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GoGold Reports Record Quarterly Production of 580,711 Silver Equivalent Ounces, Exceeding Previous Record by 29%
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report record production for the quarter ending September 30, 2019 of 580,711 silver equivalent ounces, consisting of 326,625 silver ounces and 2,921 gold ounces, representing an increase of 29% from the previous quarter and previous record of 451,011 silver equivalent ounces.
Production for the fiscal year ending September 30, 2019 was 1,846,835 silver equivalent ounces, consisting of 1,059,438 silver ounces and 9,149 gold ounces. This represents an annual record and is an increase over the prior year record of 42%, or 547,421 silver equivalent ounces.
“This marks the third consecutive quarter where we’ve set a production record, with a substantial increase this quarter of 130,000 ounces from the past quarter, in what has typically been our weakest quarter of the year due to the rainy season,” said Brad Langille, President and CEO. “This has been by far our strongest year at Parral, with production of 1.85 million ounces, over 500,000 ounces higher than last year. With Parral running at these rates, the exceptional results that we’re seeing at our Los Ricos project, and the strengthening of the gold and silver markets, it’s an exciting time for us as we work to build value for our shareholders.”
SART Update
Construction on the SART continues to be on schedule, with the foundation and significant concrete work completed, and many key components on site ready for installation. Construction is scheduled to be completed prior to the end of 2019.
| Table 1: Quarterly Production Summary | |||||
| Quarter Ended | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 |
| Silver Production (oz) | 105,623 | 167,974 | 288,693 | 250,073 | 326,625 |
| Gold Production (oz) | 1,665 | 1,858 | 1,613 | 2,281 | 2,921 |
| Silver Equivalent Production (oz)1 | 240,939 | 325,148 | 424,210 | 451,011 | 580,711 |
| 1. | “Silver equivalent production” include gold ounces produced and sold converted to a silver equivalent based on a ratio of the average market metal price for each period. The ratio for each of the periods presented was: Sep 2018 – 81, Dec 2018 – 85, Mar 2019 – 84, Jun 2019 – 88, Sep 2019 – 87. | ||||
| Table 2: Annual Production Summary | |||
| Year Ended | Sep 2017 | Sep 2018 | Sep 2019 |
| Silver Production (oz) | 568,306 | 774,600 | 1,059,438 |
| Gold Production (oz) | 7,961 | 6,650 | 9,149 |
| Silver Equivalent Production (oz)1 | 1,146,574 | 1,300,414 | 1,847,835 |
| 1. | “Silver equivalent production” include gold ounces produced and sold converted to a silver equivalent based on a ratio of the average market metal price for each period. The ratio for each of the periods presented was: Sep 2017 – 73, Sep 2018 – 79, Sep 2019 – 86. | ||
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 operates the Parral Tailings project in the state of Chihuahua and has the Los Ricos exploration project in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
Posted October 9, 2019
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