GoGold Reports Fourth Quarter Production Increase to 353,370 Silver Equivalent Ounces

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following two offers if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
Canadian Insider Ad-Free
$49/ year*
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*

* Price is subject to applicable taxes. Money back guarantee: For bona fide Ad-Free or Canadian Insider Club subscribers, if you downgrade to Basic or cancel with-in 10 days of first subscribing, we will refund your payment upon request. Immediately after downgrading or cancelling, using the same email that is associated with your account, request a refund via our Contact Us form at the bottom of the page. We will only consider one refund request per household or organization. We cannot accommodate refund requests where an account holder has not provided verifiable address and billing information.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

GoGold Reports Fourth Quarter Production Increase to 353,370 Silver Equivalent Ounces

Canada NewsWire

Trading Symbol: TSX: GGD
Shares Outstanding: 171,376,481

HALIFAX, Oct. 12 2017 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company") announces production for the quarter ended September 30, 2017 of 353,370 silver equivalent ounces at the Parral project, a 125% increase over the same quarter the previous year and a 12% increase over the prior quarter. The quarter ended September 30th is traditionally the rainy season in Mexico which can negatively impact production. With the changes that have been made to the operating procedures the production was not negatively impacted and increased 125% over the previous year rainy season quarter. Production at Parral continues to improve with the quarter ended September 30, 2017 being the fourth consecutive quarter of production growth.

AgEq (70) Recoveries by Pad vs Months Leached (CNW Group/GoGold Resources Inc.)

Over the past year the Company has focused on improving recovery times and has made several changes. These changes include:

  1. reducing the stacking height from a single 10 meter high lift to multiple 4-5 meter high lifts;
  2. increasing the amount of cement being added to the agglomerated material to strengthen it and improve stability and penetration of the cyanide enriched solution;
  3. increasing the cyanide strength for the first 60 days of irrigation;
  4. increasing the capacity of the Merrill Crowe; and
  5. increasing the curing period of agglomeration from a few days to two weeks prior to irrigation.

"The changes made at Parral in late 2016 and the first half of 2017 have now taken effect and we expect to see continued increases in production through fiscal 2018" said Brad Langille, CEO.

The above changes have made a significant improvement in the recovery times for the material stacked.

The heap leach pad is divided into 15 pads (or cells) which permit the measurement of recovered metal from each pad which allows us to track recovery rates for each specific area. The above graph shows the significant improvement in the recovery times for the more recent pads since the above referenced changes were made compared to an average of the older pads. The Company began stacking at 4-5 meter high lifts with pad 11 and continued with pads 12, 13, and 14.  The final adjustment for pad 15 was allowing for a two-week cure time which had a positive impact on the recovery times. The older pads continue to recover metal daily and the Company has begun reworking material on pads 9 and 10 where the agglomeration did not meet our quality standards. The Company expects that the total recovery rates in the prefeasibility study are achievable as we did achieve full expected recovery on the oldest pad for both gold and silver.

Over the past 6 months there has been a focus on producing quality agglomerated material which resulted in an average of 3,150 tons per day stacked. Now that the recovery times have improved the Company is focusing on increasing the quality tons stacked and cost control to drive profitability and production growth going forward.

Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company's Parral Tailings project is one of the lowest cash cost silver producers in the world. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Santa Gertrudis project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral and Santa Gertrudis projects. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.


SOURCE GoGold Resources Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/October2017/12/c2310.html

Copyright CNW Group 2017

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).