Las Vegas, Nevada - Patriot Gold Corp. ("Patriot") provided the following update today to shareholders on its Moss Mine royalty.
The Moss Mine:
The Moss Mine is owned by Northern Vertex Mining Corp. ("Vertex"). On April 20, 2017, Vertex confirmed receipt of the final permitting document required prior to commencement of commercial production (Aquifer Protection Permit signed by Water Quality Division Arizona Department of Environmental Quality). All operating permits have now been received.
The Moss Mine is scheduled to commence commercial gold-silver production in Q4 2017, has a capital cost estimated at US$33 million, and is expected to generate an average annual production of 42,000 oz gold equivalent with an all-in sustaining cost of US$662/oz gold and an after-tax IRR of 48% (based on US$1,250/oz gold and US$20/oz silver).
Patriot Gold owns a 3% royalty on the Moss Mine. 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.
The foregoing technical information contained in this news release has been reviewed and verified by Zachary J. Black, Director and a Qualified Person ("QP") for National Instrument 43-101 (Disclosure Standards for Mineral Projects).
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.