GoGold Reports Annual Production of 1.8M AgEq Oz and Received $11M USD in Input Tax Recoverable
GoGold Reports Annual Production of 1.8M AgEq Oz and Received $11M
USD in Input Tax Recoverable
Shares Outstanding: 295,437,256
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Oct. 12, 2022
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to report production
for the year ending
September 30, 2022
of 1,810,326 silver equivalent ounces, consisting of 741,772 silver ounces, 10,708 gold ounces, and 469 tonnes of
copper. Quarterly production at Parral was 400,467 silver equivalent ounces, consisting of 145,944 silver ounces, 2,278 gold ounces, and 124 tonnes of
copper.
The Company had
$20M USD
in input tax recoverable which related to VAT receivable from the Mexican Federal Government for the years of 2017 to 2022.
The Company received
$11M
which related to 2017 and 2018 which included interest of
$5M
. Management continues to work with the tax authority on the
remaining claims and expects to receive these amounts in due course.
"2022 represents our eighth year of continuous production at Parral, and we look forward to approximately seven more years of sustainable production as we
strengthen our ESG programs through our tailings reprocessing and remediation in
Mexico
," said
Brad Langille
, President and CEO. "The Company was
successful in collecting its VAT receivable of
$6M USD
plus interest of
$5M USD
for a total of
$11M USD
. The Company continues to maintain a very strong
balance sheet and cash position enabling us to also execute on our exciting Los Ricos project."
In the month of
August 2022
, the Parral operation endured some of the most intense rainfalls seen at the project to date, which resulted in significant dilution to
the pregnant solution. All rain and solution was properly contained, with no solution discharged into the environment. The diluted solution resulted in diminished
production levels in the months of August and September, as the leaching kinetics were impacted by the rain event. Production appears to be trending upwards
in the beginning of October.
Table 1: Quarterly Production Summary
Quarter Ended
Jun 2021
Sep 2021
Dec 2021
Mar 2022
Jun 2022
Sep 2022
Silver Production (oz)
315,632
221,202
195,678
186,655
213,495
145,944
Gold Production (oz)
3,170
3,437
2,558
2,791
3,081
2,278
Copper Production (tonnes)
120
138
123
125
98
124
Silver Equivalent Production (oz)
1
575,302
526,044
444,071
455,991
509,796
400,467
1
. "Silver equivalent production" include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period. The gold:silver ratio for each of the periods presented was: Jun 2021 – 68, Sep 2021 – 73, Dec
2021 – 77, Mar 2022 – 77, June 2022 – 83, Sep 2022 – 90. The copper:silver ratios were: June 2021 – 369, Sep 2021 – 383, Dec 2021 – 417, Mar 2022 – 411, June 2022 – 415, Sep 2022 – 398.
Table 2: Annual Production Summary
Quarter Ended
Sep 2019
Sep 2020
Sep 2021
Sep 2022
Silver Production (oz)
1,059,438
1,315,661
1,138,358
741,772
Gold Production (oz)
9,149
10,089
13,447
10,708
Copper Production (tonnes)
-
260
470
469
Silver Equivalent Production (oz)
1
1,847,835
2,295,416
2,270,073
1,810,326
1.
"Silver equivalent production" include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period. The gold:silver ratio for each of the periods presented was: Sep 2019 – 86, Sep 2020 – 89, Sep
2021 – 72, Sep 2022 – 82. The copper:silver ratio for the periods presented was: Sep 2020 – 302, Sep 2021 – 348, Sep 2022 – 410.
Mr.
Robert Harris
, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in
Mexico. The Company operates the Parral Tailings mine in the
state of Chihuahua
and has the Los Ricos South and Los Ricos North exploration projects in the
state of
Jalisco
. Headquartered in
Halifax, NS
, GoGold is building a portfolio of low cost, high margin projects. For more information visit
gogoldresources.com
.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws, and may not be offered or sold within
the United States
or to, or for the benefit of, U.S. persons (as defined in Regulation S
under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant
to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in
the United States
.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of
historical fact, included in this release, including, without limitation, statements regarding production and cash flows of the Parral tailings mine, the ability of
GoGold to self fund its ongoing exploration and administrative costs, future operating margins, future production and processing, and future plans and
objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of
factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in
connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of
mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual
results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with
GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and
global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous
disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking
information contained in this release is made as of the date of this release.
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https://www.prnewswire.com/news-releases/gogold-reports-annual-production-of-1-8m-ageq-oz-and-received-11m-usd-in-input-tax-recoverable-301647164.html
SOURCE
GoGold Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2022/12/c8528.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 07:30e 12-OCT-22