GoGold Reports Record Quarter of 605K AgEq Oz and Record Year 2.3M AgEq Oz Production
GoGold Reports Record Quarter of 605K AgEq
Oz and Record Year 2.3M AgEq Oz Production
Shares Outstanding: 264,166,788
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Oct. 7, 2020
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX:
GLGDF)
("GoGold", "the Company")
is pleased to report record production for the quarter ending
September 30, 2020
of 605,287 silver equivalent ounces, consisting of 300,740 silver ounces, 3,414
gold ounces, and 128 tonnes of copper. Annual production for the Company's fiscal year which
ended on
September 30, 2020
, was 2.3 million silver equivalent ounces, an increase of 29% over
2019 production of 1.8 million.
"Parral continues to perform extremely well for us, with record production in both the quarter and the
year. We produced 2.3 million silver equivalent ounces in our fiscal year ending in September, which
is an increase of 29% compared to the prior year. Parral generated revenue in excess of
$13 million
US and over
$5 million
US of free cash flow in the quarter, which is covering the total general and
administrative and our Los Ricos exploration costs," said
Brad Langille
, President and CEO. "The
Company has in excess of
$52 million
US cash in the bank, no debt, a substantial published mineral
resource estimate at Los Ricos South, and is enjoying exceptional exploration success at Los Ricos
North. We will be expanding on our drilling at Los Ricos North to have one of the most active
exploration projects in
Mexico
and plan on completion of the preliminary economic assessment at
Los Ricos South before the end of 2020. These are truly exceptional times for GoGold."
Table 1: Quarterly Production Summary
Quarter Ended
Sep 2019
Dec 2019
Mar 2020
Jun 2020
Sep 2020
Silver Production (oz)
326,625
379,082
365,795
270,044
300,740
Gold Production (oz)
2,921
2,407
2,355
1,914
3,414
Copper Production (tonnes)
-
-
28
104
128
Silver Equivalent Production (oz)
1
580,711
584,988
600,697
504,444
605,287
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 – 87, Dec 2019 – 86, Mar 2020 – 96, Jun 2020 – 105, Sep 2020 – 79. The copper:silver ratios
were: Mar 2020 – 340, June 2020 – 326, Sep 2020 - 274.
Table 2: Annual Production Summary
Quarter Ended
Sep 2018
Sep 2019
Sep 2020
Silver Production (oz)
774,600
1,059,438
1,315,661
Gold Production (oz)
6,650
9,149
10,089
Copper Production (tonnes)
-
-
260
Silver Equivalent Production (oz)
1
1,300,414
1,847,835
2,295,416
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 2018 – 79, Sep 2019 – 86, Sep 2020 - 89. The copper:silver ratio for Sep 2020 was 302.
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 project in the
state of Chihuahua
and has the Los Ricos exploration
project 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 the Parral tailings project, the Los Ricos projects,
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.
SOURCE
GoGold Resources Inc.
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%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435 , E: [email protected]
CO: GoGold Resources Inc.
CNW 06:30e 07-OCT-20