Hycroft Mining Corporation Provides a Business Update
RENO, NEVADA--(Marketwired - April 25, 2016) - Hycroft Mining Corporation ("Hycroft Mining", "us", "we", "it" or the "Company") is pleased to provide a business update.
Since emergence from bankruptcy, we have recapitalized our balance sheet and continue to make progress across a wide range of initiatives to create shareholder value. In particular, we are focused on providing viable alternatives for the production of our more than 25 million ounces of gold equivalent sulfide resources1 at our Hycroft mine. Randy Buffington, CEO, comments: "we are excited to have assembled a team that is remarkably talented and capable of realizing the potential of the Hycroft mine. The mill demonstration plant has provided the confirmatory results that we expected and we have started sulfide leach column tests and a test heap leach pad to assess the viability of a companion heap leach scenario for our sulfide and transitional ore."
Recruitment Efforts: We have restructured our operating team at the mine site under Warren Woods, our Hycroft General Manager and our technical mining team under Steve Newman, our Director, Feasibility Studies.
Mill Demonstration Plant: We have achieved results that are consistent with past metallurgical test work and that confirm the data used in the November 2014 Feasibility Study for the construction of a mill to process our sulfide and transitional ore. Further, in shorter optimization runs, we have exceeded feasibility results. We plan to operate the demonstration plant for another four to six weeks to evaluate optimization options to reduce capital and operating costs in the mill economics. Specifically, we are seeing results that lead us to believe that we may be able to improve recoveries and reduce retention times in the various process circuits, thus having the potential to reduce equipment requirements (from those metrics used in our November 2014 Feasibility Study).