Patagonia Gold
('Patagonia Gold' or the 'Company')
Final Results
Patagonia Gold Plc (AIM: PGD), advanced mining exploration company with gold and silver projects in the southern Patagonia region of Argentina, announces the financial results for the year ended 31 December 2014. These results are presented in United States dollars ('$') unless otherwise stated.
2014 FINANCIAL HIGHLIGHTS
· Total revenue of $35.9 million (2013: $10.2 million) recognised from commercial production of gold.
· In November 2014, the Company raised approximately $12.9 million in equity capital before expenses to accelerate the development of the Cap-Oeste heap leach project and to explore and drill numerous prospects in close proximity to the Cap-Oeste project.
· As at 31 December 2014, the Company had approximately $5.6 million (2013: $1.0 million) in cash and cash equivalents.
2014 OPERATIONAL HIGHLIGHTS
· Total production at the Lomada mine in 2014 was 29,347 ounces of gold, exceeding the forecast target of 26,900 ounces.
· Nameplate production capacity of 3,000 ounces per month achieved during Q3 2014, with the Lomada mine seeing averaging production reach 3,131 ounces per month between August 2014 and December 2014.
Subsequent Events
· The combined Indicated and Inferred resources for Cap-Oeste, COSE, Manchuria and Lomada deposits has been increased by 213,183 ounces bringing the Company's global resources to 2,089,183 ounces of gold equivalent.
The Annual General Meeting of the Company will be held on Wednesday, 10 June 2015 at 11.00 am at The Millennium Hotel London Mayfair, Grosvenor Square, London W1K 2HP.
The Annual Report for the year ended 31 December 2014 will be posted to shareholders in due course.
The Company's complete financial statements for the twelve months ended 31 December 2014 with the notes will be available on Patagonia Gold's website at www.patagoniagold.com in due course. All amounts are in US$ thousands, except share and per share amounts.
For more information, please contact:
Bill Humphries, CEO
Patagonia Gold Plc
Tel: +44 (0)20 7409 7444
David Bick / Mark Longson
Square 1 Consulting
+44 (0)20 7929 5599
Angela Hallett/James Spinney
Strand Hanson Limited
Tel: +44 (0)20 7409 3494
Jeremy Stephenson/Stewart Dickson
Cantor Fitzgerald Europe
Tel: +44 (0)20 7894 7000