Steppe Gold dumps its first gold and ramps up production in Mongolia
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(Kitco News) – Steppe Gold (TSX:STGO) said today that the company completed its first gold pour in Mongolia and closed its first sale in late March.
The gold pour was 1,532 ounces of gold with gross proceeds of US$2.93 million.
The company added that it is continuing crushing and stacking operations and has resumed mining with operations in all active pits.
Steppe expects to produce over 100,000 ounces of gold from the oxide zones in 2022 and 2023.
President and CEO Bataa Tumur-Ochir said, “We are very pleased to be back in production and to complete our first gold pour and sale for the year. With approximately 80,000 ounces of gold in inventory, the ramp-up of production continues and we look forward to a year of very active production and strong cash flow, as well as expansion and exploration at our two licenses. »
Steppe Gold is Mongolia’s premier precious metals company and is expected to produce over 100,000 ounces of gold from the current operating oxide zone of the ATO Gold Mine in 2022 and 2023.
The company has also completed a feasibility study on the expansion of the ATO gold mine to approximately 100,000 ounces of gold per year from the development of underlying fresh rock ores.
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