GoGold Reports Quarterly Production at Parral of 375,745 Silver Equivalent Ounces
Shares Outstanding: 328,612,319
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, April 10, 2024 /CNW/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the quarter ending March 31, 2024 of 375,745 silver equivalent ounces, consisting of 138,657 silver ounces, 2,184 gold ounces, 93 tonnes of copper, and 92 tonnes of zinc. With the SART Zinc circuit commissioning completed, this marks the first quarter where Parral produced a saleable zinc product.
"Now that the SART Zinc circuit's commissioning has been completed and is operational, we are seeing an increase in the leaching of gold and silver, in addition to the production of a saleable zinc and copper product. We anticipate further increases in silver and gold production over the coming months as the extraction of zinc and copper from the heap leach solution improves the precious metal leachability in the heap," Brad Langille, President and CEO stated. "At Los Ricos South, we continue to advance our definitive feasibility study, which we are anticipating completion this summer. With the gains realized from the SART plant at Parral, along with the significant metal price increase, Parral, as planned, is becoming a contributor to the future funding of the Los Ricos South project."
Table 1: Quarterly Production Summary
Quarter Ended | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
Silver Production (oz) | 159,838 | 173,717 | 203,894 | 169,443 | 109,016 | 138,657 |
Gold Production (oz) | 2,399 | 2,016 | 1,512 | 1,106 | 1,848 | 2,184 |
Copper Production (tonnes) | 222 | 143 | 135 | 115 | 95 | 93 |
Zinc Production (tonnes) | - | - | - | - | - | 92 |
Silver Equivalent Production (oz)1 | 441,217 | 400,145 | 375,112 | 300,789 | 300,260 | 375,745 |
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: Dec 2022 – 82, Mar 2023 – 84, Jun 2023 – 82, Sep 2023 – 83, Dec 2023 – 85, Mar 2024 – 93. The copper:silver ratios were: Dec 2022 – 377, Mar 2023 – 399, Jun 2023 – 352, Sep 2023 – 356, Dec 2023 – 356, Mar 2024 – 365. The zinc:silver ratios were: Mar 2024 – 104. |
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 related to Parral.
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 mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects 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 the 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.
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SOURCE GoGold Resources Inc.
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