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Galane Gold Ltd. Releases Financial and Operating Results for Q3 2019; Appoints New Director
TORONTO, Nov. 25, 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, Nov. 25, 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 nine months ended September 30, 2019. A copy of the unaudited condensed consolidated interim financial statements for the three and nine months ended September 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. Third Quarter 2019 Highlights(1) Produced 8,435 ounces of gold and sold 8,538 ounces of gold at an average price of $1,460 per ounce at Mupane. Mupane operating cash cost of $1,026 per ounce(2). Galaxy dispatched 537 tonnes of concentrate in the quarter with a payable gold content of 489 ounces. The revenue for the sales was offset against capital costs as Galaxy is still considered to be in pre-production. Positive cash flows from operating activities, before working capital, of $1,853,463. Repaid $1,032,779 of outstanding debt from positive cash flows. Extended maturity on $1,672,836 of 4% unsecured debentures due in November 2019 to November 2021. Galane Gold CEO, Nick Brodie commented: “Another positive quarter for Galane as we continue to generate positive cash flows from Mupane coupled with the ramp up of production at Galaxy which saw it become cash positive from operations on a stand-alone basis in October. Both continue to be on target to meet their production objectives for the year(3). With the current change in gold price, Galane continues to look at how best to use its surplus cash to meet its long-term goals. With the excess funds in the quarter we took the opportunity to reduce our outstanding debt and also extend the maturity on remaining debentures due to the low cost of this unsecured debt.” Appointment of New Director The Company is also pleased to announce that Mr. Ken Crema has been appointed to the board of directors. Mr. Crema is a lifetime entrepreneur, starting his first business at the age of 20. Ken has founded and successfully exited multiple companies, including EDM (Electronic Direct Marketing) which was sold to TTEC (NASDAQ) in 1998 and MCCI (ranked the Fastest-Growing Company in Canada by Profit Magazine, 2005) which was sold to Teleperformance in 2005. He is currently...