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Galane Gold Ltd. Commences Commercial Production at Galaxy

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Galane Gold Ltd. Commences Commercial Production at Galaxy

 

 

 

 

 

Galane Gold Ltd. (TSX-V: GG) (OTCQB: GGGOF) is pleased to announce that it has commenced commercial production at its Galaxy operations.

 

During the final quarter of 2021, production at Galaxy has continued to increase and as a result, the operation is considered to have started commercial production. This is in line with the Company’s expectations and represents a significant milestone for Galane.

 

Galane’s management has also carried out an extensive reforecast of production for the next two years and can provide the following guidance:

  • 2022 – Payable gold ounces of between 15,500 to 18,500 at an all-in sustaining cost of between $900 to $1,000(1)(2)
  • 2023 – Payable gold ounces of between 24,000 to 27,000 at an all-in sustaining cost of between $750 to $850(1)(2)

 

Management has now started a comprehensive review of options to increase production through the exploitation of the 21 other mineralised bodies at Galaxy. Based on the current forecasted production, as at the end of 2023, Galaxy will still be operating at 70% of the current plant capacity.(1)(2)

 

Galane Gold CEO, Nick Brodie commented: “The results at Galaxy continue to exceed our expectations and we intend to provide the market with an update in the second quarter of 2022 on the impressive results we are seeing from our grade control drilling at the Galaxy ore body on the initial 22 level.”(1)

 

About Galane Gold

 

Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana, South Africa and New Mexico. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

 

Notes:
(1) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
(2) The all-in sustaining cost and deposits at Galaxy are supported by a technical report entitled “NI 43-101 Technical Report on the Galaxy Gold Mine, South Africa” which was issued on July 3, 2020 (the “Technical Report”), with an effective date of June 29, 2020, a copy of which is available under the Company’s profile on www.sedar.com. The Technical Report was prepared by Minxcon (Pty) Ltd and approved by Mr. Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.) Pr.Sci.Nat., MGSSA, and Mr. Daniel (Daan) van Heerden, B Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng., FSAIMM, AMMSA, both “qualified persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and independent of the Company for the purposes of NI 43-101.

 

Posted December 15, 2021

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