GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) reports record production for the quarter ending September 30, 2020 of 605,287 silver equivalent ounces, consisting of 300,740 silver ounces, 3,414 gold ounces, and 128 tonnes of copper. Annual production for the Company’s fiscal year which ended on September 30, 2020, was 2.3 million silver equivalent ounces, an increase of 29% over 2019 production of 1.8 million.
“Parral continues to perform extremely well for us, with record production in both the quarter and the year. We produced 2.3 million silver equivalent ounces in our fiscal year ending in September, which is an increase of 29% compared to the prior year. Parral generated revenue in excess of $13 million US and over $5 million US of free cash flow in the quarter, which is covering the total general and administrative and our Los Ricos exploration costs,” said Brad Langille, President and CEO. “The Company has in excess of $52 million US cash in the bank, no debt, a substantial published mineral resource estimate at Los Ricos South, and is enjoying exceptional exploration success at Los Ricos North. We will be expanding on our drilling at Los Ricos North to have one of the most active exploration projects in Mexico and plan on completion of the preliminary economic assessment at Los Ricos South before the end of 2020. These are truly exceptional times for GoGold.”
Table 1: Quarterly Production Summary
|Quarter Ended||Sep 2019||Dec 2019||Mar 2020||Jun 2020||Sep 2020|
|Silver Production (oz)||326,625||379,082||365,795||270,044||300,740|
|Gold Production (oz)||2,921||2,407||2,355||1,914||3,414|
|Copper Production (tonnes)||–||–||28||104||128|
|Silver Equivalent Production (oz)1||580,711||584,988||600,697||504,444||605,287|
- “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: Sep 2019 – 87, Dec 2019 – 86, Mar 2020 – 96, Jun 2020 – 105, Sep 2020 – 79. The copper:silver ratios were: Mar 2020 – 340, June 2020 – 326, Sep 2020 – 274.
Table 2: Annual Production Summary
|Quarter Ended||Sep 2018||Sep 2019||Sep 2020|
|Silver Production (oz)||774,600||1,059,438||1,315,661|
|Gold Production (oz)||6,650||9,149||10,089|
|Copper Production (tonnes)||–||–||260|
|Silver Equivalent Production (oz)1||1,300,414||1,847,835||2,295,416|
- “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: Sep 2018 – 79, Sep 2019 – 86, Sep 2020 – 89. The copper:silver ratio for Sep 2020 was 302.
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 project in the state of Chihuahua and has the Los Ricos exploration project in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.