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Galane Gold Ltd. Releases Financial and Operating Results for Q2 2019
TORONTO, Aug. 15, 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, Aug. 15, 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 and six months ended June 30, 2019. A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2019 (the “Financial Statements”) and the corresponding management’s discussion and analysis (the “MD&A”) are available under the Company’s profile on www.sedar.com. Second Quarter 2019 Highlights(1) Produced 8,694 ounces of gold. Sold 8,750 ounces of gold at an average price of $1,305 per ounce. Operating cash cost of $966 per ounce(2). Positive cash flows from operating activities of $2,889,443. Galane Gold CEO, Nick Brodie commented: “Given our production results from the second quarter, we are continuing to target production for the year of 32,000 ounces at Mupane.(3)(4) This is despite a poor start to the second quarter of 2019 due to the failure of the main SAG mill motor in the first quarter of 2019, which was fixed in May 2019. The Galaxy project is now in steady state production on the existing refurbished plant, but has not yet reached commercial production. We have exceeded our internal targets for refurbishing the plant, mining from the Princeton mineralised body and producing concentrate. We experienced delays in drawing down on our loan facility which has negatively impacted the pace of our underground development to complete the adit to access the Galaxy mineralised body. As a consequence, we have also delayed the completion of the plant upgrade to match the commencement of stoping at Galaxy, which is now planned for April 2020.(3) Given the change in pace, we are now targeting 2,300(3)(5) ounces of payable gold to be produced in 2019 from Galaxy. We expect to reach full production at Galaxy in the second half of 2020. We continue to target steady state annual production to average 25,000 ounces of gold in the first phase of development at Galaxy at an operating cash cost per ounce of less than $800.(2)(3)(5)” Grant of DSUs and Options The Company also announces that the Board of Directors has authorized the grant of deferred share units (“DSUs”) and options (the “Options”) to certain directors and officers of the Company. The Company granted an aggregat...