Superior Gold Inc. Announces Strong First Quarter 2017 Production Results
12.04.2017 | CNW
20,769 OUNCES OF GOLD PRODUCEDTORONTO, April 12, 2017 - Superior Gold Inc. ("Superior Gold" or the "Company") (TSX.V:SGI) is pleased to announce preliminary production results for the first quarter of 2017 from the Company's 100%-owned Plutonic Gold Mine in Western Australia. The Company completed the acquisition of the Plutonic Gold Mine on October 12, 2016.
QUARTER HIGHLIGHTS
- Gold Produced was 20,769 ounces
- Gold Sold was 21,801 ounces
Chris Bradbrook, President and CEO of Superior Gold stated: "I am extremely pleased to be able to announce another strong quarter of production from the Plutonic Mine. We have now operated the mine for two quarters and have produced a total of 43,763 ounces of gold. Our management team at the mine has made an impressive start to operating the mine, and we have established Superior Gold as a gold producer with positive free cash flow, no debt, and significant exploration upside. We look forward to continuing to build on this early momentum with a focus on cost control and building shareholder value."
Production for the fourth quarter, 2016 and first quarter, 2017 are summarized in the table below.
Q4, 2016 Q1, 2017 TOTALS
Gold Produced (ounces) 22,994 20,769 43,763
Gold Sold (ounces) 20,352 21,801 42,153
The Company will be releasing complete final financial and operating results for its first quarter, 2017, in the second half of May.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Superior Gold Inc.
Chris Bradbrook, President, CEO & Director
investor@superior-gold.com
Tel: 416-716-8235