Hycroft Reports Revenue from Nevada Mines

With two heap leach gold mines in Nevada now in production, Hycroft Resources & Development (VSE) reported an operating profit of $2,397,071 and a net loss of $1,462,268 (or 11 cents a share) for the six months ended June 30. The company has agreed to amalgamate with its parent, Granges Exploration (TSE) and Goldbelt Mines, (VSE) a large shareholder of Hycroft (subject to all necessary approvals and agreement on evaluations).

The Lewis Mine operated for the entire 6-month period and produced 4,370 oz of gold during the second quarter while the Crofoot Mine, which began producing in April of this year, produced 9,559 oz of gold during the second quarter. The company notes both operations were adversely affected by an unusually cold winter and heavy spring rains that restricted mining and heap leach efficiencies.

Hycroft says the Crofoot mine should achieve greater profitability as production rises with the fine tuning of the mining/leaching process and, in the fourth quarter, the operation of the new conveyor/ stacker system. At present ore is trucked to the leach pad from the final stage of crushing.