NOW PRODUCING AT AN ANNUALIZED RATE OF > 100,000 OUNCES
(In US Dollars unless otherwise stated)
TORONTO, July 11, 2018 - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) is pleased to announce record production results for the second quarter of 2018 from the Company's 100%-owned Plutonic Gold operations, located 800 kilometres northeast of Perth, in Western Australia.
SECOND QUARTER HIGHLIGHTS
- Gold Produced was 25,608 ounces
- Gold Sold was 25,797 ounces
- Quarterly production surpassed the Company's previous record of 22,994 ounces set in the fourth quarter of 2016
- The Company has now achieved an annualized production rate of > 100,000 ounces
Chris Bradbrook, President and CEO of Superior Gold stated: "Second quarter production at the Plutonic Gold operations was at its highest level since we acquired the asset in October 2016. As expected, production was also significantly higher than in the first quarter of this year as underground mining activities returned to higher grade zones and ramp up of production continued at Hermes.
We expect production to continue to increase in the second half of 2018 and reiterate our annual production guidance of between 100,000 ounces and 110,000 ounces for the full year."
The Company plans to release throughput, grade and recovery information for the second quarter later in July and will release complete financial and operating results on August 21, 2018 before market open.
Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic underground mine, which is a producing underground operation with a central mill, the Hermes open pit gold mine and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and statements regarding exploration results and exploration plans.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.