Patriot Gold owns a 3% royalty on the Moss Mine, scheduled to enter production in the first quarter of 2018. The Moss Mine is owned by Northern Vertex Mining Corp. ("Vertex"). Vertex has continued to make progress toward its updated goal of commencing gold production in Q1, 2018, when it expects to be pouring its first commercial gold/silver dore bars.
The crushing plant for the Moss Mine is now mechanically complete, the leach pad is ready to receive ore, and the first cyanide deliveries are scheduled to be on site this month, as reported by Vertex.
Based on the projected annual 42,000 oz gold equivalent production at the Moss Mine, Patriot Gold's royalty equates to 1,260 oz gold equivalent per annum.
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release may include statements in relation to the timing, cost and other aspects of future plans, objectives or expectations of Patriot Gold Corp. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Patriot's plans include the risk that actual results of current and planned exploration activities will not be consistent with Patriot's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue Patriot's programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental requirements; timeliness of civil government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by Patriot with securities regulators. In connection with the forward-looking information contained in this news release, Patriot has made numerous assumptions, including that Patriot's future exploration programs will proceed as planned and within budget. Patriot expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov