Patagonia Gold (LON:PGD, TSE:PAT) chief executive (CEO) Bill Humphries has declared himself “very pleased” with progress towards self-sufficiency this year.
At Lomada de Leiva, which like its other project, Cap-Oeste/COSE, is in Argentina’s Santa Cruz Province, the company’s heap leach plant is nearing full operational status.
It is expected to produce 14,000 ounces of the precious metal in the second half of the year. The group has already received US$3.835mln from trial production.
The US$9.4mln fund-raise completed earlier this month will allow the group to accelerate the drilling of the highly prospective Cap-Oeste/COSE corridor and other nearby targets.
CEO Humphries said: "We are very pleased with our progress towards achieving self-sufficiency in 2013.
“With the proceeds from our recent fund-raising together with the income from the Lomada gold project, Patagonia Gold is able to continue with its plans to expand the resource base of its flagship Cap-Oeste/COSE project, whilst also continuing the development of its other exciting projects."
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