Cerrado Gold Announces Q3 Gold Production Results for its Minera Don Nicolas Mine In Argentina - Seite 2

Stripping at Calandrias Norte commenced during the quarter with over 1.6MM tonnes of material moved. A further 2.7MM tonnes is to be stripped in October and November and fresh ore is set to feed the mill from December onwards. Results in Q4 are expected to show significant improvement and benefit from access to Calandrias Norte material and the further ramp up of the heap leach operations.

Ore milled declined modestly during the quarter due to the impact from noted weather conditions, however, it has since returned to more normal rates at above 1,000 tonnes per day. As noted, production was impacted by poor operating conditions due to a harsher than normal winter period and lower than expected ore grades offset slightly by stronger recoveries. Please see Table 1. for a summary of key highlights for the third quarter 2023. Sales for the quarter were higher than production due to timing differences.

Ongoing work to optimize mine sequencing and exploration work to upgrade and define new sources of resources remains the key focus of development at MDN. The operations team is focused on numerous new growth projects aside from expanding current open pit resources, including the completion of the Las Calandrias Heap Leach operation (first gold pour Q3 2023), underground development and production at Paloma, and a new Heap Leach operation at Martinetas.

Table 1. Key Operating Information

Foto: Accesswire

Monte Do Carmo Update

At the Company's Monte Do Carmo ("MDC") project works are continuing to progress as planned and the Feasibility Study remains on schedule for completion by the end of October. The installation permit or LP at MDC is expected to be issued within the coming months allowing the start of construction.

As previously announced significant progress has been made in relation to project financing with our Mandated Lead Arranger selected for both MDC and the Mont Sorcier Iron Ore Project in Quebec.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.