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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

Post by paperbiz89on May 22, 2020 10:46am
166 Views
Post# 31060672

Positive Q1 for Galane

Positive Q1 for Galanehttps://www.galanegold.com/news/english/display/index.php?content_id=214 Good stuff! First Quarter 2020 Highlights Produced 6,818 ounces of gold at Mupane and sold its gold at an average sales price of $1,552 per ounce. Earnings for the period of $1,659,756. Positive cash flows from operating activities, before working capital, of $1,449,765. Produced 952 ounces of contained gold in concentrate at Galaxy. Galane Gold CEO, Nick Brodie commented: A good result despite the restrictions we encountered at the quarter end due to COVID-19. At the quarter end we had 1,335 ounces of gold unsold due to transportation constraints related to COVID-19. This gold has now been sold and if it had been sold in the normal course our earnings would have improved by a further $1.2 million and positive cash flows increased by $2.3 million. While we continue to face challenges related to COVID-19 restrictions we are confident that we have put in place sufficient procedures and policies to continue operate safely in both Botswana and South Africa and continue advancing our operations. We believe that decisions made by the Company during the years of lower gold prices to utilise debt where we could to advance our operations and minimise dilution of our equity are now proving to be sound as we see the benefits of higher gold prices just as our production profile is increasing.
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