Galane Gold Ltd (CVE:GG) Reports Financial Results for Q2 2019

Galane Gold Ltd (TSX-V:GG) (OTCMKTS:GGGOF) (FRA:25G) Chairman Ravi Sood joins James to discuss some of the company highlights following their Q2 financials reported on August 15, 2019. Galane successfully produced 8,692 ounces of gold, and sold approximately 8,700 ounces at an average price of $1,305 per ounces. Their operating cash cost was $966 per ounce and positive cash flows from operating activities was $2,889,443.

The company’s Mupane gold mine, the only major gold producer of Botswana, is continuing to target production for the year of 32,000 ounces. The project has produced over 700,000 ounces of Gold in its history.

Galane gold’s Galaxy project situated covering 58.6 km² of the prolific South African Barberton Greenstone Belt is now in steady state production on the existing refurbished plant, and plan to reach full commercial production in the second half of 2020. According to the Chairman, all internal targets were exceeded for refurbishing the plant, mining from the Princeton mineralized body and producing concentrate. Galane Gold are targeting 2,300 ounces of payable gold to be produced in 2019 from Galaxy, but continue to target steady state annual production to average 25,000 ounces of gold at an operating cash cost per ounce of less than $800.

Mr. Sood also discusses the renewed interest in the gold industry as gold has stabilized at a price of level around $1,500.

Original article: Galane Gold Ltd (CVE:GG) Reports Financial Results for Q2 2019

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