Shares Outstanding: 222,106,496
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, April 7, 2020 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to report record production for the
quarter ending March 31, 2020 of
600,697 silver equivalent ounces, consisting of 365,795 silver
ounces, 2,355 gold ounces, and 28 tonnes of copper.
"Production at Parral has increased for 6 consecutive quarters,
as it continues to perform well. This quarter we also have
the benefit of some copper by-product from the SART as it completed
commissioning, which equates to 9,509 silver equivalent ounces."
said Brad Langille, President and
CEO. "We anticipate the Parral heap leach will continue to
produce residual metal from inventory and provide positive cash
flow in the June quarter, while we operate in accordance with the
Mexican federal government's COVID-19 mandate and temporarily
suspend non-essential services at Parral."
Table 1: Quarterly
Production Summary
|
|
|
|
|
|
|
Quarter
Ended
|
Mar
2019
|
Jun
2019
|
Sep
2019
|
Dec
2019
|
Mar
2020
|
Silver Production
(oz)
|
288,693
|
250,073
|
326,625
|
379,082
|
365,795
|
Gold Production
(oz)
|
1,613
|
2,281
|
2,921
|
2,407
|
2,355
|
Copper Production
(tonnes)
|
-
|
-
|
-
|
-
|
28
|
Silver Equivalent
Production (oz)1
|
424,210
|
451,011
|
580,711
|
584,988
|
600,697
|
|
|
1.
|
"Silver equivalent
production" include gold ounces and copper tons produced and
converted to a silver equivalent based on a ratio of the average
market metal price for each period. The gold:silver ratio for
each of the periods presented was: Mar 2019 – 84, Jun 2019 –
88, Sep 2019 – 87, Dec 2019 – 86, Mar 2020 – 96. The
copper:silver ratio for Mar 2020 was 340.
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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 operates the Parral Tailings project in
the state of Chihuahua and has the
Los Ricos exploration project in the state of Jalisco. 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 Los Ricos 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 project. 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.