LAS VEGAS, July 11, 2013 /PRNewswire/ -- Patriot Gold Corp. (OTC:PGOL) or ("Patriot Gold" or the "Company"), a developing gold and silver exploration and production company, today provided an update on its Phase I pilot plant operations for the Moss Mine Project, located in the historic and active Oatman mining district near Bullhead City, Arizona.
- Construction for pilot plant commenced in May 2013 and is progressing on time and on budget
- Engineering, procurement and construction management contract awarded
- Construction of Phase I pilot plant ponds and process facilities is currently underway
- 700 foot x 300 foot leach pad completed
- Initial loading of fine crushed (95% -1/4 inch) agglomerated mineralized material completed ahead of schedule on June 28, 2013
- Target date for initial treatment of solution July 18, 2013
- Phase I permitting expected to be completed by mid-July
"We are very pleased with the strong execution on Phase I of the Moss pilot plant operations," said Bob Coale, CEO of Patriot Gold. "With construction of the pilot plant progressing on time and on budget, permitting expected to be completed by mid-July and a strong operations team on-site, we continue to gain confidence in our ability to advance toward full scale Phase II operations and ultimately, ROI and profitability on our Moss investment."
Moss Phase I-Pilot Plant Construction Progressing On Schedule
Construction commenced May 1, 2013 on the infrastructure necessary to carry out pilot scale open pit mining and heap leach processing of an aggregate of approximately 90,000 tonnes of mineralized rock. The Pilot Plant leach pad, designed to test the economic and technical viability of heap leaching finely crushed, agglomerated material, is approximately 700 feet in length and 300 feet wide. The Phase I pit will be surface mined at a strip ratio of 0.79:1 and a production rate of 1,000 tonnes of mineralized rock, crushed to 95% -1/4 inch, per day.
Initial placement of fine crushed agglomerated material (95% -1/4 inch) onto leach pads was completed ahead of schedule on June 28, 2013. Initial treatment of solution through carbon columns for heap leaching is scheduled to be completed by July 18, 2013. Total Phase I mineralized material of 90,000 mt expected to be placed onto the leach pads by September 15, 2013.
To view photos of the Moss Mine Gold-Silver Project construction, please click on the following link: http://www.patriotgoldcorp.com/gallery.php
The Company also reported that five of six permitting and bonding requirements have been completed or are near completion. The final permit is in the final stages of comment and is expected to be received by mid-July.
The Moss Mine Project & Patriot Gold's Optionee/Operator
The Moss Mine Project is located approximately seven miles due east of Bullhead City, Arizona. Patriot Gold is the 100% owner in the historic Moss Gold-Silver property located in Mohave County, Arizona, which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator has the right to earn a 70% interest in the project by completing an $8.5 million investment over five years and a bankable feasibility study. Subsequent to the optionee/operator earn-in, financing of the project will be on a proportional basis.
About Patriot Gold
Patriot Gold Corp. is a developing precious metals exploration and production company with the mission to discover and develop significant gold and silver assets. Headquartered in Las Vegas, Nevada, Patriot Gold currently holds a portfolio of two projects in Nevada (Bruner and Vernal) and its flagship Moss Mine Project in Arizona, each at varying stages of development from grassroots to advanced exploration and resource development. For more information, go to our website at www.patriotgoldcorp.com.
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.
SOURCE Patriot Gold Corp.