SAN FRANCISCO, Dec. 18, 2017 (GLOBE NEWSWIRE) — A flagship Nevada project is showing results and the company anticipates commencing commercial production in the first quarter of 2018.
Included in this article is: Rye Patch Gold Corp. (TSX.V:RPM) (OTCQX:RPMGF)
In a Dec. 11 press release, Rye Patch Gold Corp. (TSX.V:RPM) (OTCQX:RPMGF) summarized the Florida Canyon mine’s production results for the month of November:
- Placed 8,059 ounces of gold on the pad (23 percent above plan);
- Produced 3,491 ounces of gold and 1,825 ounces of silver, 20 percent higher than October;
- Mined 730,900 tons of ore (21 percent above plan);
- Crushed 728,900 tons of ore (21 percent above plan);
- Maintained a grade of 0.011 opt of gold including over liner material; and
- Achieved a low strip ratio of 0.45 for the month (74 percent below plan).
“Production reaching 3,500 ounces represents a key milestone in the continuing upward production trend. At this point mining operations now begin to contribute positive cash flows to the Company,” stated William Howald, the company’s president and CEO.
“Rye Patch has a low EV (US$15/oz.) for a mine that just started production, and with a 200Koz p.a. capacity at the plant, at our increasing gold prices, Rye Patch should be a highly profitable mine once through the build-up period, with significant growth potential through bootstrapping Lincoln Hill and Wilco,” Topping concluded. Topping rates Rye Patch as a Buy with a target price of CA$0.70.
Continue reading this article: Junior Miner Looking Good for Commercial Production in 2018, Analysts Say
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The following company mentioned in this article is a sponsor of Streetwise Reports: Rye Patch Gold Corp. Streetwise Reports does not accept stock in exchange for its services.
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