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Trading Symbols: TSX: GGD
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Construction of a zinc circuit addition to the SART plant at Parral is well underway and projected to be completed by the end of this year, with the project on budget and on schedule. Testing completed has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that is expected to greatly increase cash flow at Parral operation over the next seven years of mine life.
Summary of Zinc circuit effects:
- Saleable zinc precipitate to be added to the revenue stream
- Regeneration of approximately 750 tons of cyanide per quarter
- Anticipated to generate net increased cash flows of
$1.5 million per quarter - Zinc circuit capital expenditure estimated at
$2 million over 6 month construction period - Project payback expected within 6 months after construction
- Parral up to end of its mine life will be a producer of silver, gold, copper and zinc
- Expected to result in better precious metals recovery
"The completion of the zinc circuit in the SART is important as it expected to generate approximately
Table 1: Quarterly Production Summary
Quarter Ended | ||||||
Silver Production (oz) | 213,495 | 145,944 | 159,838 | 173,717 | 203,894 | 169,443 |
Gold Production (oz) | 3,081 | 2,278 | 2,399 | 2,016 | 1,512 | 1,106 |
Copper Production (tonnes) | 98 | 124 | 222 | 143 | 135 | 115 |
Silver Equivalent Production (oz)1 | 509,796 | 400,467 | 441,217 | 400,145 | 375,112 | 300,789 |
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Table 2: Annual Production Summary
Quarter Ended | |||||
Silver Production (oz) | 1,059,438 | 1,315,661 | 1,138,358 | 741,772 | 706,891 |
Gold Production (oz) | 9,149 | 10,089 | 13,447 | 10,708 | 7,032 |
Copper Production (tonnes) | - | 260 | 470 | 469 | 615 |
Silver Equivalent Production (oz)1 | 1,847,835 | 2,295,416 | 2,270,073 | 1,810,326 | 1,517,264 |
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Mr.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
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 production and cash flows of the Parral tailings mine, the ability of GoGold to self fund its ongoing exploration and administrative costs, 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.
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