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Golconda Gold Ltd V.GG

Alternate Symbol(s):  GGGOF

Golconda Gold Ltd. is a gold producer and explorer with mining operations and exploration tenements in South Africa and the United States. Its principal business activities are the exploration, development, and operation of gold mining properties. It operates through its wholly owned subsidiary, Galane Gold Mines Ltd., two assets: a producing mine which also has the rights to certain mineral exploration tenements (the mine and mineral exploration tenements collectively, the Galaxy Property) located in the Republic of South Africa (South Africa), through subsidiaries located in Mauritius and South Africa; and a mine and processing infrastructure located in the United States of America (the Summit Property). Its Galaxy gold property is situated about eight kilometers (km) west of the town of Barberton and 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa. The property covers 58.6 square kilometers and is part of the Barberton Greenstone Belt.


TSXV:GG - Post by User

Bullboard Posts
Post by onetimeron Aug 23, 2017 9:01am
84 Views
Post# 26611250

email reply from nick about galaxy

email reply from nick about galaxyHi Mr Brodie As a long term shareholder, i am disappointed with the vantage transaction not closing. Now the company has to refocus and I am wondering if you can comment on the galaxy mine. From your press release in January 2017 Galaxy forms a key part of our plan to reshape the Company into a long-life and low-cost operation that can produce positive returns for investors across commodity cycles. The decision to delay the full commissioning highlights why it is essential for us to deliver this plan and the management of the Company will review its position on a monthly basis. We do not believe that the current low gold price environment will be long term.(1)" From November 2016 Galane Gold CEO, Nick Brodie commented: "We are pleased to report that we have again generated positive operating cash flows and continue to advance the re-commissioning of Galaxy, investing approximately one and half million dollars into this project during the quarter. The original statement had a start up cost of $3 million and $1.5 million already spent. Last quarter, the company had $1.25 million in cash on hand Gold closed over $1290 US, up from $1150 which should increase the cash flow from Mupane with the flooding in Q1 stopped and the resumption of normal production. Has the board reviewed the mine plan monthly as we are told. Has a decision about restarting been discussed. I know the management has been busy with vantage, but we have a closed mine that can produce cash flow soon if reopened. Mr Brodie replied Your comments are valid ones and in line with our own thinking. It is unfortunate that we could not complete the Vantage transaction but we should not lose sight of the fact that in Galaxy we have an asset which has much more potential than Vantage. The board have tasked us with presenting a plan to them for the restarting of Galaxy in the short term but also to continue to look for other opportunities to grow Galane. We also believe that the fundamentals exist for gold price to continue to increase and we need to restart Galaxy to take advantage of this. Thank you for your comments. Nick
Bullboard Posts