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Galane Gold Ltd. Releases Financial and Operating Results For Q3 2021
TORONTO, Nov. 16, 2021 (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. 16, 2021 (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, 2021. A copy of the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2021 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. All references to “$” in this press release refer to United States dollars, unless otherwise stated. Third Quarter 2021 Highlights Sold 6,212 ounces of gold at Mupane at an average sales price of $1,795 per ounce. Earnings from mining operations for the period of $465,200. Capitalised $2,822,532 of concentrate sales produced by Galaxy. Positive cash flows from operating activities of $1,104,456. $1,009,276 of debt repaid. Galane Gold CEO, Nick Brodie commented: “Galaxy continues its positive progress with tonnes mined, ounces produced and financial performance all improving from the previous quarter. We expect to shortly be announcing that we have commenced commercial production at Galaxy(1). Production at Mupane has been stabilised with the installation of a reconditioned transformer, replacement of the jaw crusher and the mining contractor supplementing their fleet. The challenge for the management team now is to increase production at Mupane back to previous levels and we are working hard on plans to achieve this. Our review of our Summit property and our plans for the recommencement of production continue. We have completed a re-survey of the underground mine and are now working on updated mine plans. We have also started a comprehensive review of the Banner Mill to accurately ascertain the restart costs and look at ways of expanding production(1). We expect to provide an update to the market on all of our operations and our plans for 2022 in December.” Debenture Conversion Galane Gold is also pleased to announce that it has exercised its right to force the conversion of $2,649,433 of principal amount of the Company’s outstanding 4% convertible unsecured debenture, which was set to mature on November 20, 2021, at a price of CDN$0.15 per common share and at a predetermined excha...