TSXV-listed Scorpio Gold Reports Improved Q2 Adjusted Earnings as

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TSXV-listed Scorpio Gold Reports Improved Q2 Adjusted Earnings as

posted on Aug 26, 2016 09:30AM

Revenues Rise

2016-08-26 09:21:00 AM ET (MT Newswires)

09:21 AM EDT, 08/26/2016 (MT Newswires) -- Scorpio Gold (SGN.V) on Friday reported wider adjusted second quarter net earnings as revenues advanced.

The gold producer posted net earnings of $1.2 million or $0.00 per share, compared with $1.7 million or $0.01 per share. On an adjusted basis, earnings rose to $2.2 million or $0.01 per share, from $1.8 million or $0.01 per share last year. Revenues grew to $12.4 million from $12 million in Q2 2015.

CEO Peter Hawley says Scorpio produced 10,089 ounces of gold at its Nevada Minerals Ridge facility in Q2, a 15% increase from last year.

"Production guidance for the Mineral Ridge operation in 2016 remains at 30,000 ounces to 35,000 ounces of gold at a revised estimated total cash cost of $900-$950 per ounce of gold sold, compared to the company's initial estimate of $850-$900 per ounce of gold sold as reported on March 23, 2016," Hawley said. "The company foresees a higher total cash cost per ounce of gold during the second half of 2016 compared to the first half mainly due to an expected higher strip ratio in producing pits along with a reduction in grade as well as ore tonnage mined and processed."

Scorpio has a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Elevon holding 30%. SGN shares closed at $0.085 on Thursday.

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