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Galane Gold Ltd. Reports First Draw Down on the Barak Facility and Update on the Plan to Recommence Production in April 2019 at Galaxy
TORONTO, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that it has receiv
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that it has received the funds from its first draw down request with regards to the secured loan facility with Barak Fund SPC Limited (“Barak Facility”). The funds from the Barak Facility will be used to increase the processing plant capacity to 30,000 tonnes per month.(1) It will also be used for the development and first fit work required to recommence underground operations. The Company expects to produce first concentrate in April 2019 as previously announced. Galane Gold CEO, Nick Brodie commented: “The drawing of the funds from Barak is in line with our internal forecast and ensures that the Galaxy project remains on track. We are still targeting at Galaxy steady state annual production to be on average 25,000 ounces of gold at cash cost per ounce of less than US$800.(2)(3) This represents only the first step of our resurrection of the Galaxy mine and we will shortly commence a study with the aim being to double production and lower the all-in cost as a result of increased economies of scale.” 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 on 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) The Company advises that it is not basing its decision to expand the throughput capacity of the Galaxy mine’s processing plant to 30,000 tpm on a feasibility study of mineral reserves demonstrating economic and technical viability of production at such levels, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with producing at such plant’s throughput capacity. These risks, among others, include areas that are analy...