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Golconda Gold Releases Financial and Operating Results for Q3 2023
TORONTO, Nov. 28, 2023 (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, Nov. 28, 2023 (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 nine months ended September 30, 2023. A copy of the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, 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. Third Quarter 2023 (“Q3 2023”) Highlights: mined 15,817 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.82 grammes per tonne (g/t) a decrease of 17% compared to 19,171 tonnes at 3.11 g/t in the three months ended June, 2023 (“Q2 2023”), but at a 23% higher grade; produced 1,343 tonnes of concentrate at an average grade of 40.6 g/t containing 1,752 ounces of gold compared to 1,422 tonnes at 37.0 g/t containing 1,689 ounces of gold in Q2 2023, an increase of 4% in gold production quarter on quarter; generated revenue of $3.0 million from the sale of 1,814 contained ounces (1,461 payable ounces) of gold at an operating cash cost of $1,385 per payable ounce compared to $2.5 million revenue in Q2 2023 from the sale of 1,639 contained ounces (1,308 payable ounces) of gold at an operating cash cost of $1,571 per payable ounce, representing a 19% increase in revenue and 12% reduction in operating cash cost quarter on quarter;(1) and following the quarter end, as announced on November 23, 2023, the Company entered a metal purchase and sale agreement with Empress Royalty Holdings Corp. (“Empress”), a wholly-owned subsidiary of Empress Royalty Corp. under which the Company will receive an up-front cash payment of $5 million (the “Investment”) for payable gold produced from the Galaxy mine which will be invested to facilitate the increase in mining volumes required for the new and larger milling circuit.(2) The closing of the transaction and the funding of the Investment is subject to typical conditions precedent. Golconda Gold CEO, Nick Brodie commented: “The third quarter of 2023 saw production increase over the second quarter and cash costs further reduce...