Business
Galane Gold Ltd. Releases Financial and Operating Results for 2018
TORONTO, April 29, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of it
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, April 29, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the year ended December 31, 2018. All amounts are in United States dollars unless otherwise indicated. A copy of the audited consolidated financial statements for the year ended December 31, 2018 prepared in accordance with International Financial Reporting Standards and the corresponding Management’s Discussion and Analysis will be available under the Company’s profile on www.sedar.com. 2018 Highlights For the third consecutive year, the Company has increased its production and cash balance, and reduced its operating cash cost(1) compared to the previous year. Produced 35,527 ounces of gold at the Mupane property at a head grade of 1.97 g/t (2017 – 29,354 ounces at a head grade of 1.75 g/t and 2016 – 26,783 ounces at a head grade of 1.29 g/t). Production at Tau in 2018 was 400,078 tonnes at a head grade of 3.03 grams per tonne (“g/t”) (2017 – 365,425 tonnes at a head grade of 2.71 g/t and 2016 – 206,591 tonnes at a head grade of 3.05 g/t). Operating cash cost(1) of $928 per ounce for the year (2017 - $933 and 2016 - $965). Cash balance of $4.2 million (2017 - $2.6 million and 2016 - $0.8 million). Galane Gold CEO, Nick Brodie commented: “As I stated in the 2017 year end press release, I expected the results in 2018 to be an improvement on the previous two years and they have been. We have once again seen an increase in ounces produced at Tau, an increase in the Company’s cash balance and a reduction in operating cash costs per ounce. 2019 is expected to be a consolidation of the hard work done over the last three years with a modest contraction in production as we progress deeper into the Tau mineralized-body. With production now started at Galaxy and operations ramping up, we expect to show year-over-year production increases for the next several years.” Outlook(2) Mupane Property The Company completed an updated three year mine plan for the Mupane Property in 2018 which provides the guide for the Company’s short term goals and long term strategy(3). The Company intends to utilize the following resources during 2019: Tau – It is estimated that the Company will process approximately 408,000 tonnes at an average grade of 2.27 g/t. The Company inte...