Patagonia Gold PLC Receipt of Balance Payment of COSE (9345P)
June 01 2018 - 1:00AM
UK Regulatory
TIDMPGD
RNS Number : 9345P
Patagonia Gold PLC
01 June 2018
1 June 2018
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Receipt of Balance Payment of COSE
Patagonia Gold Plc, the mining company with gold and silver
projects in the southern Patagonia region of Argentina, Chile and
Uruguay, is pleased to announce that further to the announcement of
1 June 2017, on 30 May 2018 the Company has received the second and
final payment of US$7.5 million from Pan American Silver Corp.
corresponding to the sale of COSE ("Cap-Oeste Sur Este")
project.
Patagonia Gold will use the final consideration of US$7.5
million for general working capital purposes and to reduce its net
debt position.
The Company will continue to operate the main Cap Oeste project
where leaching continues and the agglomeration circuit is fully
operational. Engineering design and the acquisition of a second
crushing and mixing circuit have been completed with all major
components in transit. As previously announced, this crushing
circuit is expected to be installed by the end of June with
commissioning in early July to reprocess approximately 800,000T of
ore previously stacked before the agglomeration circuit was
installed and operational.
About Patagonia Gold
Patagonia Gold Plc is a mining company that seeks to grow
shareholder value through exploration, development and production
of gold and silver projects in the southern Patagonia region of
Argentina. The Company is primarily focused on its flagship Cap
Oeste project in Santa Cruz and the recently acquired Calcatreu
project in Rio Negro. In addition, it is carrying out exploration
in Manchuria and Sarita in Argentina and San Jose in Uruguay.
Patagonia Gold, indirectly through its subsidiaries or under option
agreements, has mineral rights to over 220 properties in several
provinces of Argentina, Chile and Uruguay and is one of the largest
landholders in the province of Santa Cruz, Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Plc
Tel: +54 11 5278 6950
Angela Hallett
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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