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GoGold Updates on Parral Construction Progress

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GoGold Updates on Parral Construction Progress

 

 

 

 

 

 

GoGold Resources Ltd. (TSX:GGD), is pleased to provide an update on its Parral Tailings Project in Mexico.  Construction is going extremely well with the heap leach facility approximately 60% complete. Pad preparation is progressing on schedule with liner installation well underway. Power lines are under construction and water wells are prepared and ready for mechanical installation.  Approximately 50% of the steel works have been delivered to site and are being constructed with the remaining structural materials arriving over the next few weeks. Overall the project is on schedule and on budget. The company expects to begin stacking ore in April with gold and silver production commencing in May 2014.

 

 

Construction of the project continues to go very well and a number of optimizations have been identified from our final engineering and additional detailed test work as well as the final negotiation of operational contracts.

 

  • Costs are expected to be      lower than what was in the original prefeasibility study as amongst other      factors, there is currently an industry-wide surplus of available cyanide.      The additional technical work, as part of a more detailed mine schedule      encompassed additional metallurgical testing completed by Kappes, Cassiday      & Associates (KCA) as recommended by Golder Associates Ltd., the      technical representatives for Orion Mine Finance and was required to      initiate the second tranche of the financing. The additional columns      showed similar recoveries as the original study but a reduction in the use      of cyanide in the process was indicated and also noted was an increase in      overall grade.
  • These additional column      tests completed which represented in detail what would be the first eight      quarters of production at the mine, showed lower cyanide consumption. With      cyanide being one of the most cost critical consumables at the mine, this      reduction will have a positive effect on reducing cost per ton.
  • Additional reductions in      costs included lower zinc consumption, cement costs, transportation costs,      and contract mining costs. These reductions should reduce the overall cost      per ton to produce versus the previous pre-feasible study.

 

 

The company looks forward to commencement of production in May 2014 and a further opportunity to increase efficiencies and potential savings as the company ramps up towards commercial production.

 

Posted February 18, 2014

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