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Golconda Gold Releases Financial and Operating Results for Q2 2024
TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2024. A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024, prepared in accordance with International Financial Reporting Standards, and the corresponding management’s discussion and analysis (the “MD&A”), are available under the Company’s profile on www.sedarplus.ca. All references to “$” in this press release refer to United States dollars. Second Quarter 2024 (“Q2 2024”) Highlights: mined 16,623 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.03 grammes per tonne (g/t) compared to 13,492 tonnes at 3.37g/t in the three months ended March 31, 2024 (“Q1 2024”), an increase of 23% in ore tonnes mined quarter on quarter; produced 1,514 tonnes of concentrate at an average grade of 32.7 g/t containing 1,591 ounces of gold compared to 1,095 tonnes at 42.8 g/t containing 1,507 ounces of gold in Q1 2024, an increase of 6% in gold production quarter on quarter; generated revenue of $3.0 million from the sale of 1,721 payable ounces of gold at an operating cash cost of $1,812(1) per payable ounce, compared to $2.2 million revenue in Q1 2024 at an operating cash cost of $1,667 per payable ounce, representing a 35% increase in revenue; and took delivery of one new production drill rig, one loader and one dump truck, allowing mining and development rates to increase significantly, with additional equipment due in Q3 2024. (2) Golconda Gold CEO, Nick Brodie commented: “The second quarter saw further improvements in ore mined and gold produced. Just as importantly, we saw a 64% increase in development metres compared to Q1 2024, which is expected to increase ore availability and help facilitate our budgeted increase in gold production going forward. In addition, we completed equipping Princeton Top in the quarter and delivered its first ore to the processing plant, another important step in our plan to ramp up production.” (2) About Golconda Gold Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public co...