Galane GOLD Ltd. Releases Financial and Operating Results FOR Third Quarter 2018
For immediate release
GALANE GOLD LTD. RELEASES FINANCIAL
AND OPERATING RESULTS FOR THIRD QUARTER 2018
TORONTO, ONTARIO – November 27, 201 8: Galane Gold Ltd. (“Galane Gold” or the
“Company”) (TSX -V: GG ; OTCQB:GGGOF ) is pleased to announce the release of its
financial results for the three and nine months ended September 30, 2018. All amounts
are in United States dollars.
A copy of the unaudited condensed consolidated interim financ ial statements for the
three and nine months ended September 30, 201 8 prepared in accordance with
International Financial Reporting Standards and the corresponding Management’s
Discussion and Analysis will be available under the Company’s profile on
www.sedar.com.
Third Quarter 2018 Highlights
Produced 8,545 ounces of gold.
Positive cash flows from operating activities of $302,329.
All-in operating cash cost of $1,011 per ounce (excluding royalties).(1)
Galane Gold CEO, Nick Brodie commented: “Another quarter of positive production at
Mupane with current expectations for a good last quarter and a forecast ed annual
production of approximately 35,000 ounces.(2)
We expect to be in a position to give updates to the market soon on progress at our
Galaxy Mine and the prospective Andy Well transaction as we look to continue our
accretive growth strategy for Galane.”
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” and the
OTCQB under the symbol “GGGOF” . Galane Gold’s management team is compris ed 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 contributing to the communities in which it
operates.
Notes:
(1) Total o perating cash cost excluding royalties is a non -GAAP measure. Refer to
“Supplemental Information to Management’s Discussion and Analysis” in the
Company’s Management’s Discussion and Analysis for the three and nine months
ended September 30, 201 8 for reconciliation to measures reported in the
Company’s financial statements.
(2) The deposits at the Mupane mine are supported by a technical report entitled
“Independent Technical Report on the Mupane Gold Mine” dated May 10, 2011, a
copy of which is available under the Company’s profile on www.sedar.com.
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 sufficien t
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 and 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 technical difficulties in
connection with mining or development activities; lack of i nfrastructure; employee
relations, labour unrest or unavailability; health risks in Africa; the Company’s
interactions with surrounding communities and artisanal miners; the Company’s ability
to successfully integrate acquired assets; risks related to rest arting production; the
speculative nature of exploration and development, including the risks of diminishing
quantities or grades of reserves; development of the Company’s exploration properties
into commercially viable mines; stock market volatility; conf licts 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 litigation
risk.Management provides forward -looking statements because it believ es 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 a re
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 expe cted
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 or 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 Byron 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