Golconda Gold Ltd. (GGGOF)

[geodan]

It happened today commercial production Galaxy

Galane Gold Ltd
TORONTO, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that it has commenced commercial production at its Galaxy operations.

During the final quarter of 2021, production at Galaxy has continued to increase and as a result, the operation is considered to have started commercial production. This is in line with the Company’s expectations and represents a significant milestone for Galane.

Galane’s management has also carried out an extensive reforecast of production for the next two years and can provide the following guidance:

2022 – Payable gold ounces of between 15,500 to 18,500 at an all-in sustaining cost of between $900 to $1,000(1)(2)

2023 – Payable gold ounces of between 24,000 to 27,000 at an all-in sustaining cost of between $750 to $850(1)(2)

Management has now started a comprehensive review of options to increase production through the exploitation of the 21 other mineralised bodies at Galaxy. Based on the current forecasted production, as at the end of 2023, Galaxy will still be operating at 70% of the current plant capacity.(1)(2)

Galane Gold CEO, Nick Brodie commented: “The results at Galaxy continue to exceed our expectations and we intend to provide the market with an update in the second quarter of 2022 on the impressive results we are seeing from our grade control drilling at the Galaxy ore body on the initial 22 level.”(1)

BIG NEWS!