VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE: SGN) announces its final operating results for the fourth quarter of 2012 ("Q4") and provides 2013 guidance for its 70% owned Mineral Ridge Project located in Nevada.
Peter J. Hawley, CEO reports: "The Company is pleased to provide its final production numbers for 2012. In our first year of declared commercial production the Mineral Ridge operation produced a total of 32,066 ounces of gold and 13,871 ounces of silver, meeting its yearly production guidance for 2012. Actual mined ore production in the Drinkwater Pit in 2012 was 3.9% higher than predicted by the reserve block model and the ore mined contained 11.4% more gold ounces than predicted.
"The Company has taken a conservative approach to production guidance for 2013. In the year ahead we look forward to receiving approval for an amended Plan of Operations submitted to the Nevada Bureau of Land Management for the incorporation of a super pit, which will expand the current Mary Pit to incorporate the Mary LC zone. The new super pit will have dimensions greater that the current operating Drinkwater Pit. In addition, the Company looks forward to completion of its new crushing plant that will increase average throughput in 2013 to approximately 2,700 tons per day."
Key Operating Statistics---------------------------------------------------------------------------- Q4 Q3 Q2 Q1 Total 2012----------------------------------------------------------------------------Mining operations Drinkwater pit Ore tonnes mined 161,699 156,007 160,664 122,995 601,365 Waste tonnes mined 606,047 738,890 700,523 656,770 2,702,230 ------------------------------------------ Total mined 767,746 894,897 861,187 779,765 3,303,595 Mary pit (in development) Ore tonnes mined 15,072 8,727 3,156 - 26,955 Waste tonnes mined 340,576 282,157 244,927 280,205 1,147,865 ------------------------------------------ Total mined 355,648 290,884 248,083 280,205 1,174,820Processing Tonnes processed 176,500 186,858 160,759 126,668 650,785 Gold head grade (g/t) 2.67 2.10 2.09 2.34 2.30 Ounces produced (1) Gold 10,812 6,663 7,394 7,197 32,066 Silver 4,867 2,900 2,930 3,174 13,871 Throughput (tonnes per day) 2,292 2,427 2,115 1,667 2,127Precious Metal Sales (ounces)(1) Gold 9,266 7,234 7,803 7,774 32,077 Silver 3,954 3,135 2,956 3,429 13,474Exploration Drilling Holes 42 35 63 51 191 Meters 6,826 5,880 6,436 5,104 24,246----------------------------------------------------------------------------(1) Production and sales numbers for Q4 include 1,878 ounces of gold and 759ounces of silver that were part of a sale of loaded carbon to WatertonGlobal Value L.P. ("Waterton"). Waterton is a joint venture partner andsecured creditor of the Company and has certain rights to purchase gold andsilver produced by the Company.
