Shares Outstanding: 186,148,461
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, Jan. 14, 2020 /CNW/ - GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is
pleased to report record production for the quarter ending
December 31, 2019 of 584,988 silver
equivalent ounces, consisting of 379,082 silver ounces and 2,407
gold ounces, a slight increase from the previous quarter and record
of 580,711.
"Production at Parral has increased for 5 consecutive quarters,
and we are now at a production level we aim to maintain for the
rest of the year. Our production rate this quarter is 80%
higher than where we were at this quarter last year." said
Brad Langille, President and
CEO. "Parral continues to perform, and we anticipate
receiving benefits from the SART in the upcoming quarter which we
expect will increase the profitability of the project going
forward. In addition, Los Ricos continues to provide great
results putting our shareholders in a favourable position with the
strengthening precious metal prices."
SART Update
The newly installed SART plant has begun cold commissioning with
motor testing, electrical checks, and going through final
instrumentation installation and adjustments as part of final
electrical completion. The SART plant is expected to bring
important economic and technical benefits to the Parral facility.
The main economic drivers are the recovery of a high-grade saleable
copper sulfide product and the re-generation of cyanide, which is
the largest single operating cost at Parral, and improve the
leaching efficiency of the heap.
Table 1: Quarterly Production Summary
Quarter
Ended
|
Dec
2018
|
Mar
2019
|
Jun
2019
|
Sep
2019
|
Dec
2019
|
Silver Production
(oz)
|
167,974
|
288,693
|
250,073
|
326,625
|
379,082
|
Gold Production
(oz)
|
1,858
|
1,613
|
2,281
|
2,921
|
2,407
|
Silver Equivalent
Production (oz)1
|
325,148
|
424,210
|
451,011
|
580,711
|
584,988
|
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: Dec 2018 – 85, Mar 2019 – 84, Jun 2019 – 88,
Sep 2019 – 87, Dec 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.