Steppe Gold with first gold production under new CEO and Aurania Resources encounters strong copper enrichments!
The new Canadian gold producer Steppe Gold (ISIN: CA85913R2063 / TSX: STGO), which operates its ‘ATO’ gold project in Mongolia, has now received all permits and is starting gold production.
The company has now received the long-awaited license to use cyanide to leach the gold out of the ore. As it was virtually certain for the Company to obtain this license, approximately 300,000 tonnes of ore at an average grade of 2.13 grams per tonne (g/t) of gold (Au) have already been mined, crushed and stacked on the leach pad. This material can now be leached. Meanwhile, ore mining and processing continues and nothing should stand in the way of the Company’s production target of approximately 60,000 ounces of gold by 2020.
Now, the company – https://www.commodity-tv.net/c/search_adv/?v=299041 – continues, the focus will be on the feasibility study for the second expansion of the ‘ATO’ project to increase annual production to approximately 150,000 ounces of gold at a cost of approximately $335 per ounce of gold. In parallel, exploration drilling will continue on the very promising Uudam Khundii gold project.
The transformation from an exploration company to a producer also requires a change of CEO. As a result, Mr. Matthew Wood, the Company’s founder and Chief Executive Officer, has relinquished his CEO position to Mr. Bataa Tumur-Ochir.
Mr. Tumur-Ochir, who is co-founder of the company, has played a significant role in the management and growth of the company. In his former role as Executive Vice President Mongolia, he led the development of the ‘ATO’ gold mine from the initial drilling to the most modern and international standard gold mine in Mongolia.
“It was an honor to have been CEO and President of Steppe Gold at a very challenging time”.
Wood said in the press release, but now was the time to hand the scepter over to Mr. Tumur-Ochir, who will vigorously catapult the company to the next level. Matthew Wood will not turn his back on the company, however, but will continue to serve as Chairman of the Board and oversee management’s growth and expansion strategy.
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