GoGold Reports 600,697 Silver Equivalent Ounce Record Setting Quarterly Production at Parral
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. |
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.
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