Galane GOLD Ltd. Completes Repayment of the Secured Samsung Facility and the Discharge of the Associated Security
For immediate release
GALANE GOLD LTD. COMPLETES REPAYMENT OF THE SECURED SAMSUNG
FACILITY AND THE DISCHARGE OF THE ASSOCIATED SECURITY
TORONTO, ONTARIO – November 28 , 201 7: Galane Gold Ltd. (“Galane Gold” or the
“Company”) (TSX-V: GG) is pleased to announce that as a result of it repaying in full the
secured facility provided by Samsung C&T U.K. Limited that the associated security on
its Mupane property has been discharged.
Galane Gold CEO, Nick Brodie commented: “The funding provided by Samsung for the
development of the Tau underground has transformed Mupane with improvement s in
production, extension of its mine life and reduced operating costs.
The repayment of the Samsung facility, the only secured debt issued by Galane, and the
discharge of the security held on the Mupane property will provide us with the
opportunity to leverage the Mupane operations to assist us in the funding of the Galaxy
project. With the intention to recommence the Galaxy operations at a sustainable
production level of over 25,000 ounces of gold per annum at a cost per ounce of less
than $800.”(1)(2)(3)
About Galane Gold
Galane Gold is an un -hedged gold producer and explorer with mining operations and
exploration tenements in Botswana and South Africa . Galane Gold is a public company
and its shares are quoted on the TSX Venture Exchange under the symbol “GG”. Galane
Gold’s management team is comprised of senior mining professionals with extensive
experience in managing mining and processing operations and large -scale exploration
programmes. Galane Gold is committed to operating at world -class standards and is
focused on the safety of its employees, respecting the environment, and contribu ting to
the communities in which it operates.
Notes:
(1) This is forward-looking information and is based on a number of assumptions. See
“Cautionary Notes”.
(2) The updated mine plan prepared by the Company in respect of the Tau property
is based on internal reporting by the Company and not based on an independent
feasibility study or pre -feasibility study of mineral reserves demonstrating
economic and technical viability.
(3) The updated mine plan prepared by the Company in respect of the Galaxy
property is based on internal reporting by the Company and not based on an
independent feasibility study or pre-feasibility study of mineral reserves
demonstrating economic and technical viability.
Cautionary Notes
Certain statements contained in this press release constitute “forward -looking
statements”. All statements other than statements of historical fact contained in this
press release, including, without limitation, those regarding the Company’s future
financial position and results of operations, strategy, proposed acquisitions, plans,
objectives, goals and targets, and any statements preceded by, followed by or that
include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”,
“would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward -looking statements. These
statements are not historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events. These statements are
not guarantees of future performance and involve assumptions, risks and uncertainties
that are difficult to predict. Therefore, actual results may differ materially from what is
expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ
materially include, but are not limited to: the Company’s dependence on two mineral
projects; gold price volatility; risks associated with the conduct of the Company’s mining
activities in Botswana and South Africa; regulatory, consent or permitting delays; risks
relating to the Company’s exploration, development and mining activities being situated
in Botswana and South Africa; risks relating to reliance on the Company’s management
team and outside contractors; risks regarding mineral resources and reserves; the
Company’s inability to obtain insurance to cover all risks, on a commercially reasonable
basis or at all; currency fluctuations; risks regarding the failure to generate sufficient
cash flow from operations; risks relating to project financing and equity issuances; risks
arising from the Company’s fair value estimates with respect to the carrying amount of
mineral interests; mining tax regimes; risks arising from holding derivative instruments;
the Company’s need to replace reserves depleted by production; risks and unknowns
inherent in all mining projects, including the inaccuracy of reserves an d resources,
metallurgical recoveries and capital and operating costs of such projects; contests over
title to properties, particularly title to undeveloped properties; laws and regulations
governing the environment, health and safety; operating or technic al difficulties in
connection with mining or development activities; lack of infrastructure; employee
relations, labour unrest or unavailability; health risks in Africa; the Company’s
interactions with surrounding communities and artisanal miners; the Comp any’s ability
to successfully integrate acquired assets; risks related to restarting production; the
speculative nature of exploration and development, including the risks of diminishing
quantities or grades of reserves; development of the Company’s explor ation properties
into commercially viable mines; stock market volatility; conflicts of interest among
certain directors and officers; lack of liquidity for shareholders of the Company; risks
related to the market perception of junior gold companies; and li tigation
risk.Management provides forward -looking statements because it believes they provide
useful information to investors when considering their investment objectives and
cautions investors not to place undue reliance on forward -looking information.
Consequently, all of the forward -looking statements made in this press release are
qualified by these cautionary statements and other cautionary statements or factors
contained herein, and there can be no assurance that the actual results or developments
will be realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward -looking statements are
made as of the date of this press release and the Company assumes no obligation to
update o r revise them to reflect subsequent information, events or circumstances or
otherwise, except as required by law.
Information of a technical and scientific nature that forms the basis of the disclosure in
the press release has been approved by Charles Byr on Pr. Sci. Nat., MAusIMM., MGSSA
and Chief Geologist for Galane Gold, and a “qualified person” as defined by National
Instrument 43-101.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
For further information please contact:
Nick Brodie
CEO, Galane Gold Ltd.
+ 44 7905089878
www.GalaneGold.com
31075376.2