Galane Gold Ltd. Releases Financial And Operating Results For Q2 2021
TORONTO, ONTARIO – August 26, 2021: Galane Gold Ltd. (“Galane Gold” or the Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2021.
A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2021 prepared in accordance with International Financial Reporting Standards and the corresponding Management’s Discussion and Analysis are available under the Company’s profile on www.sedar.com. All references to “$” in this press release refer to United States dollars.
Second Quarter 2021 Highlights
- Produced 5,851 ounces of gold at Mupane and sold its gold at an average sales price of $1,787 per ounce.
- Earnings from mining operations for the period of $1,484,410.
- Capitalised $2,464,922 of concentrate sales produced by Galaxy.
- Positive cash flows from operating activities of $544,675.
- $2,309,975 of debt repaid.
Galane Gold CEO, Nick Brodie commented: “We continue to make good progress at Galaxy by exceeding our production targets plus commencing stoping in the Galaxy ore body. In addition, based on the excellent condition of the Summit Mine and the Banner Mill, we have decided to advance a plan with a shorter path to production(1).
As stated in our press release of August 9, 2021, Mupane production was not at the level we had hoped for in the second quarter due to problems experienced at its main jaw crusher, employee absence due to COVID-19, issues with its main incoming transformer and production complications at Tau due to poor performance by its mining contractor.
Despite this, we have continued to make considerable progress in the reduction of debt on our balance sheet. We are also currently seeing on-plan performance from our mining contractor and we will continue to work with them to maintain that for the remainder of this year(1).”
About Galane Gold
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana, South Africa and New Mexico. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. 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.
(1) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding Company’s plan to advance a plan with a shorter path to production at the Summit Mine, the performance of the Company’s mining contractor, and the Company’s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s annual information form for the year ended December 31, 2020. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.