21,621 OUNCES OF GOLD PRODUCED IN THE THIRD QUARTER, AND 82,940 OUNCES OF GOLD IN THE FIRST 12 MONTHS OF OPERATIONS
(In US Dollars unless otherwise stated)
TORONTO, Oct. 5, 2017 /CNW/ - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) is pleased to announce production results for the third quarter of 2017 from the Company's 100%-owned Plutonic Gold Mine, located 800 kilometres north east of Perth, in Western Australia .
QUARTER HIGHLIGHTS
- Gold Produced was 21,621 ounces
- Gold Sold was 20,836 ounces
- Second highest quarterly production at the Plutonic Gold Mine since taking ownership
- Released underground drill results of up to 11.7g Au/t over 11.45 metres and 35.3g Au/t over 3.75 metres
- Commenced development of the Hermes open pit project
Production details for the third quarter and first nine months of 2017, are summarized in the table below.
| Three month period September 30, 2017 |
Nine month period September 30, 2017 |
Twelve month period September 30, 2017 |
|
| Gold Produced (ounces) |
21,621 |
59,946 |
82,940 |
| Gold Sold (ounces) |
20,836 |
61,990 |
82,342 |
Chris Bradbrook, President and CEO of Superior Gold stated: "We are pleased to announce another strong quarter of production, our second strongest since taking ownership of the Plutonic Gold Mine. We have now operated the mine for four consecutive quarters and produced a total of 82,940 ounces of gold and sold a total of 82,342 ounces of gold. The Company is currently on track to meet its annual production guidance of approximately 75-80,000 ounces of gold for 2017. Development at our Hermes project continues and we anticipate production commencing by 2018. The contribution of the ore from Hermes is expected to allow us to reach our objective of increasing annual production to 100,000 ounces of gold."
The Company will be releasing throughput, grade and recovery information for the third quarter of 2017 shortly and will release complete financial and operating results for the third quarter and first nine months of 2017 before market open on November 15, 2017.
Qualified Person
Scientific and technical information in this press release has been reviewed and approved by Simon Lawson who is a member of the AusIMM and a "qualified person" within the meaning of NI 43-101. Mr. Lawson is an employee of the Company and serves as the Chief Geologist.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and statements regarding exploration results and exploration plans.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Superior Gold
For further information: Superior Gold Inc., Chris Bradbrook, President, CEO & Director, investor@superior-gold.com, Tel: 416-716-8235
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