GoGold Reports Record Quarterly Production of 580,711 Silver Equivalent Ounces, Exceeding Previous Record by 29%
GoGold Reports Record Quarterly Production
of 580,711 Silver Equivalent Ounces,
Exceeding Previous Record by 29%
Trading Symbol: TSX: GGD
Shares Outstanding: 185,823,461
HALIFAX
,
Oct. 9, 2019
/CNW/ -
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)
("GoGold", "the Company")
is pleased to report record production for the quarter ending
September 30, 2019
of 580,711 silver equivalent ounces, consisting of 326,625 silver ounces and
2,921 gold ounces, representing an increase of 29% from the previous quarter and previous record
of 451,011 silver equivalent ounces.
Production for the fiscal year ending
September 30, 2019
was 1,846,835 silver equivalent ounces,
consisting of 1,059,438 silver ounces and 9,149 gold ounces. This represents an annual record and
is an increase over the prior year record of 42%, or 547,421 silver equivalent ounces.
"This marks the third consecutive quarter where we've set a production record, with a substantial
increase this quarter of 130,000 ounces from the past quarter, in what has typically been our
weakest quarter of the year due to the rainy season," said
Brad Langille
, President and CEO. "This
has been by far our strongest year at Parral, with production of 1.85 million ounces, over 500,000
ounces higher than last year. With Parral running at these rates, the exceptional results that we're
seeing at our Los Ricos project, and the strengthening of the gold and silver markets, it's an exciting
time for us as we work to build value for our shareholders."
SART Update
Construction on the SART continues to be on schedule, with the foundation and significant concrete
work completed, and many key components on site ready for installation. Construction is scheduled
to be completed prior to the end of 2019.
Table 1: Quarterly Production Summary
Quarter Ended
Sep 2018
Dec 2018
Mar 2019
Jun 2019
Sep 2019
Silver Production (oz)
105,623
167,974
288,693
250,073
326,625
Gold Production (oz)
1,665
1,858
1,613
2,281
2,921
Silver Equivalent Production (oz)
1
240,939
325,148
424,210
451,011
580,711
1.
"Silver equivalent production" include gold ounces produced and sold converted to a silver equivalent based on a ratio of the average market metal price for each period. The
ratio for each of the periods presented was: Sep 2018 – 81, Dec 2018 – 85, Mar 2019 – 84, Jun 2019 – 88, Sep 2019 – 87.
Table 2: Annual Production Summary
Year Ended
Sep 2017
Sep 2018
Sep 2019
Silver Production (oz)
568,306
774,600
1,059,438
Gold Production (oz)
7,961
6,650
9,149
Silver Equivalent Production (oz)
1
1,146,574
1,300,414
1,847,835
1.
"Silver equivalent production" include gold ounces produced and sold converted to a silver equivalent based on a ratio of the average market metal price for each period. The
ratio for each of the periods presented was: Sep 2017 – 73, Sep 2018 – 79, Sep 2019 – 86.
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 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 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.
View original content:
http://www.newswire.ca/en/releases/archive/October2019/09/c2075.html
%SEDAR: 00029249E
For further information:
Steve Low, Corporate Development, GoGold Resources, T: 416 855
0435, E: [email protected]
CO: GoGold Resources Inc.
CNW 07:00e 09-OCT-19