Steppe Gold Limited (TSX:STGO, OTCQX:STPGF) said its gold production in the third quarter jumped 28% to 13,300 ounces (oz) from the 10,400 oz recorded in the previous three-month period.
Steppe Gold, Mongolia's premier precious metals company, said it continued with its regular twice-per-month pour schedule, adding that ongoing deliveries to MongolBank attract a 5% premium to the LME Spot price.
“We are very pleased to report continued ramp-up of production at the ATO Gold Mine in the third quarter,” Steppe Gold president and CEO Bataa Tumur-Ochir said in a statement.
READ: Steppe Gold moves to consolidate gold position in Mongolia’s Bayankhongor province with three milestone agreements
“All activities at site are operating well. We are still looking to build our reagent stocks in the fourth quarter with new deliveries expected in October and November. We maintain a strong inventory of ore and we plan to leach through the winter, at planned lower production rates," he added.
Mining and stacking activities were on plan for the third quarter and the company is now stacking ore on the second lift of the leach pad.
Mining activities decreased in September as the planned fall and winter slowdown commenced, with 266,292 tonnes mined across ATO2, ATO1 and ATO4, and 230,399 tonnes crushed and stacked in the third quarter, the company said.
As of September 30, total estimated recoverable gold in inventory is 71,000 oz, the company said.
Contact the author at jon.hopkins@proactiveinvestors.com