VANCOUVER, BC, Jan. 17,
2023 /CNW/ - Elevation Gold Mining Corporation
(TSXV: ELVT) (OTCQX: EVGDF) (the "Company" or "Elevation
Gold") is pleased to announce the production results for the
three and twelve months ended December 31,
2022 ("Q4 2022"). The Company expects to file its
yearend financial statements and management discussion and analysis
by late April 2023.
Fourth Quarter 2022
Highlights
- Elevation Gold produced 9,183 ounces of gold from 738,477 ore
tonnes processed with average grades of 0.53 g/t, a 111% increase
from Q4 2021 and a 2% increase in ounces over Q3 2022.
- The Company sold 9,060 ounces of gold during Q4 2022, an
increase of 105% from Q4 2021 and in-line with Q3 2022.
- For all of 2022, the Company sold 31,666 ounces of gold, an
increase of 18% over 2021 gold sales.
- Average mined grade increased from 0.35 g/t in Q1 2022 to 0.42
g/t in Q2 2022, to 0.51 g/t in Q3 2022, and to 0.53 g/t in Q4
2022.
Consolidated Operational
Results Summary
The following table provides a summary of the Company's
operational statistics for the three and twelve months ended
December 31, 2022 and 2021.
|
|
Q4
2022
|
Q4
2021
|
|
YTD
2022
|
YTD 2021
|
Ore tonnes
mined
|
t
|
723,418
|
713,177
|
|
2,963,038
|
2,832,249
|
Ore tonnes
stacked
|
t
|
738,478
|
732,444
|
|
2,976,280
|
2,780,132
|
Contained gold ounces
stacked
|
oz
|
12,539
|
8,609
|
|
43,400
|
38,288
|
Gold grade
|
g/t
|
0.53
|
0.37
|
|
0.45
|
0.43
|
Gold ounces
produced
|
oz
|
9,183
|
4,362
|
|
31,094
|
26,729
|
Gold ounces
sold
|
oz
|
9,060
|
4,421
|
|
31,666
|
26,797
|
Tim Swendseid, Elevation Gold
CEO, stated "Our fourth quarter production was consistent with
third quarter production notwithstanding a disruptive but
beneficial change in mining contractors during the quarter.
Even though ore mining was hampered by the transition, we
anticipate fully recovering the tonnage during 2023 through
improved performance by the new contractor. The Company sold
31,666 ounces of gold during 2022, close to our guidance (see
August 29, 2022 news release) of
between 32,000 to 34,000 ounces sold for the year. Mr.
Swendseid continued, "Our Moss Mine team is well prepared to carry
our operating and capital improvements into 2023 to achieve strong
operational performance throughout the year. With respect to
our Florence Hill Exploration Program, we are currently drilling
the fifth out of a total of six drill holes, and everything is
progressing smoothly. We remain highly excited in
anticipation of assay results."
Qualified Persons
Unless otherwise indicated, the technical disclosure contained
within this press release that relates to the Company's operating
mine has been reviewed and approved by Tim
J. Swendseid, CEO of the Company and a Qualified Person for
the purpose of NI 43-101.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, CEO of
Elevation Gold Mining Corporation
About Elevation Gold Mining
Corporation
Elevation Gold is a publicly listed gold and silver producer,
engaged in the acquisition, exploration, development and operation
of mineral properties located in the United States. Elevation
Gold's common shares are listed on the TSX Venture Exchange
("TSXV") in Canada under the
ticker symbol ELVT and on the OTCQX in the United States under the ticker symbol
EVGDF. The Company's principal operation is the 100% owned
Moss Mine in the Mohave County of Arizona. Elevation also
holds the title to the Hercules exploration property, located in
Lyon County, Nevada.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement on
Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine plans; anticipated
exploration and development activities at the Company's projects;
net present value; design parameters; economic potential;
processing mineralized material; the potential of robust economic
potential at the Moss Mine Project. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of gold, silver and other metals;
anticipated costs; ability to achieve goals; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by the Company as at the date
of this document in light of management's experience and perception
of current conditions and expected developments, these statements
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining,
including, but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity prices; the threat associated with outbreaks of
viruses and infectious diseases, including the COVID-19 virus;
delays or the inability to obtain, retain or comply with permits;
risks related to negative publicity with respect to the Company or
the mining industry in general; health and safety risks;
exploration, development or mining results not being consistent
with the Company's expectations; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; actual
ore mined and/or metal recoveries varying from Mineral Resource and
Mineral Reserve estimates, estimates of grade, tonnage, dilution,
mine plans and metallurgical and other characteristics; risks
associated with the estimation of Mineral Resources and Mineral
Reserves and the geology, grade and continuity of mineral deposits,
including, but not limited to, models relating thereto; ore
processing efficiency; information technology and cybersecurity
risks; potential for the allegation of fraud and corruption
involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices;
regulatory investigations, enforcement, sanctions and/or related or
other litigation; estimates of future production and operations;
estimates of operating cost estimates; the potential for and
effects of labour disputes or other unanticipated difficulties with
or shortages of labour or interruptions in production; risks
related to the environmental regulation and environmental impact of
the Company's operations and products and management thereof;
exchange rate fluctuations; climate change; risks relating to
attracting and retaining of highly skilled employees; compliance
with environmental, health and safety laws; counterparty and credit
risks and customer concentration; litigation; changes in laws,
regulations or policies including, but not limited to, those
related to mining regimes, permitting and approvals, environmental
and tailings management, and labour; internal controls; challenges
or defects in title; funding requirements and availability of
financing; dilution; risks relating to dividends; risks associated
with acquisitions and related integration efforts, including the
ability to achieve anticipated benefits, unanticipated difficulties
or expenditures relating to integration and diversion of management
time on integration; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return; uncertainty of
meeting anticipated program milestones; and other risks and
uncertainties including but not limited to those described the
Company's public disclosure documents which are available on SEDAR
at www.sedar.com under the Company's profile. All of the
forward-looking statements made in this document are qualified by
these cautionary statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, forecast or intended and readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking information. Accordingly,
there can be no assurance that forward-looking information will
prove to be accurate and forward-looking information is not a
guarantee of future performance. Readers are advised not to place
undue reliance on forward-looking information. The forward-looking
information contained herein speaks only as of the date of this
document. The Company disclaims any intention or obligation to
update or revise forward–looking information or to explain any
material difference between such and subsequent actual events,
except as required by applicable law.
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SOURCE Elevation Gold Mining Corp.