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Development Update

TORONTO, October 31, 2018 – Steppe Gold Limited (TSX: STGO)(the “Company” or “Steppe Gold”) is pleased to announce the progress that has been made over the last month at Altan Tsagaan Ovoo (“ATO”) Gold Project in Mongolia.

➢The ATO development is progressing well with the project CAPEX remaining under budget.
➢The ATO crushing circuit is nearing construction completion and will be moving into commissioning in the coming weeks.
➢Heap leach pad construction is well underway with significant advances made over the last month.
➢Major ADR Plant equipment has been delivered to Mongolia with site works and construction commenced.
➢Bankable feasibility study for a proposed 150,000oz gold per annum operation on fresh rock ores is ongoing.
➢The Stage 3 drilling program on the ATO2 oxide zone has been completed with a total of 14 drill holes for 752.3 meters.
➢Infill drilling has now been completed over all known oxide mineralized deposits at the ATO Project. This includes ATO1, ATO2, ATO3 and Mungu.
➢SRK has completed a report on the structural aspects and additional targeting of the ATO Project. This has delivered a number of new targets for immediate and future drill testing. The first of these targets will be drill tested in the coming month.
➢The Stage 3 drilling program targeted at the ATO4-Mungu trend has commenced with 8 drill holes being completed for 2,228.0 meters of drilling. All drilling rigs are currently operating on the ATO4 – Mungu trend.
➢Further visible gold has been seen from drill core on the ATO – Mungu trend. Drilling results are pending.

The Company is pushing hard for a completion of site construction by the end of 2018 with first gold in the first half of 2019. All materials for the crusher and leach pad have been delivered to site and construction is now underway.

See the full Development Update


Steppe Gold is a precious metals exploration and development company with an aggressive growth strategy to build Steppe into the premier precious metals company in Mongolia. The Company owns 100% of the advanced staged Altan Tsaagan Ovoo Gold Project where resource expansion drilling and a heap leach development is currently underway. The Company also owns 80% of the exciting Uudam Khundii Gold Project where an active exploration program is underway and making new discoveries.

Matthew Wood, Executive Chairman said “Over the summer months the Company has experienced some delays to its development schedule from elements outside of the company’s control. These elements are now largely resolved and the Company is full speed ahead with the ATO mine development. Steppe Gold continues to receive very strong support for the development of the ATO Gold Project from federal, state and local stakeholders in Mongolia with the ATO mine already adding significantly to the local Soum and Dornod economy.

Steppe Gold is based in Mongolia with our head office in Ulaanbaatar. We are almost entirely staffed by Mongolians and are purely focused on developing precious metals in Mongolia. Mongolia is our home. We are extremely proud of the efforts our employees, contractors and consultants are making for shareholders and stakeholders in their efforts to sustainably develop and expand the gold sector in Mongolia. This is already creating increased employment and business opportunities as Steppe grows into the premier precious metals company in the country. Mongolia is open for business, pro-mining development and one of the last great frontiers where giant mineral deposits can be found and developed.”


Head Office:
Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Toronto Office:
90 Adelaide Street. W, Suite 400 Toronto, ON
M5H 3V9,
Tel: +1 647 697 0577

Transfer Agent:
Lori Winchester
Senior Relationship Manager, Client

Phone: +1 416 607-7898
Cell: +1 416 671-4558
Email: [email protected]

Development Update

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