GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the financial results for the quarter ending December 31, 2022, with Parral generating $8.5 million (all amounts are in U.S. dollars) from the sale of 411,756 silver equivalent ounces.

“Our December financial statements highlight one of the key strengths of our Company – which is our strong balance sheet which continues to allow us to advance our Los Ricos project.  Subsequent to our quarter end, we closed a bought deal financing which further strengthened our balance sheet, with over $100 million USD in cash as of today,” said Brad Langille, President and CEO.  “We continue to be excited for 2023 at Los Ricos including some of these key milestones for the year:

• Completion of PEA at Los Ricos North
• Continued drilling program at Los Ricos South
• Updated Mineral Resource Estimate and Preliminary Economic Assessment (“PEA”) at Los Ricos South including the impact of the Eagle concession
• Completion of Pre-Feasibility Study (“PFS”) at Los Ricos South
• Underground exploration and development at Los Ricos South focussing initially on the Eagle
• Construction decision and permitting at Los Ricos South

With our above objectives and our strong balance sheet, we expect the year ahead will be strong in value creation for GoGold as we advance on the development road towards mining.”

Financial Highlights for the quarter ending December 31, 2022:

• Cash of $62.6 million USD
• Revenue of $8.5 million on the sale of 411,756 silver equivalent ounces at a realized price per ounce of $21.18 per oz
• Production of 441,217 silver equivalent ounces, consisting of 159,838 silver ounces, 2,399 gold ounces, and 222 copper tonnes
• Adjusted cash cost per silver equivalent ounce of $12.89
• Adjusted all in sustaining cost per silver equivalent ounce of $17.76

Following are tables showing summarized financial information and key performance indicators:

This news release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended December 31, 2022, notes to the financial statements, and management’s discussion and analysis for the quarter ended December 31, 2022, which have been filed on SEDAR and are available on the Company’s website.

Technical information contained in this news release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for the purposes of NI 43-101.

About GoGold Resources

GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico.  The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.