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     125  0 Kommentare Golconda Gold Announces Gold Streaming Transaction for Its Galaxy Project - Seite 2

    The Galaxy Gold Mine(2)

    Golconda Gold acquired the Galaxy mine in November 2015. Galaxy is situated 8 km west of the town of Barberton and 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa. The property covers 58.6 km2 and is part of the prolific Barberton Greenstone Belt.

    Galaxy consists of 22 ore bodies, all of which can be accessed via adits at level 17 and level 22. Galaxy is currently mining at the following two main ore bodies:

    • Galaxy ore body – a massive pipe shaped ore body with a thickness of 35m and a strike of around 100m (the “Galaxy Ore Body”); and
    • Princeton ore body – a steeply dipping ore body with a thickness of 5m and a strike of 300m (the “Princeton Ore Body”).

    The current mine plan includes the mining of the Galaxy Ore Body and the Princeton Ore Body using a mechanised cut and fill mining method. There are also extensive tailings around the Galaxy mine site which Golconda Gold intends to use to supplement production.(1) Golconda Gold has already upgraded the crushing circuit, float plant and filtration plant to 50,000 tpm, from the original 15,000 tpm plant, which produces a gold concentrate.

    Galaxy is currently in Phase 1 of its expansion program taking production to 15,000 tpm and 1,100 recovered gold ounces per month. The proceeds from the Agreement will be used to fund the expansion required in Phase 2 to take production to 48,000 tpm and 2,800 recovered gold ounces per month.(1)

    Golconda Gold has completed the Galaxy Technical Report and the PEA (as such terms are defined below) for the Galaxy mine, which supports the expansion plans already undertaken and the future plans for expansion. In addition, Golconda Gold has a drill ready plan to expand the resource to over 4 million ounces, which encompasses the other 20 identified ore bodies. Work is already underway to determine how this can support future expansion of Galaxy.

    Empress has completed a site visit, and a third-party engineering firm has satisfactorily completed a technical analysis of the Galaxy mine. The use of proceeds from the transactions contemplated by the Agreement will enhance and expand the production profile at Galaxy moving forward.(1)

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    About Golconda Gold

    Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange (“TSXV”) under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. It is committed to operating at world-class standards, focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates. Golconda Gold’s primary objective is to be reshaped into a long-life and low-cost operation that can produce positive returns for investors across commodity cycles by:

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    Golconda Gold Announces Gold Streaming Transaction for Its Galaxy Project - Seite 2 TORONTO, Nov. 23, 2023 (GLOBE NEWSWIRE) - Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSXV: GG; OTCQB: GGGOF) today announces that it has entered into a US$5 million stream transaction relating to its Galaxy project in South Africa with …