GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report record production for the quarter ending December 31, 2020 of 614,149 silver equivalent ounces, consisting of 298,591 silver ounces, 3,632 gold ounces, and 125 tonnes of copper.
“Parral had another excellent quarter, setting another production record, which generated over US$5 million in free cash flow. With the strength of Parral’s cash flow, we were able to increase our cash balance from US$53 million at September 30 to US$56 million at December 31,” said Brad Langille, President and CEO. “For the second consecutive quarter, Parral made GoGold self-funding by paying all of the exploration and administrative costs for the Company.”
Table 1: Quarterly Production Summary
|Quarter Ended||Dec 2019||Mar 2020||Jun 2020||Sep 2020||Dec 2020|
|Silver Production (oz)||379,082||365,795||270,044||300,740||298,591|
|Gold Production (oz)||2,407||2,355||1,914||3,414||3,632|
|Copper Production (tonnes)||–||28||104||128||125|
|Silver Equivalent Production (oz)1||584,988||600,697||504,4442||605,287||614,149|
|1.||“Silver equivalent production” include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period. The gold:silver ratio for each of the periods presented was: Dec 2019 – 86, Mar 2020 – 96, Jun 2020 – 105, Sep 2020 – 79, Dec 2020 – 76. The copper:silver ratios were: Mar 2020 – 340, June 2020 – 326, Sep 2020 – 274, Dec 2020 – 305.|
|2.||June 2020 production was affected by a partial suspension of operations at Parral due to the COVID-19 pandemic. Mining was declared an essential service by the Mexican Federal government on June 3, 2020 and operations have been steady-state since then.|
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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We acknowledge the [financial] support of the Government of Canada.