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Galane Gold Reports Q3 2017 Production Results; Updates Tau Mine Plan
TORONTO, ONTARIO--(Marketwired - Oct. 5, 2017) - Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX VENTURE:GG) is pleased to announce that it produced a to
About this update from Golconda Gold Ltd
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Oct. 5, 2017) - Galane Gold Ltd. (\"Galane Gold\" or the \"Company\") (TSX VENTURE:GG) is pleased to announce that it produced a total of 9,535 ounces of gold for the third quarter ending September 30, 2017. Furthermore, new data has resulted in the Company revising its current Tau underground mine plan to add a further 44,300 ounces of gold, as described below. The Company's Mupane property faced various challenges in the first two quarters of 2017 caused by higher than average rainfall and damage to its mill motor (as reported in its Management's Discussion & Analysis for the three and six month periods ended June 30, 2017, a copy of which is available under the Company's profile on www.sedar.com). The third quarter production of 9,535 ounces of gold is representative of the expected quarterly production from Mupane under the current mine plan. The current mine plan for Tau prepared by the Company was based on the results of historic exploration and envisaged the mining of 85,000 ounces of gold over three and a half years as reported in the Company's press release of May 12, 2014.(1)(2) The new mine plan prepared by the Company has added a further 44,300 ounces of gold and an expected 20 months of additional production. The additional ounces and life can be attributed to the conversion of inferred mineral resources to measured and indicated mineral resources, as well as the discovery of the potential extension of the Tau mineralized body at depth as announced in the Company's press release of October 24, 2016.(3) These additional resources and the potential extension of Tau have not been incorporated into the existing resource model found in the Technical Report.(2) There has yet to be sufficient exploration on the potential expansion to extrapolate that it extends beyond the current mined area. Exploration drilling has commenced on the extent of this potential extension and the Company expects to provide an update on the results of this exploration early in 2018. Galane Gold CEO, Nick Brodie commented: \"I am pleased that our strong management team reacted quickly and effectively to the issues presented to them in the first half of 2017 and have returned Mupane back to full production. With regards to Tau, our decision to move to underground operations has been supported again with the min...