Galane Gold Ltd. Releases Financial and Operating Results for First Quarter 2014
May 14, 2014
TORONTO, May 14, 2014 /CNW/ -
A copy of the unaudited condensed consolidated interim financial statements for the three months ended
First Quarter 2014 Highlights
- All-in operating cash cost of
$764 per ounce (excluding royalties)(1)
- Net earnings of
$2,121,055 .
- Cash balance has increased to
$11,641,120 at the end of the quarter.
- Cash flows from operating activities of
$3,218,539 .
- Cash flows used in investing activities of
$2,850,766 which included infrastructure and initial development for Tau underground plus pre-stripping atGolden Eagle .
- Cash flows from operating activities of
- Produced 9,346 ounces of gold.
- Total ore mined of 104,170 tonnes at an average grade of 2.20 grams per tonne.
- 102,071 tonnes of ore at a grade of 2.19 grams per tonne were mined at Tholo.
- Mining at
Golden Eagle was recommenced but concentrated on pre-stripping with 1,106 tonnes of ore at a grade of 1.58 grams per tonne. Pre-stripping has been completed and mining has commenced in Q2 2014.
- During the quarter the Company used spare mining capacity to mine a high grade small deposit on its Shashe mining licence and mined 993 tonnes of ore at a grade of 4.04 grams per tonne.
- 102,071 tonnes of ore at a grade of 2.19 grams per tonne were mined at Tholo.
- Total ore milled of 188,182 tonnes at a head grade of 1.96 grams per tonne.
Note: | |
(1) | Total operating cash cost excluding royalties is a non-GAAP measure. Refer to "Supplemental Information to Management's Discussion and Analysis" in the Company's Management's Discussion and Analysis for the three months ended March 31, 2014 for reconciliation to measures reported in the Company's financial statements. |
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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 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 are set out under the heading "Risks and Uncertainties" in
Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved by Charles Byron Pr. Sci. Nat., MAusIMM., MGSSA and Chief Geologist for
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