Trading Symbol: TSX: GGD
Shares Outstanding: 171,376,481
HALIFAX, Jan. 11, 2018 -- InvestorsHub NewsWire --
GoGold Resources Inc. (TSX: GGD) ("GoGold", "the
Company") announces production for the quarter ended
December 31, 2017 of 261,693 ounces of silver and 1,708 ounces of
gold for 392,406 silver equivalent ounces at the Parral project, an
11% increase from the prior quarter. This past quarter has been the
fifth consecutive quarter of production growth as the initiatives
put in place in previous quarters continue to gain traction.
Over the past eighteen months the Company has focused on
improving recovery times by making several changes to the process
at Parral. Some of these process improvements include:
- Reduced stacking height to 5 meter high lifts from the 10 meter
high lifts in previous years. This will result in multiple lifts
going forward;
- Improved permeability and stability in the material by adding
more cement to the agglomerated material and increased curing
time;
- Fine tuned the cyanide strength at various times during the
leaching cycle; and
- Increased capacity of the Merrill Crowe.
SART:
In addition to the above noted items, during the most recent
quarter construction was completed on the SART (sulfidization,
acidification, recycling, and thickening) plant at Parrall which
will reduce cyanide consumption and generate a saleable copper
sulfide product. The plant is being commissioned now and is
expected to contribute cost savings and copper production in the
current quarter.
On Site Lab Improvements:
During the quarter, the Company has improved and expanded its
on-site lab to better assay and report production numbers from the
site and how they compare to the ultimate sold ounces. In the
2017 GoGold fiscal year, the site reported production number
compared to the final ounces sold, was overstated by 3.7%, or
42,000 ounces. With the improvements to our lab processes at
Parral made this quarter, the variance should be = +/-1%. The
Company has budgeted $200,000 for further improvement and expansion
of its on-site lab in the 2018 fiscal year. This expansion
will allow the Company to conduct column leach testing and
additional fire assay tests. This lab expansion better
positions the company for project evaluation, including additional
tailings deposits.
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.