Golconda Gold Ltd. Announces Commencement of Mining at Princeton Top
17 Mai 2024 - 1:30PM
Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG;
OTCQB: GGGOF) is pleased to announce that it has commenced mining
at, and delivered its first ore to the processing plant, from
Princeton Top, a key step in its development plan to significantly
increase production at its Galaxy Gold Mine.
Princeton Top contains an Indicated resource of
912,846 tonnes at 3.04 grammes of gold per tonne containing 89,200
ounces of gold(1). The Company has used the funds received from the
recently closed investment from Empress Royalty Holding Corp., a
wholly-owned subsidiary of Empress Royalty Corp., to re-equip the
3.2km access ramp, install a new compressor, reinstate the historic
ore pass to its existing Princeton operations on Level 17 and
mobilised a mining fleet to recommence mining.
Nick Brodie, CEO of Golconda Gold, stated “The
commencement of mining at Princeton Top is ahead of schedule and is
a testimony to our hard-working team at Galaxy. This is a key step
in our development plan to increase mining volumes, to utilise
spare capacity in Galaxy’s new larger milling circuit and to
ultimately more than double gold production this year.”(2)
Notes:
(1) |
The deposits at the Galaxy mine are supported by a technical report
entitled “NI 43-101 Technical Report on the Galaxy Gold Mine, South
Africa” which was issued on July 3, 2020 (the “Galaxy Technical
Report”), with an effective date of June 29, 2020, a copy of which
is available under the Company’s profile on www.sedarplus.ca. The
Galaxy Technical Report was prepared by Minxcon (Pty) Ltd and
approved by Mr. Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons
(Geol.) Pr.Sci.Nat., MGSSA, and Mr. Daniel (Daan) van Heerden, B
Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng., FSAIMM, AMMSA, both
“qualified persons” as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”), and
independent of the Company for the purposes of NI 43-101. |
(2) |
This is forward-looking information and is based on a number of
assumptions. See “Cautionary Notes”. |
|
|
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 the
Company’s ability to significantly increase production at its
Galaxy Gold Mine, the Company’s ability to utilise spare capacity
in Galaxy’s new larger milling circuit and to more than double gold
production this year, 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 Company’s dependence on two mineral
projects; gold price volatility; risks associated with the conduct
of the Company’s mining activities in South Africa and New Mexico;
regulatory, consent or permitting delays; risks relating to the
Company’s exploration, development and mining activities being
situated in South Africa and New Mexico; risks relating to reliance
on the Company’s management team and outside contractors; risks
regarding mineral resources and reserves; the Company’s inability
to obtain insurance to cover all risks, on a commercially
reasonable basis or at all; currency fluctuations; risks regarding
the failure to generate sufficient cash flow from operations; risks
relating to project financing and equity issuances; risks arising
from the Company’s fair value estimates with respect to the
carrying amount of mineral interests; mining tax regimes; risks
arising from holding derivative instruments; the Company’s need to
replace reserves depleted by production; risks and unknowns
inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and
operating costs of such projects; contests over title to
properties, particularly title to undeveloped properties; laws and
regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage
and cope with the implications of major health issues or pandemics;
operating or technical difficulties in connection with mining or
development activities; lack of infrastructure; employee relations,
labour unrest or unavailability; the Company’s interactions with
surrounding communities and artisanal miners; the Company’s ability
to successfully integrate acquired assets; risks related to
restarting production; the speculative nature of exploration and
development, including the risks of diminishing quantities or
grades of reserves; development of the Company’s exploration
properties into commercially viable mines; stock market volatility;
conflicts of interest among certain directors and officers; lack of
liquidity for shareholders of the Company; risks related to the
market perception of junior gold companies; and litigation risk.
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.
Information of a technical and scientific nature
that forms the basis of the disclosure in the press release has
been prepared and approved by Kevin Crossling Pr. Sci. Nat.,
MAusIMM. and former Business Development Manager for Golconda Gold,
and a “qualified person” as defined by NI 43-101. Mr. Crossling has
verified the technical and scientific data disclosed herein and has
conducted appropriate verification on the underlying data.
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.
For further information please
contact:Nick BrodieCEO, Golconda Gold Ltd.+ 44 7905
089878Nick.Brodie@GolcondaGold.comwww.GolcondaGold.com
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