GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to report production for the quarter ending March 31, 2021 of 551,207 silver equivalent ounces, consisting of 302,933 silver ounces, 3,208 gold ounces, and 86 tonnes of copper. Parral has generated positive free cash flow for nine consecutive quarters, with estimated free cash flows exceeding US$5.5 million this quarter.
“Parral has become our engine of free cash flow, generating in excess of US$5.5 million this quarter. Parral has funded our exploration program at Los Ricos for three consecutive quarters,” said Brad Langille, President and CEO. “Parral’s free cash flow, when reinvested in Los Ricos, is creating exceptional value growth for our shareholders.”
Table 1: Quarterly Production Summary
|Quarter Ended||Dec 2019||Mar 2020||Jun 2020||Sep 2020||Dec 2020||Mar 2021|
|Silver Production (oz)||379,082||365,795||270,044||300,740||298,591||302,933|
|Gold Production (oz)||2,407||2,355||1,914||3,414||3,632||3,208|
|Copper Production (tonnes)||–||28||104||128||125||86|
|Silver Equivalent Production (oz)1||584,988||600,697||504,4442||605,287||614,149||551,207|
|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: Mar 2020 – 96, Jun 2020 – 105, Sep 2020 – 79, Dec 2020 – 76, Mar 2021 – 69. The copper:silver ratios were: Mar 2020 – 340, June 2020 – 326, Sep 2020 – 274, Dec 2020 – 305, Mar 2021 – 320.|
|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 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.
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