Scorpio Gold (OTC Other: SRCRF; TSX-V: SGN) accomplished a great deal in 2011 and is expected to achieve even more in 2012. According to Peter Hawley, the Company’s President and CEO, “2011 was a milestone year for the Company, with the Mineral Ridge Gold Mine coming on line approximately one year from acquisition. Our success in such a short period of time is a product of the dedication and hard work demonstrated by our entire team. We are also grateful to our shareholders for their continued confidence and support that allowed us to accomplish the aggressive goals we set for production and gold sales.”
Production highlights from 2011 include the following:
- Material mined from the Drinkwater Pit totalled 387,568 tons grading 0.066 ounces per ton (OPT) gold(i), equivalent to 2.26 grams per tonne (g/t) gold.
- Reprocessed gold-bearing material left on the heap leach pad by the prior operator totalled 328,027 tons grading 0.027 OPT gold(i) (0.93 g/t gold) with an estimated recovery of 45%.
- Material crushed and placed on the leach pad totalled 715,595 tons grading 0.050 OPT gold(i) (1.71 g/t gold).
- End of year stockpile balance totalled 1,500 tons grading 0.050 OPTgold(i) (1.71 g/t gold).
- The established stable recovery rate of gold exceeded 65% by year end.Shipments of loaded carbon totalled 121 tons with an average grade of 106.539 OPT gold (3,652.76 g/t gold) and 60.205 OPT silver(i) (2064.17 g/t silver).
- In total, 8,125 ounces of gold and 4,843 ounces of silver were sold at an average realized price of US$1,619 per ounce gold and US$34 per ounce silver.