GoGold Reports Quarterly Production at Parral of 455,991 Silver Equivalent Ounces
GoGold Resources has announced its quarterly production results for the period ending March 31, 2022, reporting a total of 455,991 silver equivalent ounces. This includes 186,655 silver ounces, 2,791 gold ounces, and 125 tonnes of copper. The Parral mine continues to generate significant cash flow, supporting operational costs and exploration budgets for the Los Ricos project. The release highlights the company's focus on enhancing shareholder value through its ongoing projects in Mexico.
- Quarterly production of 455,991 silver equivalent ounces.
- Steady cash flow from the Parral mine supports operational costs.
- Los Ricos project is highlighted as a major driver of shareholder value.
- Silver production decreased from 195,678 ounces in Q4 2021 to 186,655 ounces in Q1 2022.
- Gold production also decreased from 2,558 ounces in Q4 2021 to 2,791 ounces in Q1 2022.
Shares Outstanding: 295,176,806
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, April 6, 2022 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the quarter ending March 31, 2022 of 455,991 silver equivalent ounces, consisting of 186,655 silver ounces, 2,791 gold ounces, and 125 tonnes of copper.
"Parral continues to provide meaningful cash flow contributing to the general and administrative costs and the Los Ricos exploration budget," said Brad Langille, President and CEO. "Parral continues to be a steady source of cash flow while the Los Ricos project is the major driver of shareholder value for the Company."
Table 1: Quarterly Production Summary
Quarter Ended | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
Silver Production (oz) | 298,591 | 302,933 | 315,632 | 221,202 | 195,678 | 186,655 |
Gold Production (oz) | 3,632 | 3,208 | 3,170 | 3,437 | 2,558 | 2,791 |
Copper Production (tonnes) | 125 | 86 | 120 | 138 | 123 | 125 |
Silver Equivalent Production (oz)1 | 614,149 | 551,207 | 575,302 | 526,044 | 444,071 | 455,991 |
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: Dec 2020 – 76, Mar 2021 – 69, Jun 2021 – 68, Sep 2021 – 73, Dec 2021 – 77, Mar 2022 – 77. The copper: silver ratios were: Dec 2020 – 305, Mar 2021 – 320, June 2021 – 369, Sep 2021 – 383, Dec 2021 – 417, Mar 2022 – 411. |
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.
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SOURCE GoGold Resources Inc.
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