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Patagonia Gold 2019 Financial Results and Update on Extension to File Q1 2020 Financial Statements and MD&A TSX Venture Exchange:PGDC

VANCOUVER, British Columbia, June 15, 2020 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited results for the fiscal year ended December 31, 2019 (“YE 2019”).  The financial statements together with the management’s discussion and analysis (“MD&A”) are available on the Company’s website and on SEDAR at www.sedar.com.

Highlights

  • Revenue of US $21.9 million and gross profit of US $5.5 million in YE 2019.
  • In February 2019, the heap leach operations at Lomada and Cap Oeste were placed on care and maintenance.
  • Residual production at Cap Oeste of 7,796 ounces of gold and 237,727 ounces of silver and at Lomada of 3,969 ounces of gold.
  • Production at Mina Martha of 232 ounces of gold and 65,620 ounces of silver.
  • Completion of the Reverse Takeover transaction with Hunt Mining Corp. on July 24, 2019.
  • At Calcatreu, the exploration program during 2019 was mostly focused on surface work, with a total of  41.28 line kilometers of Pole-Dipole geophysical surveying over the Nelson, Castro Norte, Fiero, Sabrina and Viuda de Castro areas, plus 121.5 line kilometers of gradient IP geophysics over Nelson, Sabrina and Mariano. An additional 1,687.2 km of ground magnetic surveying, covering 55.44sq km, were completed in the project covering several targets including V49 and Nelson.
  • Initiated a pre-feasibility study at Cap Oeste to assess the potential technical and economic extraction of the higher grade portion of the current mineral resources1.
  • Received the final approval closure plan for Lomada on November 2019 and started with the works of remediation in late 2019.

1. Please refer to the December 2018, Capo Oeste technical report, on file at www.sedar.com, for further information.

Christopher van Tienhoven, CEO commented: “Despite the closure of Lomada and Cap Oeste in February 2019, the projects continued to generate residual production from the heap leach pads which helped the Company to reduce its commercial indebtedness.  In addition, the successful completion of the Reverse Takeover with Hunt Mining will enable the Company to advance the development of the high-grade Cap Oeste Underground Project with processing at the Martha plant.”

First Quarter 2020 Financial Results Release

The Company continues to rely on the temporary blanket relief (the “Relief”) for market participants from certain regulatory filings published by Canadian securities regulators on March 23, 2020 as a result of the COVID-19 pandemic. The Relief provides the Company with a 45-day extension to file its financial statements and MD&A for the period ended March 31, 2020 (the “Q1 Filings”). Patagonia expects to file the Q1 Filings on or before July 16, 2020.

There have not been any material business developments that are not otherwise disclosed in this news release. Readers are encouraged to refer to the Company’s news releases dated April 16, 2020 and May 15, 2020 for more information on the filing extension.

Qualified Person’s Statement

Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of AusIMM, is the qualified person as defined by National Instrument 43-101, has approved the scientific and technical content of this press release.

About Patagonia Gold

Patagonia Gold Corp. is a mining and development company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina.  The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap Oeste underground project.  Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 360 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.

For more information, please contact:
Dean Stuart
T: 403 617 7609
E: [email protected]

Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
E: [email protected]

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with respect to, among other things, anticipated results of production and processing, assumptions with respect to advancing and defining the Calcatreu project and possible results of metallurgical testwork, advancement and development of gold and silver projects in the Patagonia region of Argentina, anticipated growth in shareholder value and when the Company expects to file the Q1 Filings. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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