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Galane Gold Ltd. releases financial and operating results for first quarter 2016
Galane Gold Ltd. releases financial and operating results for first quarter 2016 G...
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[{"type":"text","content":"\n\n\n\nGalane Gold Ltd. releases financial and operating results for first quarter 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prngen3{\nBORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.67em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\nGalane Gold Ltd. releases financial and operating results for first quarter 2016\nCanada NewsWire\nTORONTO, May 30, 2016\n\n\n\nTORONTO, May 30, 2016 /CNW/ - Galane Gold Ltd. (\"Galane Gold\" or the \"Company\") (TSX-V: GG) is pleased to announce the release of its financial results for the three months ended March 31, 2016. All amounts are in United States dollars unless otherwise indicated.\n\nA copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2016 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.\n\nFirst Quarter 2016 Highlights\n\n\nProduced 5,828 ounces of gold. \nAll-in operating cash cost of $1,079 per ounce (excluding royalties).(1) \nPositive cash flows from operating activities of $620,532. \nCash balance of $2,196,831 at the end of the quarter. \nNet loss of $2,379,494 which included:\n\n\nUnrealised foreign exchange losses of $469,664 \nGalaxy restart costs of $453,926 \n\nGalane Gold CEO, Nick Brodie commented: \"The first quarter of 2016 outperformed our internal expectations especially with regards to production and net positive cash flows. In addition what the results do not reflect is that we started stoping in the main Tau ore body, at the Mupane mine, three months ahead of target...