Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF)has completed its first gold pour at the ATO Project in Mongolia and the subsequent sale was concluded in late March.
The gold pour was 1,532 ounces of gold with gross proceeds of US$2.93 million.
Going forward, Steppe looks forward to regularly updating the market on ramp-up, production and cash flow, as it expects to conclude gold pours and sales twice per month.
Inventory build-up for key reagents continues with three additional shipments now received over the last month.
The Steppe Gold executive team is committed to mitigating future supply chain risk potentials by continuing to build a stockpile of key reagents and chemicals. The reagent storage centre was recently expanded to allow up to 220t of supply, with the goal of retaining four to six months of supply on site at all times.
President and CEO, Bataa Tumur-Ochir, said the company continues to work on the Phase 2 Expansion debt package and expects to share further updates by the summer. With tranche 1 of the BOM$60m debt package now available, the company is working actively on the new crusher construction, camp expansion and earth-works.
The Steppe team also plans to update the market in the coming weeks on drilling results at ATO from last year and on the expected commencement of drilling and programs associated with the very exciting Uudam Khundi (UK) licence in Bayanghankor province.
The company continues crushing and stacking operations and has recommenced mining with operations in all active pits. Steppe plans to produce over 100,000 ounces of gold from the oxide zones in 2022 and 2023.
“We are very pleased to be back in production and to conclude our first gold pour and sale for the year. With an estimated 80,000 ounces of gold in inventory, ramp-up of production continues and we look forward to a very active year of production and strong cash flow, as well as expansion and exploration on both of our licenses,” Bataa Tumur-Ochir said.
For further information please visit: https://steppegold.com/
