Business
Galane Gold Releases Financial and Operating Results for Q1 2017
TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX VENTURE:GG) is pleased to announce the release of its fi
About this update from Golconda Gold Ltd
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Galane Gold Ltd. (\"Galane Gold\" or the \"Company\") (TSX VENTURE:GG) is pleased to announce the release of its financial results for the three months ended March 31, 2017. All amounts are in United States dollars unless otherwise indicated. A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2017 prepared in accordance with International Financial Reporting Standards and the corresponding Management's Discussion and Analysis will be available under the Company's profile on www.sedar.com. First Quarter 2017 Highlights Sold 5,531 ounces of gold. Positive cash flows from operating activities of $821,253. Cash balance of $1,241,089 at the end of the quarter. Subsequent Events Announced letter of intent to acquire Vantage Goldfields Limited (\"Vantage\"), an Australian gold mining company with two mines and processing plant proximate to Galane Gold's Galaxy operation. Galane Gold CEO, Nick Brodie commented: \"The first quarter of 2017 was challenging for Galane Gold as unseasonably high rainfall at the Mupane property resulted in flooding at our underground mine and operational issues related to feeding wet ore to our plant. While we managed to continue production throughout this period, albeit at a reduced rate, we did not reach our own internal targets. The second quarter to-date has seen us move past these challenges and we have resumed a normal rate of production. The announcement of the potential acquisition of Vantage is a significant opportunity for Galane. We expect to integrate Galaxy and Vantage with a view to deriving substantial operational and cost synergies and take a major step forward in our goal to reshape the Company into a long-life and low-cost operation that can produce positive returns for investors across commodity cycles.\"(1) Options and deferred share units The Company also announces that it has authorized the grant of options to the Chief Financial Officer of the Company. Options to purchase up to 500,000 common shares were authorized for grant with a five year term and an exercise price equal to the closing price of the common shares on the TSX Venture Exchange on May 26, 2017. Such options shall vest according to the following schedule: 10% vest on the award date; 10% vest on the first anniversa...