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Elevation Gold Reports Q4 2022 Production Results

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Elevation Gold Reports Q4 2022 Production Results

 

 

 

 

 

Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQX: EVGDF) is pleased to announce the production results for the three and twelve months ended December 31, 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.

 

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 in Canada and on the OTCQX in the United States.  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.

 

Posted January 17, 2023

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