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Vancouver, BC., April 28, 2022 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited results for the financial year ended December 31, 2021 (“YE 2021”). The audited consolidated financial statements for YE 2021, together with the related management’s discussion and analysis, are available on the Company’s website and under the Company’s profile on SEDAR at www.sedar.com.

Highlights

• Generated revenue of US$18.1 million and gross profit of US$4.5 million in YE 2021.

• Produced 9,336 gold equivalent ounces ⁽¹⁾ and sold 10,007 gold equivalent ounces ⁽¹⁾.

• Closed Can$9.3 million financing for exploration and development of precious metals projects in Argentina.

• Started a 3,500 meters drill program at Tornado/Huracan in the province of Santa Cruz, Argentina.

• Completed 675 shallow, exploratory drill holes totaling 15,286 meters at the Monte Leon area, also in Santa Cruz.

• Received definitive environmental permit for the development of the Cap-Oeste project.

• Completed 901.5 kilometers of ground magnetics, geophysical surveying and 156 shallow, exploratory drill holes totaling 1,708 meters at the Calcatreu project located in Rio Negro Province, Argentina.

• Spent US $4.6 million for the exploration of key projects in Argentina.

⁽¹⁾ Consisting of 6,562 gold and 198,989 silver ounces of production and 7,062 gold and 215,541 silver ounces sold, converted to a gold equivalent using a ratio of the average spot market price for the commodities each period. The ratio for year ended December 31, 2021 was 73.03:1 (2020 – 85.99:1).

Christopher van Tienhoven, CEO stated: “Despite ongoing difficulties as a result of the global pandemic, the Company continued gold and silver production and advanced work on its key exploration projects. The drilling at Monte Leon, 10 kms southeast of Cap-Oeste, has identified a potential new source of near-surface, oxidized mineralization, which our initial tests suggest may be amenable to processing on the Cap-Oeste leach pad. New exploration and engineering work is planned to define the lateral and depth extent of Monte Leon mineralization and to permit the estimation of maiden mineral resources for this exciting mineral prospect”.

Qualified Person’s Statement

Donald J. Birak, an independent, consulting geologist and Registered Member of SME and Fellow of AusIMM, is the qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release.

About Patagonia Gold

Patagonia Gold Corp. is a South America focused, publicly traded mining company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 420 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina.