Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the closing of its previously announced transaction whereby Galane Gold, through a wholly-owned subsidiary, will acquire (the “Acquisition”) the Summit Mine and the infrastructure constituting the Banner Mill in New Mexico (collectively, the “Assets”) from Pyramid Peak Mining, LLC (the “Seller”), a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP.
Nick Brodie, CEO of Galane Gold, commented, “The management team is excited to now have an additional opportunity to increase Galane’s production, lower its operating costs and diversify its country risk.
Following closing of the Acquisition, Galane’s plan is to first update the 2014 Technical Report (as defined below) which showed an average production of 1 million ounces of silver and 16,000 ounces of gold per annum over the life of mine, an all-in sustaining cost of US$578 per gold equivalent ounce, and a start-up capital cost of US$4.2 million. From there it will then be to target production as quickly as possible.”