CAPITALIZATION
TSX Symbol: STGO
Total Basic Shares O/S (M): 42.9
BOARD OF DIRECTORS
MATTHEW WOOD
Chairman, President and CEO
BATAA TUMUR-OCHIR
Director and Vice President Mongolia
ANEEL WARAICH
Director and Executive Vice President
JEREMY SOUTH
Director
PATRICK MICHAELS
Director
DR. ZAMBA BATJARGAL
Director
LEWIS MARKS
Director
TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- Steppe Gold Limited (TSX:STGO) (the “Company” or “Steppe Gold”) is very pleased to announce the following development update towards initial production from its flagship Altan Tsagaan Ovoo Gold Project (ATO).
ATO MINE DEVELOPMENT
The Company remains under budget for the development of the ATO heap leach project. Over the past 10 months Steppe Gold has achieved major milestones including:
Two photos photo accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/94616e3f-3a94-455b-9f8c-ae6827054941
http://www.globenewswire.com/NewsRoom/AttachmentNg/d176eebb-ce57-4a0b-bb3f-9935684681b1
200,000 liter fuel station
Two photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/7564059c-37bb-4eb5-84b0-86dd9f8e6861
http://www.globenewswire.com/NewsRoom/AttachmentNg/06ddec06-7fe6-4a94-834c-a91105757732
Crushing unit in transit to site
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2065904c-fcf7-45d4-a699-e888a71260e7
Four man Ger
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4b3d2c78-f50f-4b5a-babd-429dd71bf21b
Main camp building
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2b32588f-227d-41b0-9fa3-1fcaa855d4d2
View of Camp and fire break
→ Vice President Operations
→ General Manager Processing
→ Mining Engineer
→ Senior Mining Geologist
→ Processing Plant Superintendent
→ Mining Geologist
→ Safety Superintendent
→ Safety Officer
→ Maintenance Superintendent
→ Mechanic
→ Environment Superintendent
→ Electrical Superintendent
→ Crusher Superintendent
→ Plant Supervisor
→ Human Resources Manager
→ Onsite office Administration and HR
GENERAL ATO SITE LAYOUT
A figure accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0800221f-049a-4f3f-90e7-e5d6927e37ed
LEACH PAD AND POND
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/090060cf-e609-49b4-8886-96c36402727c
RESOURCE MODEL
A figure accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8d2827a1-8e02-47d0-8c32-ef58ed783066
PIPE 1, PIT 1 MODEL
A figure accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c8401d32-7a79-45dd-b588-6f6050dbc0ca
SCHEDULE | ||||||
Months | Total Production ton '000 | Total Waste ton '000 | Mined Ore ton '000 | Mined Au Grade | Mined Ag Grade | Strip Ratio |
Jul-18 | 185 | 83 | 102 | 1.45 | 10.16 | 0.81 |
Aug-18 | 187 | 85 | 102 | 1.25 | 10.24 | 0.83 |
Sep-18 | 124 | 25 | 99 | 1.21 | 9.97 | 0.25 |
Oct-18 | 183 | 80 | 102 | 1.15 | 10.04 | 0.78 |
Nov-18 | 135 | 36 | 99 | 1.45 | 9.32 | 0.36 |
Dec-18 | 194 | 92 | 102 | 1.25 | 8.64 | 0.90 |
Total | 1,007 | 400 | 607 | 1.29 | 9.73 | 0.66 |
Total Production for 2018 will be 1,007K tonnes, Ore Production 607K tonnes with and average grade of 1.29g/t with a strip Ratio of 0.66. |
MILESTONES | ||||||||||
Capital Items | Firm Quote | Ordered | Paid | Delivered | Installed | Commissioned | ||||
Camp | Y | Y | 100% | 100% | 95% | 95% | ||||
Fuel Station | Y | Y | 100% | 100% | 100% | 100% | ||||
Crusher | Y | Y | 100% | 50% | 15% | 0% | ||||
ADR Plant | Y | Y | 10% | 0% | 0% | 0% | ||||
Leach Pad | Y | Y | 50% | 0% | 0% | 0% | ||||
Explosive Storage | Y | Y | 0% | 0% | 0% | 0% | ||||
Power | Y | Y | 20% | 50% | 50% | 50% |
Major Contractor | Firm Quote | Awarded | Onsite | Operating |
Camp Management | Y | Y | Y | Y |
Security | Y | Y | Y | Y |
Drill and Blast | Y | Y | N | N |
Mining | Y | Y | Y | Y |
Crusher and Pad stacking | Y | Y | N | N |
Laboratory Services | Y | Y | N | Y |
Between July and November 2018, Steppe Gold will complete all construction and commissioning on:
ABOUT STEPPE GOLD
Steppe Gold is a precious metals exploration and development company with an aggressive growth strategy to build Steppe into the premier precious metals company in Mongolia. The Company owns the advanced staged Altan Tsaagan Ovoo (ATO) Gold Project, where three drilling rigs are currently undertaking exploration and development drilling. Construction of the ATO mine and heap leach project has commenced and the company expects initial annual production of 40,000 oz Au Eq per year with cash costs of sub US$350 per oz. The ATO project is being delivered for a CAPEX of sub US$20m.
The company's exciting 80% owned Uudam Khundii (UK) Gold Exploration Project has an active program of geochemical and geophysical surveys underway with drilling planned later in 2018.
Mongolia is open for business, pro mining development and one of the last great frontiers where giant mineral deposits can be found and developed.
CONTACT INFORMATION
THE COMPANY’S HEAD OFFICE:
Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
TORONTO OFFICE:
90 Adelaide Street. W, Suite 400 Toronto, ON
M5H 3V9,
Canada
Tel: +1 647 697 0577
TRANSFER AGENT:
Lori Winchester
Senior Relationship Manager, Client
Management
Phone: +1 416 607-7898
Cell: +1 416 671-4558
Email: lori.winchester@tmx.com