Steppe Gold Announces Operations Update for May

June 01, 2022 9:00 AM EDT | Source: Steppe Gold Ltd.

Ulaanbaatar, Mongolia--(Newsfile Corp. - June 1, 2022) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to provide an operations update for May 2022.

May gold production showed a continued ramp up from April with another two gold pours in May for a total of approximately 3,800 oz Au (March 2022, 1,532 oz; April 2022, 3,370 oz).

The Company is also pleased to confirm it has received three reagent shipments in May as it seeks to build the reagent inventories, allowing for additional areas under leach. Unleached sections of Cell 4 are coming online now. This will support a continued build-up of the production rate with strong momentum into Q3.

Mining and stacking activities were on plan for the month with Cell 4 stacking now complete.

The new crushing unit is on schedule to be operational in August, setting the stage for higher stacking rates for the second half of 2022.

Mining activities continued above planned rates with hauling of high-grade blast material at ATO 1 and ATO 4. Topsoil removal has been completed at ATO 2 and mining of free-dig material has commenced.

With steady production and cashflow at the ATO gold mine, Steppe Gold has set up an exploration camp at the Uudam Khundii (UK) project located in the highly prospective Bayankhongor gold belt in Western Mongolia with first drilling programmes underway.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to report another strong month of production in May at the ATO Gold Mine. All activities at site are operating well. Our design work for the Phase 2 Expansion is ongoing and the process of selection of contractors is underway. We are also very excited to commence exploration drilling at the highly prospective UK project."

Steppe Gold at PDAC 2022:

If you will be attending the upcoming PDAC 2022 in Toronto, come join us at Mongolia @ PDAC 2022.

Join the Steppe team, Mongolia's government officials and other mining leaders on Monday, June 13th from 1:30 pm to 6:00 pm EST. This insightful day highlighting Mongolia's strength as a mining and investment jurisdiction, will be followed by a networking reception in the evening.

Learn more and register HERE.

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Steppe Gold also looks forward to the opportunity to connect with many of you on the tradeshow floor. We'll be at Booth #2725. Come by to say hello, and hear about what's next on Steppe's horizon!

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

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 law.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release

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