Trading Symbol: TSX: GGD
Shares Outstanding: 171,376,481
HALIFAX, Nov. 15, 2016 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold") is pleased to reaffirm the previously announced production estimate of 400,000 to 500,000 silver equivalent ounces for the quarter ending December 31, 2016. During the month of October, 127,184 silver equivalent ounces were produced. GoGold expects the monthly production to accelerate through the quarter ending December 31, 2016.
There are two main factors driving increased production at GoGold. A ramp up of high grade material processed from the Santa Gertrudis project, and several changes to the Parral heap leach which are generating immediate positive results, they include the following:
- Adjusting heap height from a single 10 metre lift to a multi-staged 4 metre lift;
- Increasing strength of cyanide solution;
- Increasing strength and consistency of agglomerated pellets being placed on the heap leach pad;
- Addition of liquid air to irrigated solution to increase oxygen levels in the heap;
- Commissioning of a sulphidization, acidification, recycling and thickening ("SART") plant which will lower cyanide costs by recycling of cyanide within the process.
The changes listed above have had an immediate positive effect on the speed of recovery for the newly stacked material, and should also help mitigate effects of future heavy rain events. These recently implemented changes will continue to accelerate production at the Parral heap leach project.
Bradley Langille, CEO, stated "We are reaffirming our production target of 400,000 to 500,000 silver equivalent ounces for the quarter, and the recent changes to the Parral heap leach should significantly impact future production."
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.
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 Santa Gertrudis project, the Parral heap leach 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 Santa Gertrudis and Parral heap leach 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.
For further information: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: email@example.com