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UPDATE - Patagonia Gold eyes 72,000 oz production in 2015

Published: 13:01 04 Apr 2014 BST

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Patagonia Gold (LON:PGD) expects annual output from its gold mining operations in Argentina will more than double by the end of next year.

The miner expects to produce 31,500 oz of gold from the Lomada de Leiva mine in 2014 but said this total will rise to to 72,000 ounces of gold equivalent in 2015 as the Cap-Oeste oxide project comes onstream, subject to environmental approvals and financing.

First production from Cap-Oeste is scheduled for early 2015 and full name plate quarterly production of 12,500 oz expected to be achieved by the third quarter of the year.

Lomada’s forecast production for 2014 is a slight reduction on January’s estimate of 33,000 ounces due to late arrival of machinery at the site. 

In March, Patagonia said it had placed orders for two hauling units plus one 90T class excavator to expand the mining fleet at Lomada as part of its expansion from the previous nameplate capacity of 21,000 ounces per annum.

Patagonia has three projects under development in Argentina: Lomada; Cap-Oeste/COSE and La Manchuria while also holding the rights over 220 other properties in Argentina and Chile.

Shares were 8.35p today.

 

 

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