Superior Gold Inc (TSXV: SGI) has released its 2019 fourth quarter and annual production results regarding its Australian Plutonic Gold operations.
With reference to quarterly results, the company saw an improvement from fourth quarter 2018, with an increase in gold production from 20,084 ounces to 20,541 ounces in 2019. Likewise, annual production results depict an overall increase by 7,066 ounces from 2018 to 2019 for a year end total of 83,035 ounces.
The company also announced its 2020 guidance report, and is predicting gold production to be between 80,000 and 90,000 ounces in the forthcoming year. In addition, Superior Gold anticipates to have an expenditure of approximately $6.5 million USD for exploration purposes, and per-ounce cash costs to be between $975 USD and $1,075 USD.
Once Superior Gold receives all final mining permits, the company plans to commence gold production in the Plutonic East/Perch pit 6 months into 2020. The company predicts the Plutonic mine operations will provide more stability in terms of achieving a steady gold production at an anticipated 100,000 ounces per year.
Superior Gold is a Canadian gold mining company operating in Western Australia. The company owns the Plutonic Gold operation, and has a joint venture agreement regarding the Bryah Basin.
Superior Gold Inc. is currently trading at $0.66 on the TSXV.
Information for this analysis was found via Sedar and Superior Gold Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.