GoGold Reports Quarterly Production at Parral of 400,236 Silver Equivalent Ounces
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Shares Outstanding: 328,612,319
Trading Symbols:TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, July 11, 2024 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the quarter ending June 30, 2024 of 400,236 silver equivalent ounces, consisting of 138,708 silver ounces, 2,436 gold ounces, 148 tonnes of copper, and 125 tonnes of zinc. This represents a 6% increase in production from the prior quarter.
"Parral's production is climbing with the addition of the zinc circuit, this should continue over the next several quarters," Brad Langille, President and CEO stated. "We are advancing our definitive feasibility study at Los Ricos South, and anticipate a press release on the results of the study in early September. The definitive feasibility study has a focus towards a larger underground mine with a much smaller open pit. We have applied for an underground permit as in our view this will be more likely to be obtained on a timely basis. We see the project having more than 10 years of underground mine life, followed by a smaller open pit than originally planned in our preliminary economic assessment. The need for an open pit permit at Los Ricos South has been effectively pushed into the future more than a decade from now."
Table 1: Quarterly Production Summary
| Quarter Ended | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 |
| Silver Production (oz) | 173,717 | 203,894 | 169,443 | 109,016 | 138,657 | 138,708 |
| Gold Production (oz) | 2,016 | 1,512 | 1,106 | 1,848 | 2,184 | 2,436 |
| Copper Production (tonnes) | 143 | 135 | 115 | 95 | 93 | 148 |
| Zinc Production (tonnes) | - | - | - | - | 92 | 125 |
| Silver Equivalent Production (oz)1 | 400,145 | 375,112 | 300,789 | 300,260 | 375,745 | 400,236 |
| 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: Mar 2023 – 84, Jun 2023 – 82, Sep 2023 – 83, Dec 2023 – 85, Mar 2024 – 93, Jun 2024 – 86. The copper:silver ratios were: Dec 2022 – 377, Mar 2023 – 399, Jun 2023 – 352, Sep 2023 – 356, Dec 2023 – 356, Mar 2024 – 365, Jun 2024 – 346. The zinc:silver ratios were: Mar 2024 – 104, Jun 2024 – 98. |
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 related to Parral.
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.
