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.