Scorpio Gold Receives Approval of its Plan of Operations Amendment for the Mineral Ridge Property, Nevada
VANCOUVER, British Columbia, July 03, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:SGN) is pleased to announce the receipt of a signed Decision Record and a Finding of No Significant Impact for the Environmental Assessment ("EA") completed for its Mineral Ridge Operations in Nevada. The EA was required to comply with the National Environmental Policy Act, given that a portion of the Mineral Ridge property is located on public land administered by the Bureau of Land Management, Battle Mountain District, Tonopah Field Office ("BLM").
The approval of the EA is a significant milestone in the Company’s ongoing permitting efforts and when coupled with the Water Pollution Control Permit, currently under review with the Nevada Department of Environmental Protection, will allow Scorpio Gold to advance its exploration, processing and mining activities on the Mineral Ridge property.
The Company continues to focus on raising sufficient capital to improve its financial position and to re-finance its $6 million debt obligation due in mid-August, allowing for the construction of a new processing facility at Mineral Ridge for processing heap leach materials and additional open-pit mineral reserves. The Company also continues to seek and evaluate new projects, mergers and acquisitions, and possible sale of non-core assets that will enhance value for its shareholders.
Scorpio Gold’s President, Chris Zerga, comments, “I wish to extend my appreciation to the BLM staff in the Tonopah Field Office as well as Scorpio Gold’s personnel and consultants who contributed to the success of the permitting effort for the proposed Custer Plan Amendment and the EA.”
About Scorpio Gold
Scorpio Gold holds a 70% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Elevon, LLC (30%). Mineral Ridge is a conventional open pit mining and heap leach operation. Mining at Mineral Ridge was suspended in November 2017; however, the Company continues to generate limited revenues from residual but diminishing recoveries from the leach pads and estimates that production can continue until around Q4 of 2018. Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed on a care and maintenance basis and can be restarted immediately when needed.
Scorpio Gold’s Chairman, Peter J. Hawley, P.Geo., is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock,
Interim CEO
For further information contact:
Chris Zerga, President
Tel: 604-678-9639
Email:
Website:
Neither 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.
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans to seek and obtain sufficient financing to improve its financial position, to re-finance its long-term debt and to construct a new processing facility at Mineral Ridge, plans to re-commence mining operations and to plans with respect to the development and exploitation of its Mineral Ridge mine, including any forecasts regarding future production or costs related thereto. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks relating to operation of a gold mine, including the availability of cash flows or financing to meet the Company’s ongoing financial obligations; the inability of the Company to re-finance its long-term debt obligations; unanticipated changes in the mineral content of materials being mined; unanticipated changes in recovery rates; changes in project parameters; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; availability of skilled labour and the impact of labour disputes; obtaining the required permits to expand and extend mining activities; delays in obtaining governmental approvals; changes in metals prices; unanticipated changes in key management personnel; changes in general economic conditions; other risks of the mining industry and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
