TORONTO (miningweekly.com) – Toronto- and London-listed Patagonia Gold on Wednesday said its Lomada de Leiva main heap-leach project, in Santa Cruz province of Argentina was on target to achieve full operational status late in the second quarter, with an expected production target of 14 000 oz of gold for the second half of the year.
The company said it had received $3.8-million from the project’s second gold pour of 2 385 oz from the trial heap-leach operation, adding that development construction would now be fully funded to commercial production by gold sales from the original and extended trial heap-leach operations.
Patagonia Gold said the remaining mining equipment had arrived in Buenos Aires for assembly and transport to the Lomada site, with operations to begin late this month.
Meanwhile, the company said it had raised $9.4-million in funding for its Cap-Oeste/Cose project, which would allow for accelerated drilling on the highly prospective corridor and other nearby targets.
"We are very pleased with our progress towards achieving self-sufficiency in 2013. With the proceeds from our recent fundraising together with the income from the Lomada gold project, Patagonia Gold is able to continue with its plans to expand the resource base of its flagship Cap-Oeste/Cose project, whilst also continuing the development of its other exciting projects,” CEO Bill Humphries said.