TORONTO, ONTARIO--(Marketwired - Aug. 29, 2017) - Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX VENTURE:GG) is pleased to announce the release of its financial results for the three and six months ended June 30, 2017. All amounts are in United States dollars unless otherwise indicated.
A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2017 prepared in accordance with International Financial Reporting Standards and the corresponding Management's Discussion and Analysis will be available under the Company's profile on www.sedar.com.
Second Quarter 2017 Highlights
- Produced 6,709 ounces of gold.
- Positive cash flows from operating activities of $1,271,273.
- All-in operating cash cost of $943 per ounce (excluding royalties).(1)
Galane Gold CEO, Nick Brodie commented: "Production in the second quarter of 2017 was negatively impacted by issues encountered on our SAG mill motor. These have now been resolved and with the Tau underground operation now delivering according to expectations, we produced 3,782 ounces of gold in the month of July. We are optimistic that we can maintain this positive trend going forward.
In Q2, we signed an LOI to acquire Vantage Goldfields but despite Galane providing five extensions to the original deadline, Vantage was unable to meet the conditions in LOI and we were unable to consummate a transaction. We are disappointed that we were unable to complete what we believe would have been a highly synergistic and constructive combination and are no longer in discussions with Vantage management but continue to monitor the situation closely.
We have continued to advance our Galaxy project and during the quarter we filed a new environmental management plan for approval with the department of mines, a key requirement to recommence operations. With our Mupane property again producing to our expectations and a more constructive gold price environment, we are now focusing efforts to restart Galaxy to unlock the low cost and long term potential of its operations."(2)
About Galane Gold
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol "GG". Galane Gold's management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.
| Notes: | |
| (1) | Total operating cash cost excluding royalties is a non-GAAP measure. Refer to "Supplemental Information to Management's Discussion and Analysis" in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2017 for reconciliation to measures reported in the Company's financial statements. |
| (2) | This is forward-looking information and is based on a number of assumptions. See "Cautionary Notes". |
