Posted by Bob Coale, President.
Just a quick "good news" update to let you know that things are progressing well on several fronts, including the announcement that major hedge funds have been increasing their gold holdings substantially (1). With the recent rally in gold, that's a positive sign for investors.
Progress is going exceptionally well at our Moss Mine gold project in Arizona. I was on-site a few days ago and am exceedingly pleased with the pace of construction:
1) Construction on all major items for the Phase I Pilot Plant is essentially complete...
2) Operations are in full swing with the focus on the completion of mining, crushing, agglomerating and stacking operations...
3) Leaching of the stacked mineralized material is underway and will continue for the next several months...
Plus, our other major gold property, the Bruner project in Nevada, continues to deliver stunning world-class gold values. While it's still too early to speculate on production, things look very promising from an exploration perspective. It's good to see NYSE-listed Hecla Mining involved in the project, who've allocated more than $2 million toward advancing it. An extensive drill program is planned for the remainder of 2013, and if the results are anything like what we've had so far, shareholders will have another big reason to celebrate.
Patriot Gold shareholders get a free ride on both projects. Because we own both projects outright, we've been able to option a portion of them to partner companies who are putting up the many millions of dollars required to earn their share. This has allowed us to protect our shareholders from excessive dilution, plus advance the projects toward production in a rising gold market.
I'm looking forward to touching bases with you soon, as production advances at Moss Mine and more drill results are released from Bruner. And by the way --- if you're a high-net worth investor, we encourage you to view http://www.patriotgoldcorp.com/claim_your_share.php.
(1) Bloomberg News - Hedge Fund Gold Bets at Six-Month High After Rally: Commodities - http://www.bloomberg.com/news/2013-08-25/hedge-fund-gold-bets-at-six-month-high-after-rally-commodities.html
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.