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TSXSymbol: STGO
TotalBasicSharesO/S(M): 42.9
MATTHEWWOODChairman,PresidentandCEO
BATAATUMUR-OCHIRDirectorandVicePresidentMongolia
ANEELWARAICHDirectorandExecutiveVicePresident
PATRICKMICHAELSDirector
DR.ZAMBABATJARGALDirector
LEWISMARKSDirector
SHELDONVANDERKOOYDirector
CONTACTINFORMATION
THECOMPANY’SHEADOFFICE:
Shangri-Laoffice,Suite1201,Olympicstreet19A,SukhbaatarDistrict1,Ulaanbaatar14241,MongoliaTel:+97677321914
TORONTOOFFICE:
90AdelaideStreet.W,Suite400Toronto,ONM5H3V9,CanadaTel:+16476970577
TRANSFERAGENT:
LoriWinchesterSeniorRelationshipManager,ClientManagement
Phone:+1416607-7898Cell:+1416671-4558Email:[email protected]
Toronto, ON – Steppe Gold Limited (TSX: STGO) (the “Company” or“Steppe Gold”) is pleased to announce the progress that has beenmadeoverthelastmonthatAltanTsagaanOvoo(“ATO”)GoldProjectinMongolia.
HIGHLIGHTS➢ TheATOdevelopment isprogressingwellwith theprojectCAPEXremaining
underbudget.
➢ The ATO crushing circuit is nearing construction completion and will bemovingintocommissioninginthecomingweeks.
➢ Heapleachpadconstructioniswellunderwaywithsignificantadvancesmadeoverthelastmonth.
➢ Major ADR Plant equipment has been delivered toMongolia with site works andconstructioncommenced.
➢ Bankable feasibility study for a proposed150,000oz goldper annumoperationonfreshrockoresisongoing.
➢ The Stage 3 drilling programon the ATO2 oxide zone has been completedwith atotalof14drillholesfor752.3meters.
➢ InfilldrillinghasnowbeencompletedoverallknownoxidemineralizeddepositsattheATOProject.ThisincludesATO1,ATO2,ATO3andMungu.
➢ SRKhas completeda reporton the structural aspects andadditional targetingofthe ATO Project. This has delivered a number of new targets for immediate andfuture drill testing. The first of these targets will be drill tested in the comingmonth.
➢ TheStage3drillingprogram targetedat theATO4-Mungu trendhas commencedwith8drillholesbeingcompletedfor2,228.0metersofdrilling.AlldrillingrigsarecurrentlyoperatingontheATO4–Mungutrend.
➢ Further visible gold has been seen from drill core on the ATO – Mungu trend.Drillingresultsarepending.
DEVELOPMENTTheCompany ispushinghard foracompletionofsiteconstructionbytheendof2018withfirstgoldinthefirsthalfof2019.Allmaterialsforthecrusherandleachpadhavebeendeliveredtositeandconstructionisnowunderway.
CAPITALIZATION
BOARDOFDIRECTORS
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TheATOcrushingcircuitisnearingconstructioncompletionwithfinalworknowunderway.ThecrusherwillbecommissionedinitiallyonminedATO1oreinthecomingweeks.Thismaterialwillbeusedasoverlinerfortheheapleachpadsandstackingofthepadshouldcommenceoverthenextmonth.
Heapleachpadconstructioniswellunderwaywithsignificantadvancesbeingmadeoverthelastmonth.Cell-1isexpectedtobecompletedwithinthenexttwoweeksandearthworkhasnowcommencedonCell-2.
Miningcampaccommodationandrestaurantisfullyoperationalwith106peopleonsite.Themajorityof theADRplantequipmenthasbeendeliveredtoMongoliaandsiteworkshavecommenced inpreparationforconstructionnextweek.
