Shares Outstanding: 277,497,367
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, July 7, 2021 /CNW/ - GoGold Resources
Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the
Company") is pleased to report production for the quarter
ending June 30, 2021 of 575,302
silver equivalent ounces ("AgEq"), consisting of 315,632 silver
ounces, 3,170 gold ounces, and 120 tonnes of copper. Parral
has generated positive free cash flow for ten consecutive quarters,
with estimated free cash flows exceeding US$5.5 million this quarter.
"Parral continues to be an engine of free cash flow, generating
in excess of US$5.5 million this
quarter. We finished the quarter with a strong cash balance of over
$73 million US," 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
|
Mar
2020
|
Jun
2020
|
Sep
2020
|
Dec
2020
|
Mar
2021
|
Jun
2021
|
Silver Production
(oz)
|
365,795
|
270,044
|
300,740
|
298,591
|
302,933
|
315,632
|
Gold Production
(oz)
|
2,355
|
1,914
|
3,414
|
3,632
|
3,208
|
3,170
|
Copper Production
(tonnes)
|
28
|
104
|
128
|
125
|
86
|
120
|
Silver Equivalent
Production (oz)1
|
600,697
|
504,4442
|
605,287
|
614,149
|
551,207
|
575,302
|
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, Jun 2021 –
68. The copper:silver ratios were: Mar 2020 – 340, June 2020
– 326, Sep 2020 – 274, Dec 2020 – 305, Mar 2021 – 320, June 2021 –
369.
|
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 (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 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. For more information visit
gogoldresources.com.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and may not be offered or sold within the
United States or to, or for the benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act) except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities laws or pursuant to
exemptions therefrom. This release does not constitute an offer to
sell or a solicitation of an offer to buy of any of GoGold's
securities in the United
States.
This news release may contain "forward-looking information" as
defined in applicable Canadian securities legislation. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
production and cash flows of the Parral tailings mine, the ability
of GoGold to self fund its ongoing exploration and administrative
costs, future operating margins, future production and processing,
and future plans and objectives of GoGold, constitute forward
looking information that involve various risks and uncertainties.
Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but
which may prove to be incorrect, including, but not limited to,
assumptions in connection with the continuance of GoGold and its
subsidiaries as a going concern, general economic and market
conditions, mineral prices, the accuracy of mineral resource
estimates, and the performance of the Parral project. There can be
no assurance that such information will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such forward-looking information.
Important factors that could cause actual results to differ
materially from GoGold's expectations include exploration and
development risks associated with GoGold's projects, the failure to
establish estimated mineral resources or mineral reserves,
volatility of commodity prices, variations of recovery rates, and
global economic conditions. For additional information with respect
to risk factors applicable to GoGold, reference should be made to
GoGold's continuous disclosure materials filed from time to time
with securities regulators, including, but not limited to, GoGold's
Annual Information Form. The forward-looking information contained
in this release is made as of the date of this release.
View original
content:https://www.prnewswire.com/news-releases/parral-reports-tenth-consecutive-quarter-of-positive-cash-flow-on-production-of-575k-ageq-oz-301326718.html
SOURCE GoGold Resources Inc.