GoGold Reports Parral Production and Sales
GoGold Reports Parral Production and Sales
for Quarter ending September 30, 2018
Trading Symbol: TSX: GGD
Shares Outstanding: 171,776,481
HALIFAX
,
Oct. 23, 2018
/CNW/ -
GoGold Resources Inc. (TSX: GGD) ("GoGold", "the
Company")
announces sales of 241,774 silver equivalent ounces and produced 105,623 ounces of
silver and 1,665 ounces of gold for 240,939 silver equivalent ounces at the Parral project during the
quarter ended
September 30, 2018
.
Santa Gertrudis royalty sale
The Santa Gertrudis royalty sale to Metalla Royalty & Streaming Ltd. continues to move forward
with a closing expected in the current quarter. This will add an additional
$12 million
to the
Company's already strong balance sheet. The Company continues to have a strong balance sheet,
no debt, and a fully constructed operation with a ten year mine life.
Ongoing production
In
April 2018
the Company began irrigating the second lift on a non-compacted first lift to test
whether compaction of the first lift is required. The results of this test concluded that compaction of
the first lift will be required as without compaction, there is a delay in the recovery of metal from the
material processed above on the second lift. During the quarter, the Company began compacting
the first lift and placed drainage pipes on top before the second lift is placed. This will replicate
single lift leaching, which has been proven to perform well.
The Company will continue stacking on the first lift or above a compacted lower lift with additional
drainage between lifts which will cause production to increase back to normal levels. This second
quarter of lower production was expected due to both the test results noted above and the rainy
season in Mexico. Now that the final test is concluded, and rainy season is winding down, we
expect to see production increases in future quarters going forward.
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's Parral
Tailings project is one of the lowest cash cost silver producers in the world. 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 the Parral tailings project, the Santa Gertrudis
project, 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 and Santa Gertrudis projects. 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.
SOURCE
GoGold Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2018/23/c8621.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 09:00e 23-OCT-18