Mr. Brad Langille reports
GOGOLD REPORTS RECORD QUARTERLY PRODUCTION OF 580,711 SILVER EQUIVALENT OUNCES, EXCEEDING PREVIOUS RECORD BY 29%
GoGold Resources Inc. had record production for the quarter ending Sept. 30, 2019, of 580,711 silver equivalent ounces, consisting of 326,625 silver ounces and 2,921 gold ounces, representing an increase of 29 per cent from the previous quarter and previous record of 451,011 silver equivalent ounces.
Production for the fiscal year ending Sept. 30, 2019, was 1,846,835 silver equivalent ounces, consisting of 1,059,438 silver ounces and 9,149 gold ounces. This represents an annual record and is an increase over the prior year record of 42 per cent, or 547,421 silver equivalent ounces.
"This marks the third consecutive quarter where we've set a production record, with a substantial increase this quarter of 130,000 ounces from the past quarter, in what has typically been our weakest quarter of the year due to the rainy season," said Brad Langille, president and chief executive officer. "This has been by far our strongest year at Parral, with production of 1.85 million ounces, over 500,000 ounces higher than last year. With Parral running at these rates, the exceptional results that we're seeing at our Los Ricos project, and the strengthening of the gold and silver markets, it's an exciting time for us as we work to build value for our shareholders."
Construction on the SART continues to be on schedule, with the foundation and significant concrete work completed, and many key components on site ready for installation. Construction is scheduled to be completed prior to the end of 2019.
QUARTERLY PRODUCTION SUMMARY
September, December, March, June, September,
Quarter ended 2018 2018 2019 2019 2019
Silver production (oz) 105,623 167,974 288,693 250,073 326,625
Gold production (oz) 1,665 1,858 1,613 2,281 2,921
Silver equivalent production (oz) (1) 240,939 325,148 424,210 451,011 580,711
(1) Silver equivalent production include gold ounces produced and sold converted to a silver
equivalent based on a ratio of the average market metal price for each period. The ratio
for each of the periods presented was: September, 2018 -- 81, December, 2018 -- 85,
March, 2019 -- 84, June, 2019 -- 88 and September, 2019 -- 87.
ANNUAL PRODUCTION SUMMARY
September, September, September,
Year ended 2017 2018 2019
Silver production (oz) 568,306 774,600 1,059,438
Gold production (oz) 7,961 6,650 9,149
Silver equivalent Production (oz) (1) 1,146,574 1,300,414 1,847,835
(1) Silver equivalent production include gold ounces produced and sold
converted to a silver equivalent based on a ratio of the average market
metal price for each period. The ratio for each of the periods presented
was: September, 2017 -- 73, September, 2018 -- 79 and September, 2019
Robert Harris, PEng, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.
About GoGold Resources Inc.
GoGold Resources 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, N.S., GoGold is building a portfolio of low-cost, high-margin projects.
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