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Galane Gold Ltd. Releases Financial and Operating Results for Q2 2020
TORONTO, Aug. 07, 2020 (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. 07, 2020 (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, 2020. A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2020 (the “Interim Financial Statements”) prepared in accordance with International Financial Reporting Standards and the corresponding Management’s Discussion and Analysis (the “MD&A”) are available under the Company’s profile on www.sedar.com. All references to “$” in this press release refer to United States dollars. Second Quarter 2020 Highlights Earnings from mining operations for the period of $1,980,054. Positive cash flows from operating activities(1), before working capital, of $3,193,312. Mupane had 50 days of production disruption due to restrictions implemented as a result of COVID-19. Despite these restrictions, Mupane produced 5,691 ounces of gold and sold its gold at an average sales price of $1,716 per ounce. Galaxy had 66 days of production disruption due to restrictions implemented as a result of COVID-19. Despite these restrictions, it produced 855 ounces of contained gold in concentrate with final pricing still to be confirmed. Galane Gold CEO, Nick Brodie commented: “The increase in gold price is now showing in our operating results and operating cash flows. The production for the quarter was constrained by COVID-19, and such constraints continue to a lesser extent, but was still very positive and bodes extremely well for future quarters without these constraints. At the end of the quarter we published an updated technical report for the Galaxy Property that showed a 60% resource increase from the previous resource statement.(2) This has given us the impetus to commence on the planning of a phase 3 to increase production once again. It should be noted that we will continue to face challenges related to COVID-19 and both operations are not currently running at a hundred per cent to ensure we comply with best operating practices. We are confident that we have put in place sufficient procedures and policies to continue to operate safely in both Botswana and South Africa and to continue to advance our operations.”(3) About Galane Gold Galane Gold is an un-hedged go...