GoGold Reports Parral Production and Sales for Quarter ending June 30, 2018

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GoGold Reports Parral Production and Sales for Quarter ending June 30, 2018

Canada NewsWire

Trading Symbol: TSX: GGD
Shares Outstanding: 171,776,481

HALIFAX, July 17, 2018 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company") announces sales of 382,150 silver equivalent ounces for the quarter ended June 30, 2018, which was an increase of 34% over the previous year.  The Company produced 163,991 ounces of silver and 1,630 ounces of gold for 292,273 silver equivalent ounces at the Parral project during the quarter, a 2% decrease from the prior year.

During the quarter, the Company began irrigating the second lift on a non-compacted first lift to test whether compaction of the first lift is required.  The results of this test concluded that compaction of the first lift will be required as without compaction, there is a delay in the recovery of metal from the material processed above on the second lift.  The first lift will now be compacted with drainage pipes on top before the second lift is placed.  This will replicate single lift leaching, which has been proven to perform well.

"It was necessary to complete this test to determine if compaction of the first lift was required. The results indicated that compaction is required and this affected production this quarter. Now that we are stacking on the first lift again the heap is performing well," said Brad Langille, President and CEO.

The Company stacked a total of 447,193 tonnes of material during the quarter, an average of 4,914 per day, of which the majority were fresh tailings.  This is an increase of 24% over the average stacking rate from the previous year and was the result, in part, of the purchase and application of a new stacker. 

In June, the Company returned to stacking on the first lift, with recovery beginning very quickly as had been previously experienced.  The Company will continue stacking on the first lift or above a compacted lower lift with additional drainage between lifts in the future, which will cause production to increase back to normal levels.

The commissioning of the SART (sulfidization, acidification, recycling, and thickening) plant at Parral has been delayed as more filtration was required to achieve throughput targets. The additional filter was purchased and delivered to site and will be installed during the current quarter. Once the current bottlenecks are worked out, the SART will reduce cyanide consumption and generate a saleable copper sulfide product that will contribute to revenue and cost savings.

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.

CAUTIONARY STATEMENT:
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: http://www.newswire.ca/en/releases/archive/July2018/17/c3353.html

Copyright CNW Group 2018

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