Golden Queen Mining

Published : December 14th, 2017

Golden Queen Announces November Operational Results and Positive Reconciliation of Ore Tonnage and Grade in the East Pit

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Golden Queen Announces November Operational Results and Positive Reconciliation of Ore Tonnage and Grade in the East Pit

VANCOUVER , Dec. 14, 2017 /CNW/ - Golden Queen Mining Co. Ltd. (TSX:GQM | OTCQX:GQMNF) ("Golden Queen" or "the Company") today announces its operating results for November 2017 , including total gold production of 3,860 ounces and revenue of US$5.4m from its Soledad Mountain gold-silver mine (the "Mine") located south of Mojave, California.  All amounts herein are in US dollars and reflect 100% of the operating results of Golden Queen Mining Company, LLC ("GQM LLC"), the Company's 50%-owned subsidiary that holds the Mine, unless otherwise stated.

Golden Queen advised in its third quarter Form 10-Q that management was accelerating the East Pit development to seek to access higher-grade ore tons as soon as possible to compensate for the shortfall in the ore supplied and the lower than expected gold ore grades from the North-West and Main (Phase 1) Pits. During the period of development of the East Pit, it is expected that gold production will be lower than plan.

In November, the Company completed extraction on two production benches in the East Pit. Results from the reconciliation of the EP1-3780 and EP1-3760 benches indicate higher ore tons than estimated by the reserves due to the presence of ore blocks in the Patience vein structure area that had been classified as possible or simply un-modeled. In addition, the gold grade was 15% higher than estimated for a total of 1.8 times the expected gold ounces that had been predicted. The silver grade was in line with the reserves, but the higher ore tonnage yielded 1.5 times the predicted number of silver ounces.

Reconciliation of EP1-3780 and EP1-3760

                        Ore Control v. Reserves


Ore tons

Au oz/ton

Au oz

Ag oz/ton

Ag oz

Reserves

207,398

0.015

3,112

0.282

58,474

Ore Control

331,924

0.017

5,709

0.276

91,725







Variance OC-Reserves

                 Reserves

60%

15%

83%

-2%

57%








Management has determined, based on these results, that the Company will initiate a drill program comprising up to 20 holes and approximately 20,000 feet of reverse circulation drilling to commence in the first quarter of 2018 at a projected cost of $1.0m .  This drilling will have three objectives:  to increase confidence in the currently modelled ore grades and tonnage associated with the Golden Queen vein structure, to improve the Company's understanding of the Patience vein structure with the objective of adding additional ounces to the reserves with immediate impact to the mine plan, and to investigate the Silver Queen vein structure in the South-East section where historical underground development appears on historic maps but has not been evidenced in historic extraction reports.

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Gold and Silver Prices for these countries : Georgia | All

Golden Queen Mining

DEVELOPMENT STAGE
CODE : GQM.TO
ISIN : CA38115J1003
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Golden Queen is a gold development stage company based in Canada.

Golden Queen develops gold and silver in USA.

Its main asset in development is SOLEDAD in USA.

Golden Queen is listed in Canada and in United States of America. Its market capitalisation is CA$ 2.8 millions as of today (US$ 2.1 millions, € 1.8 millions).

Its stock quote reached its highest recent level on September 23, 2011 at CA$ 3.95, and its lowest recent point on July 25, 2019 at CA$ 0.02.

Golden Queen has 111 050 000 shares outstanding.

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Financings of Golden Queen Mining
12/31/2014secures loan financing
Nominations of Golden Queen Mining
5/31/2013Appoints New Board Members
Financials of Golden Queen Mining
8/10/2016Golden Queen Announces Financial Results for the Second Quar...
11/10/2014reports financial results for the third quarter of 2014
8/11/2014Announces Financial Results and Review of Operations for the...
3/17/2014reports year end results and provides a construction update
11/13/2013Files Financial Statements
2/18/2011 Quarterly Report
Project news of Golden Queen Mining
4/13/2015Golden Queen comments on a US Fish and Wildlife Service noti...
11/25/2014(Soledad)Company Ltd. provides update on the Soledad Mountain Project
9/15/2014(Soledad)announces closing of joint venture to develop and operate th...
6/9/2014(Soledad)announces joint venture to develop and operate the Soledad M...
10/25/2012(Soledad)Files Updated Feasibility Study Report for Soledad Mountain ...
4/8/2011(Soledad)ANNOUNCES UPDATED FEASIBILITY STUDY FOR SOLEDAD MOUNTAIN PRO...
Corporate news of Golden Queen Mining
7/25/2016Golden Queen Completes C$16.1 Million Bought Deal Financing
7/14/2016Golden Queen Announces C$13 Million Bought Deal Financing
7/13/2016Golden Queen Annouces Proposed C$13 Million Unit Financing
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1/5/2016Golden Queen Begins Commissioning of Processing Facility and...
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8/13/201510-Q for Golden Queen Mining Co. Ltd.
8/13/201510-Q for Golden Queen Mining Co. Ltd.
8/10/2015Golden Queen Announces Senior Management Changes And Reports...
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5/14/201510-Q for Golden Queen Mining Co. Ltd.
5/14/201510-Q for Golden Queen Mining Co. Ltd.
5/5/201510-K for Golden Queen Mining Co. Ltd.
5/5/201510-K for Golden Queen Mining Co. Ltd.
4/13/2015Golden Queen Comments on a US Fish and Wildlife Service Noti...
3/16/2015Golden Queen Reports Financial Results for the Year Ending D...
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2/27/2015Golden Queen Mining Company Ltd. Announces Filing of NI 43-1...
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2/10/2015Company Ltd. provides update on resource estimates, reserve ...
1/1/2015Golden Queen Secures Loan Financing
12/3/2014CANADA STOCKS-TSX set to open lower ahead of Bank of Canada ...
11/26/2014Golden Queen Mining Company Ltd. Provides Update on The Sole...
11/11/2014Golden Queen Reports Financial Results for the Third Quarter...
9/9/2014Company Ltd. shareholders approve the joint venture with Gau...
7/31/2014announces date for Extraordinary Shareholder Meeting to appr...
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7/2/2014(Soledad)secures an advance with Leucadia and Auvergne for the ongoin...
4/22/2014on the Center for Biological Diversity Emergency Petition
3/27/2014provides a construction update and updates its capital cost ...
2/3/2014Petition Filed with the United States Fish and Wildlife Serv...
1/6/2014(Soledad)secures interim financing for the ongoing development of its...
12/9/2013provides a construction update
10/8/2013Proposed Extraordinary General Meeting to Increase Authorize...
7/25/2013Announces $10 Million Private Placement
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5/17/2011(Soledad)ANNOUNCES FILING OF FEASIBILITY STUDY FOR SOLEDAD MOUNTAIN ...
1/21/2011 Financials
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