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Galane Gold Ltd. Releases Financial and Operating Results for First Quarter 2018 and Announces Production Results for April 2018
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V:GG) is pleased to announce the release of its financial resul
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- 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, 2018. Furthermore, the Company is pleased to announce that it produced a total of 4,004 ounces of gold for the month of April 2018. A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 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. First Quarter 2018 Highlights Produced 7,649 ounces of gold. Positive cash flows from operating activities of $549,172. Entered into a loan agreement with Barak Fund SPC Limited with respect to a US$5,000,000 secured loan facility to fund the restart of Galaxy. Signed an earn-in option agreement with B2Gold Corp. (BTO:TSX) with regards to our exploration tenements at Mupane. During April 2018, the Company produced 4,004 ounces of gold which represents its best monthly output since February 2014. To achieve this, it milled 73,234 tonnes at an average head grade of 2.45 grams per tonne. The main contributor to this was production from Tau of 34,898 tonnes at 3.80 grams per tonne. Galane Gold CEO, Nick Brodie commented: “The first quarter of 2018 was slightly behind our internal targets due to the failure of the ball mill motor at the beginning of the year. The motor was fixed by the end of March 2018 and we were able to recommence full production in April 2018 with additional Tau ore contributing to the exceptional result. The Galaxy project continues with work progressing on the completion of the detailed engineering of the new plant and mining schedules for both the Princeton and Galaxy ore bodies.(1) It is still our intention to commence the re-commissioning of the project in July 2018.” About Galane Gold Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations an...