Galane Gold Ltd. Releases Financial and Operating Results for Q2 2021
August 26 2021 - 7:59AM
Galane Gold Ltd. (“Galane Gold” or the Company”) (TSX-V: GG; OTCQB:
GGGOF) is pleased to announce the release of its financial results
for the three and six months ended June 30, 2021.
A copy of the unaudited condensed consolidated
interim financial statements for the three and six months ended
June 30, 2021 prepared in accordance with International Financial
Reporting Standards and the corresponding Management’s Discussion
and Analysis are available under the Company’s profile on
www.sedar.com. All references to “$” in this press release refer to
United States dollars.
Second Quarter 2021 Highlights
- Produced 5,851 ounces of gold at Mupane and sold its gold at an
average sales price of $1,787 per ounce.
- Earnings from mining operations for the period of
$1,484,410.
- Capitalised $2,464,922 of concentrate sales produced by
Galaxy.
- Positive cash flows from operating activities of $544,675.
- $2,309,975 of debt repaid.
Galane Gold CEO, Nick Brodie commented: “We
continue to make good progress at Galaxy by exceeding our
production targets plus commencing stoping in the Galaxy ore body.
In addition, based on the excellent condition of the Summit Mine
and the Banner Mill, we have decided to advance a plan with a
shorter path to production(1).
As stated in our press release of August 9,
2021, Mupane production was not at the level we had hoped for in
the second quarter due to problems experienced at its main jaw
crusher, employee absence due to COVID-19, issues with its main
incoming transformer and production complications at Tau due to
poor performance by its mining contractor.
Despite this, we have continued to make
considerable progress in the reduction of debt on our balance
sheet. We are also currently seeing on-plan performance from our
mining contractor and we will continue to work with them to
maintain that for the remainder of this year(1).”
About Galane Gold
Galane Gold is an un-hedged gold producer and
explorer with mining operations and exploration tenements in
Botswana, South Africa and New Mexico. Galane Gold is a public
company and its shares are quoted on the TSX Venture Exchange under
the symbol “GG” and the OTCQB under the symbol “GGGOF”. Galane
Gold’s management team is comprised of senior mining professionals
with extensive experience in managing mining and processing
operations and large-scale exploration programmes. Galane Gold is
committed to operating at world-class standards and is focused on
the safety of its employees, respecting the environment, and
contributing to the communities in which it operates.
Note:
(1) This is
forward-looking information and is based on a number of
assumptions. See “Cautionary Notes”.
Cautionary Notes
Certain statements contained in this press
release constitute “forward-looking statements”. All statements
other than statements of historical fact contained in this press
release, including, without limitation, those regarding Company’s
plan to advance a plan with a shorter path to production at the
Summit Mine, the performance of the Company’s mining contractor,
and the Company’s future financial position and results of
operations, strategy, proposed acquisitions, plans, objectives,
goals and targets, and any statements preceded by, followed by or
that include the words “believe”, “expect”, “aim”, “intend”,
“plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements.
Additional factors that could cause actual
results, performance or achievements to differ materially include,
but are not limited to the risk factors discussed in the Company’s
annual information form for the year ended December 31, 2020.
Management provides forward-looking statements because it believes
they provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information please
contact:Nick BrodieCEO, Galane Gold Ltd.+ 44 7905
089878Nick.Brodie@GalaneGold.comwww.GalaneGold.com
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