold equivalent.

It added that at Lomada de Leiva, work was proceeding on contracts for construction of the gold processing facility while expansion of the trial heap leach pad at Lomada is proceeding on schedule.

RNS press release - Director Shareholding

Wed, 07 Mar 2012 07:01:00 +0000

RNS press release - Exercise of Options

Tue, 06 Mar 2012 13:30:00 +0000

Patagonia Gold encouraged by Cap-Oeste metallurgy test

Tue, 21 Feb 2012 08:09:00 +0000

Patagonia Gold ( LON:PGD) today reported good recovery levels for both gold and silver from preliminary metallurgical testing at its core Cap-Oeste project in Argentina.

The tests, which were part of the development of the Santa Cruz province-based deposit, indicated high recoveries from the sulphide and oxide samples.

Patagonia recovered 88.3 per cent and 95.5 per cent gold and silver respectively from the sulphide samples and up to 98.8 per cent gold and 97.5 per cent silver from the oxides.

SGS Mineral Services in Chile tested the sulphide ore while British Columbia firm G&T Metallurgical Services tested the oxides.

G&T has been contracted to carry out further pre-feasibility level definitive testwork and optimisation studies for the Cap-Oeste sulphide and oxide material.

Testwork will include flotation rougher and cleaner tests, Knelson gravity separation tests, cyanide leaching, thickening tests, bond rod and ball tests and QEMSCAN PMA.

The tests are expected to complete in the third quarter 2012. Further testwork will be conducted based on the findings of this programme as work proceeds on the feasibility study for Cap-Oeste, Patagonia said.

It added that Phase 3 drilling campaign on the Cap-Oeste deposit, consisting of 57 drillholes totalling 20,210 metres, concluded on 3 February. Assay results are pending for 26 drill-holes.

Drilling, meanwhile, is continuing on the Cap-Oeste corridor, extending along six kilometres of strike from Pampa in the Northwest to Tango in the Southeast and includes the COSE high grade underground gold/silver project.

Patagonia added it had received bids and is in the process of choosing the contractor for the construction of the decline and the mining of the bonanza grade gold and silver COSE deposit.

The Cap-Oeste gold and silver project has a NI 43-101 compliant gold equivalent (AuEq) resource of 966,972 ounces AuEq within the Indicated category, with a further inferred resource of 228,968 ounce AuEq.

At Lomada de Leiva, work is proceeding on contracts for construction of the gold processing facility while expansion of the trial heap leach pad at Lomada is proceeding on schedule.

RNS press release - Cap-Oeste Metallurgical Test Update

Tue, 21 Feb 2012 07:00:00 +0000

RNS press release - Grant of Options

Mon, 20 Feb 2012 07:00:00 +0000

RNS press release - Director/PDMR Shareholding

Wed, 18 Jan 2012 12:30:00 +0000

Patagonia Gold maintains momentum at Cap-Oeste

Thu, 12 Jan 2012 08:31:00 +0000

Patagonia Gold (LON:PGD) said today its latest drilling on the Cap-Oeste deposit in Argentina had continued to hit good grades of gold and silver.

The best of the drill holes, CO-317-D, included 37.40 metres showing 20.04 grams per tonne (g/t) gold and 206 g/t silver, with the range of the other holes in the programme between 7.7g/t and 3.4 g/t gold.

Patagonia said the drilling was concentrated on the recently discovered high grade area to the immediate north west of the main shoot. The results today were for the first 18 holes in this campaign with assay results pending on a further 22 drill-holes.

This current infill and extension drilling campaign will be closed at the end of January to allow a fourth NI 43-101 compliant resource update, which is scheduled for the second quarter of this year but Patagonia said that drilling will continue eslewhere at Cap-Oeste, which remains open along strike in both directions and down plunge.

Cap-Oeste is the group’s gold and silver project, with a NI 43-101 compliant gold equivalent resource of 966,972 ounces Indicated, with a further inferred resource of 266,968 ounces.

The prospect is situated on the El Tranquilo block that also contains Patagonia’s COSE bonanza grade gold and silver deposit, where an underground mining operation is expected to start this quarter.

RNS press release - Cap-Oeste Drilling Update

Thu, 12 Jan 2012 07:00:00 +0000

Patagonia Gold mops up Cap-Oeste land rights

Thu, 05 Jan 2012 07:40:00 +0000

Patagonia Gold (LON:PGD) has acquired the outstanding land rights over its Cap-Oeste gold and silver project in Argentina.

The explorer paid $2.1 million for the Estancia 'El Tranquilo' area in the Santa Cruz province, which covers 20,000 hectares and contains the north-east sector of Cap-Oeste. Patagonia had already acquired the land rights for the south east sector in 2008.

It said that ownership of the land rights as well as the mineral rights is essential for the orderly and unencumbered development of its projects.

Patagonia Gold currently has mineral rights to over 220 properties in several provinces of Argentina and Chile covering approximately 800,000 hectares and is one of the largest landholders in the province of Santa Cruz.

It recently delineated a NI 43-101 compliant gold equivalent resource of nearly 967,000 ounces indicated at Cap-Oeste with a further inferred resource of 267,000 ounces. In total, it reported a more than 80 per cent increase on its previous resource estimate.

The El Tranquilo block also contains the COSE bonanza grade gold and silver deposit, where an underground mine is scheduled to start up this quarter, the Monte Leon and Breccia Valentina prospects and “other highly prospective gold and silver areas”, said Patagonia.

COSE, which is nearby to Cap-Oeste, is expected to begin generating free cash flow by 2013.

Shares in the explorer recently began trading on the Toronto Stock Exchange as well as on AIM.

RNS press release - ACQUISITION OF ESTANCIA EL TRANQUILO

Thu, 05 Jan 2012 07:00:00 +0000

RNS press release - Appointment of Broker

Wed, 14 Dec 2011 07:01:00 +0000