DRAGlobalhasbeenappointedandhasbeguntomanageandundertakeabankablefeasibilitystudyfortheconstructionanddevelopmentexpansionoftheATOGoldProjectto150,000ozgoldperannumutilizingaCILplant forgoldandsilverproduction.Thestudywillbebasedonexisting fresh rockoresatATO1,ATO2andATO4,inadditiontothepotentialbeingseenattheATO4–Mungutrend.Thisstudyisongoing.Aselectionofphotoshasbeenincludedbelowdemonstratingactivitiesonsite:
Crusher construction
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Crusher construction
Barren & Pregnant Pond excavation
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Barren & Pregnant Pond excavation
Cell 1 Embankment lining
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Cell 1 HDPE lining
Cell 1 HDPE lining
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Cell 1 compaction
Cone Crusher construction
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Greg Wood, VP Operations, Grant Smith, GM Processing and Aruinbat Edenebataar, Senior Mining Engineer on Cell 1
Cell 1 HDPE Lining continuing
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Cell 1 HDPE lining continuing
ADR Plant topsoil removal
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Overview cells 1 and 2
(more overleaf)
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Hopper, bin construction complete
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8 meter stacking ramp for cell 1 under construction
Liner being laid on cell 1
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Liner being laid on cell 1
Cell 1 60% complete
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Cell 2 conditioning underway
Overview Cell 1 and 2
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ATODRILLINGTheCompanyhasnowcompletedatotalof99drillholesfor16,157.5meterssinceacquiringtheprojectinlate2017.Explorationresultshavebeenexcellentandtheydemonstratethehigh-gradepotentialof theATOGoldProject.
TheStage3drillprogramhascommencedwiththreediamondcoredrillingrigsinitiallycompletingtheoxidezone drill out at the ATO2 deposit. A total of 752.3meters in 14 drill holes have been completed by theCompanyatATOwithresultspending.
TheCompanyhasnowmovedallthreedrillingrigsontotheexcitingATO4–Mungutrendandtodateatotalof3,270.3metershavebeencompletedin22drillholes.ThisdrillprogramcontinuestodeliversuccesswithvisiblegoldbeingidentifiedalreadyinATO-348.Thisisincrediblyencouragingsoearlyintheprogramwithallresultspending.
Drill rigs on Mungu Gap
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Visible gold in ATO-348
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Visible gold in ATO-348
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ATO-4 to Mungu Gap long section
The company has also commissioned a structural review report by SRK. This has been completed and hashighlightedanumberofhigh-levelundrilledtargetsclosetoknowndepositswhichhavenotbeendrill tested.Thefirstofthesetargetsisexpectedtobedrilledoverthecomingmonth.
ABOUTSTEPPEGOLD
SteppeGoldisapreciousmetalsexplorationanddevelopmentcompanywithanaggressivegrowthstrategytobuild Steppe Gold into the premier preciousmetals company inMongolia. The Company owns 100% of theadvanced staged Altan Tsaagan Ovoo Gold Project where resource expansion drilling and a heap leachdevelopment iscurrentlyunderway.TheCompanyalsoowns80%of theexcitingUudamKhundiiGoldProjectwhereanactiveexplorationprogramisunderwayandmakingnewdiscoveries.MatthewWood,ExecutiveChairmansaid“OverthesummermonthstheCompanyhasexperiencedsomedelaysto itsdevelopmentschedulefromelementsoutsideofthecompany’scontrol.Theseelementsarenowlargelyresolved and the Company is proceeding full speed ahead with the ATO mine development. Steppe GoldcontinuestoreceiveverystrongsupportforthedevelopmentoftheATOGoldProjectfromfederal,stateandlocalstakeholdersinMongoliawiththeATOmineisalreadyaddingsignificantlytothelocalSoumandDornodeconomy.Steppe Gold is based in Mongolia with its head office in Ulaanbaatar. We are almost entirely staffed byMongoliansandarepurelyfocusedondevelopingpreciousmetalsassetsinMongolia.Mongoliaisourhome.Weareextremelyproudoftheeffortsouremployees,contractorsandconsultantsaremakingforshareholdersandstakeholders in their efforts to sustainably develop and expand the gold sector in Mongolia. This is alreadycreating increased employment and business opportunities as Steppe Gold grows into the premier preciousmetalsCompanyinthecountry.Mongoliaisopenforbusiness,prominingdevelopmentandoneofthelastgreatfrontierswheregiantmineraldepositscanbefoundanddeveloped.”