Galane Gold Ltd. Releases Financial and Operating Results For Q3 2021
November 16 2021 - 8:00AM
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 nine months ended September 30, 2021.
A copy of the unaudited condensed consolidated
interim financial statements for the three and nine months ended
September 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, unless otherwise stated.
Third Quarter 2021 Highlights
- Sold 6,212 ounces of gold at Mupane at an average sales price
of $1,795 per ounce.
- Earnings from mining operations for the period of
$465,200.
- Capitalised $2,822,532 of concentrate sales produced by
Galaxy.
- Positive cash flows from operating activities of
$1,104,456.
- $1,009,276 of debt repaid.
Galane Gold CEO, Nick Brodie commented: “Galaxy
continues its positive progress with tonnes mined, ounces produced
and financial performance all improving from the previous quarter.
We expect to shortly be announcing that we have commenced
commercial production at Galaxy(1).
Production at Mupane has been stabilised with
the installation of a reconditioned transformer, replacement of the
jaw crusher and the mining contractor supplementing their fleet.
The challenge for the management team now is to increase production
at Mupane back to previous levels and we are working hard on plans
to achieve this.
Our review of our Summit property and our plans
for the recommencement of production continue. We have completed a
re-survey of the underground mine and are now working on updated
mine plans. We have also started a comprehensive review of the
Banner Mill to accurately ascertain the restart costs and look at
ways of expanding production(1).
We expect to provide an update to the market on
all of our operations and our plans for 2022 in December.”
Debenture Conversion
Galane Gold is also pleased to announce that it
has exercised its right to force the conversion of $2,649,433 of
principal amount of the Company’s outstanding 4% convertible
unsecured debenture, which was set to mature on November 20, 2021,
at a price of CDN$0.15 per common share and at a predetermined
exchange rate of $1.00:CDN$1.35, resulting in the issuance of
23,844,897 common shares of the Company.
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
expectation that commercial production for accounting purposes will
commence at Galaxy shortly, that production at Mupane will return
to previous levels, that the Company will restart mining at the
Summit Mine and expand the Company’s production, 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, 2021.
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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