GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report record production for the quarter ending December 31, 2019 of 584,988 silver equivalent ounces, consisting of 379,082 silver ounces and 2,407 gold ounces, a slight increase from the previous quarter and record of 580,711.
“Production at Parral has increased for 5 consecutive quarters, and we are now at a production level we aim to maintain for the rest of the year. Our production rate this quarter is 80% higher than where we were at this quarter last year.” said Brad Langille, President and CEO. “Parral continues to perform, and we anticipate receiving benefits from the SART in the upcoming quarter which we expect will increase the profitability of the project going forward. In addition, Los Ricos continues to provide great results putting our shareholders in a favourable position with the strengthening precious metal prices.”
The newly installed SART plant has begun cold commissioning with motor testing, electrical checks, and going through final instrumentation installation and adjustments as part of final electrical completion. The SART plant is expected to bring important economic and technical benefits to the Parral facility. The main economic drivers are the recovery of a high-grade saleable copper sulfide product and the re-generation of cyanide, which is the largest single operating cost at Parral, and improve the leaching efficiency of the heap.
Table 1: Quarterly Production Summary
|Quarter Ended||Dec 2018||Mar 2019||Jun 2019||Sep 2019||Dec 2019|
|Silver Production (oz)||167,974||288,693||250,073||326,625||379,082|
|Gold Production (oz)||1,858||1,613||2,281||2,921||2,407|
|Silver Equivalent Production (oz)1||325,148||424,210||451,011||580,711||584,988|
|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: Dec 2018 – 85, Mar 2019 – 84, Jun 2019 – 88, Sep 2019 – 87, Dec 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 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.
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