GoGold Reports Record Parral Production of 417,191 Silver Equivalent Ounces
Trading Symbol: TSX: GGD
Shares Outstanding: 171,376,481
HALIFAX, April 12, 2018 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company") announces record production for the quarter ended March 31, 2018 of 265,629 ounces of silver and 1,908 ounces of gold for 417,191 silver equivalent ounces at the Parral project, a 6% increase from the prior quarter. The previous record quarter was 408,024 in the quarter ending June 2015. This past quarter has been the sixth consecutive quarter of production growth as the initiatives put in place in previous quarters continue to return positive results.
During the quarter, the Company stacked a total of 439,000 tonnes of material, an average of 4,878 per day, of which 193,000 tonnes were fresh tailings and 236,000 tonnes were reprocessed material. This is an increase of 24% over the average stacking rate from the last year.
GoGold was successful in stacking a second lift on the leach pad for the first time in the quarter, at similar daily stacking rates to the first lift. Leaching of the second lift allows for residual leaching of the original bottom stacked materials. Management foresees an increase in production in future quarters due to the increased stacking rate, fresh tailings coming under leach, as well as the residual leaching from the first lift.
Commissioning of the SART (sulfidization, acidification, recycling, and thickening) plant at Parral, which will reduce cyanide consumption and generate a saleable copper sulfide product, is ongoing with evaluation and integration of the circuit expected to contribute cost savings and copper production in the current quarter.
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.
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