Trading Symbol:TSX: GGD
Shares Outstanding: 171,376,481
HALIFAX, April 13, 2017 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company") announces production for the quarter ended March 31, 2017 of 422,773 silver equivalent ounces, a 5% increase over the prior quarter.
Production at Parral continued to improve, producing 278,230 silver equivalent ounces, an increase of 78,167, or 39% as compared to the prior quarter. The project continues to improve on a monthly basis, with March marking the seventh consecutive month where production has increased.
"The improvements made at Parral in late 2016 have now taken effect and we expect to see continued increases in production in the near future" said Brad Langille, CEO.
Production at Santa Gertrudis contributed 144,543 silver equivalent ounces, which is a decrease of 58,939, or 29% as compared to the prior quarter. The Company transitioned from a very high grade toll milling process in the prior quarter to a toll heap leaching process which will allow for lower grade material to be processed in the current and future quarters. The toll heap leaching option will allow us to fully evaluate heap leaching during the current feasibility work at Santa Gertrudis and continue to generate production and cash flow.
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 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.
For further information: Steve Low, Corporate Development, GoGold Resources, T: 416 855 0435, E: [email protected]