Steppe Gold accelerating construction on Phase 2 expansion at ATO Gold Mine | News Direct

Steppe Gold accelerating construction on Phase 2 expansion at ATO Gold Mine

Steppe Gold Limited
News release by Steppe Gold Limited

facebook icon linkedin icon twitter icon pinterest icon email icon Vanocuver | October 17, 2023 03:57 PM Eastern Daylight Time


Aneel Waraich, the Executive Vice President of Steppe Gold, shared important news with Steve Darling from Proactive regarding the company's latest developments. Steppe Gold has drawn down $9.6 million from its $150 million financing package, which was secured in October. This capital injection is intended to accelerate the construction and development of Phase 2 Expansion at the ATO Gold Mine in Mongolia.

The company is currently in the final stages of partnering with international engineering firms and construction teams in Mongolia to facilitate the expansion. The Phase 2 expansion is expected to be completed by the end of 2025, with commercial production commencing in 2026.

This expansion is projected to increase production threefold, reaching over 100,000 ounces per annum for 12 years. Over the course of this period, Steppe Gold aims to produce over 1.2 million ounces of gold equivalent on a recovered basis.



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