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Galane Gold Ltd. Releases Financial and Operating Results for Q1 2019
TORONTO, May 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
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, May 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 three months ended March 31, 2019. A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2019 prepared in accordance with International Financial Reporting Standards and the corresponding Management’s Discussion and Analysis are available under the Company’s profile on www.sedar.com. First Quarter 2019 Highlights Produced 6,326 ounces of gold. Negative cash flows from operating activities of $878,661. Galane Gold CEO, Nick Brodie commented: “The first quarter of 2019 was behind our internal targets due to the failure of the ball mill transformer at the beginning of the year followed by a failure of the main SAG mill motor at the end of the quarter. The ball mill was fixed by the end of March 2019 and the SAG mill motor was fixed in May 2019. This will also affect our second quarter results but the aim is to make up the lost ounces during the remainder of 2019.(1) The Galaxy project continues at pace with the refurbishment of the existing plant completed and now in operation, concentrate production commenced, and first ore production from Princeton achieved. The expansion of the plant to 30,000 tonnes per month is expected to be completed ahead of schedule.”(1)(2)(3) 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” and the OTCQB under the symbol “GGGOF”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates. Notes: (1) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”. (2) The Company is not basing its decision to expand the throughput capacity of the Galaxy mine’s processing plant to 30,000 tonnes per month on a...