Patagonia Gold completes 9.4m dollar fundraise for Cap-Oeste

AIM-listed Patagonia Gold has unveiled a progress update on its Lomada de Leiva and Cap-Oeste projects in the Santa Cruz Province of Argentina.

AIM-listed Patagonia Gold has unveiled a progress update on its Lomada de Leiva and Cap-Oeste projects in the Santa Cruz Province of Argentina.

The mining company reported that its Lomada main heap leach project was on target to achieve full operational status by late in the second quarter of 2013 with an estimated production level of 14,000 ounces of gold for the second half of 2013.

Advertisement - Article continues below

It said that it had received $3.84m from a second gold pour of 2,385 ounces of gold from the trial heap leach.

Development construction had been fully funded to production supported by gold sales from original and extended trial heap leach.

The company also said that principal mining equipment had arrived in Buenos Aires for assembly and transport to site, with operation to begin in late March 2013.

At the Cap-Oeste/COSE project, Patagonia Gold completed a fund-raise of $9.4m in early March 2013, allowing the acceleration of drilling on the highly prospective Cap-Oeste/COSE corridor and other nearby targets.

Bill Humphries, Chief Executive Officer of Patagonia Gold, commented: "We are very pleased with our progress towards achieving self-sufficiency in 2013.

"With the proceeds from our recent fund-raising together with the income from the Lomada gold project, Patagonia Gold is able to continue with its plans to expand the resource base of its flagship Cap-Oeste/COSE project, whilst also continuing the development of its other exciting projects."

Patagonia Gold's share price was down 1.72% to 14.25p at 10:03 on Wednesday.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
EU Economy

Why a stronger euro is good news for investors

The fragile state of the eurozone has for a long time brought the threat of deflation. But the ECB’s latest moves have dampened those fears. John Step…
5 Jun 2020