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Ulaanbaatar, Mongolia–(Newsfile Corp. – July 6, 2020) – Steppe Gold Limited (TSX: STGO) (“Steppe Gold” or “the Company”) is extremely pleased to provide an update on its production ramp up at its 100% owned ATO Gold Mine in Mongolia
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Matthew Wood, Executive Chairman, commented, “We are delighted to report a solid start to gold sales at the ATO Gold Mine. With strong operating cash flows, we are now accelerating exploration and interpretation work and also planning a resource update to further underpin our view of the ATO Gold Mine as a large, long life, low cost precious metals project.”
Bataa Tumur-Ochir, President and Chief Executive Officer of Steppe Gold, stated, “Commencing commercial production is a major achievement towards our goal of becoming the largest and premier gold producer in Mongolia. Gold production plays a vital role in the Mongolian economy and the Company receives excellent support from the Mongolia governing bodies at all levels.”
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable laws
The Republic of Tajikistan is located in the south- eastern part of Central Asia, the area of the Republic is 142,2 sq. km. Tajikistan in the west and north- western borders with Uzbekistan and Kyrgyzstan to the north, China in the east, in the south of Afghanistan. Tajikistan is a mountainous country. Within its limits are the highest mountain ranges of the Pamir and Tien Shan with an altitude 5000-6000 meters. Peak Somoni, 7495 meters. On the high mountain areas account for 93 % of its territory, and the arable land is only 7 %. Nearly half of Tajikistan's territory is situated at an altitude of over 3,000 meters. The presence of the mountains complicates the organization of inland transport and communication, but at the same time is a factor in ensuring the republic’s rich hydropower resources
By its hydropower resources Tajikistan ranks second after Russia among the CIS countries and the eighth largest in the world. The country has a large Nurek hydropower plant with a capacity of 2,7 MW, built Rogun power of 3,6 MW, and Sangtudinskaya’s power of 0,6 MW. Production of electricity in Tajikistan is currently about 17 billion kWh / year. The major cities of the country, Dushanbe, Khujand, Kurgan, Kulyab Shahritus are connected by rail with the countries of the CIS, Dushanbe, Khujand, and Kulyab have international airport. The country has highly developed network of roads and several bridges across the Panj River Road that link Tajikistan and Afghanistan
Geographically, the country is divided into three differing regions: the flat part in the center and south- west of the country is predominantly extended areas of the valleys or mountain canyons, depression, within the flat part is living an absolute majority of the population, the northern province are most economically developed and Lightly populated and mountainous is the eastern part. Before the victory of the October Socialist revolution in Tajikistan there was no industry, railways, power plants, the vast majority of the population was illiterate
In the Soviet period (until September 1991), Tajikistan was part of the economic system of the Soviet Union and had some success in education, health, in the territory of the republic were built industries, thousands of kilometers of roads, railways, there has been a fairly high standard of living. The basis of the economy was agriculture, and more than half of the population lived in rural areas. The country produced about one million tons of cotton annually. Since independence structure of Tajikistan's economy has not changed. The most important economic sector is agriculture, which employs more than half the country's population. Industry, especially mining, does not operate stably. Production is concentrated in a few sectors such as power generation, aluminum production, textile and food industries
During the years of Soviet power in Tajikistan were performed significant amount of exploration works. Its territory is covered with small and medium-scale geological, geophysical, hydrogeological, geotechnical, aero- space imaging. Drafted maps during that times was the basis for the prediction and searches of various kinds of minerals. Promising with respect to the mineral and raw resources area, the areas of industrial and civil construction had also undergone large-scale and detailed geological studies. In Tajikistan, was a powerful multi-national Geological Survey, which could solve the major theoretical and practical issues of Geology of the Republic. It was found that in the course of a long, differentiated and multicyclic manifestations of the tectonomagmatic phases, metamorphic processes and ore genesis the territory of the republic gained territory fold - blocky - scaly structure, having mineragenic zones with different features
At present, the geological structure of the territory of the Republic of Tajikistan is distinguished by Mid- Tien Shan (North Tajikistan - mountain Karamazar and Fergana valley), Southern Tien Shan (a large part of central Tajikistan) Gisaro - Severopamirskuyu (South-West and Central Tajikistan Kalaykhum Saupsayskaya - band North Pamir) Afghan- Tajik (the so -called Afghan - Tajik depression) and South Pamir region. Within these zones, thanks to the large-scale exploration activities, particularly intensively conducted in the years 1971-1990, in the depths of Tajikistan were revealed, explored and partially ready for commercial development of several hundreds of minings. These are deposits of lead and zinc, copper and bismuth, antimony and mercury, precious metals, molybdenum and tungsten, iron, tin, boron raw material, strontium, calcium fluoride, rock salt, semi-precious, semi-precious and precious stones, building stone and many other types of mineral raw materials for the construction industry, coal, anthracite, graphite, oil and gas, mineral wax, underground fresh, thermal and mineral water, phosphate, and a number of other minerals, with more than 50 kinds of mineral resources
The Pakrut gold mine, located approximately 120km north-east of Dushanbe, Tajikistan, is owned by China Nonferrous Gold (formerly known as Kryso Resources). The mine development is being undertaken in two phases, which are expected to cost $223m in total
The mining license for the Pakrut gold project was issued in January 2012 and is valid until November 2030. Construction of the mine began in September 2012 and the first gold was poured in December 2015
The Pakrut gold mine is a part of the Pakrut license area, for which the exploration and trial mining license was awarded in 2004. The Pakrut area is located in the southern part of the Tien Shan Fold belt, which holds the world’s second-largest known gold reserve
The Tien-Shan Fold Belt is a belt of folded rocks extending from Aral Sea in Uzbekistan and continuing through Tajikistan and China, ending in Mongolia. The belt hosts a number of mesothermal gold deposits containing multimillion ounces of gold
The Pakrut gold mine is being developed using an underground mining method. A decline at 2,265m above sea level running down to the 1,810m level is established to access the ore body. Sublevel open stoping using a cemented hydraulic fill method is applied. The mined ore is loaded and transported to the surface by trucks
The processing plant is expected to have a capacity of 2,000t a day. It employs a three-stage recovery process comprising gravity, flotation and cyanide leaching of the concentrates. Cyanide leaching is applied on both the gravity and the flotation concentrates
On October 18th, the Jilau’s ore-processing plant owned by Zeravshan ld Co.,Ltd (ZGC) began its commercial production. Tajikistan President Rakhmonov attended the opening ceremony and pressed the production starting button
As the major project of ZGC company, the on-schedule commercial production of Jilau’s ore-processing plant not only stands as a milestone in the history of ZGC company, but also a win-win cooperation in mining industry between Tajikistan and China. After the project starts commercial production, Zijin’s ld output will experience a considerable increase, which will both improve ZGC’s profitability and contribute in a quite positive way to local economic and social development. President Rakhmonov has paid many visits to ZGC, and addressed openly that, “China has always been a trusted ally, dear friend and od neighbor for Tajikistan. JV Zeravshan is the result of od cooperation between China and Tajikistan.”
After Zijin acquired CBML in 2007 (CBML ever hold 75% interest of ZGC company), along with great attention and virous promotion from Tajikistan and China’s vernment，Zijin invested more than USD 400 million accumulatively in mine reconstruction and technological improvement, reversing the ZGC’s long-run loss situation and making ZGC the largest ld producer in Tajikistan. As of September of 2015, ZGC has produced 12.7 tonnes of ld, reported USD 520 million of revenue and paid USD 157 million of taxes in total
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