Galane Gold Ltd. Announces Production Results for 2019

TORONTO, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that during 2019, the Company produced 30,294 ounces of gold at its Mupane property and 2,773 tonnes of concentrate containing 2,905 ounces of gold at its Galaxy property.

Galane Gold CEO, Nick Brodie, commented: “We are forecasting production of approximately 48,000 ounces from both properties in 2020, as we continue to implement the ramp up of production at Galaxy.^(1)(2)(3)

Our next goal at Galaxy is to commission the new 50,000 tonne per month plant by June 2020. I am glad to say that we are ahead of schedule, and under budget, and we are looking to commission the plant by May 2020.⁽¹⁾⁽⁴⁾

In addition, we have completed a desktop study relating to increasing the production at Galaxy, and are in the process of contracting a mining consultant to provide an independent preliminary economic assessment and an update on Galaxy’s resources, which will hopefully be published in the second quarter of 2020.⁽¹⁾ Our plan is to implement the second phase of the expansion of Galaxy in 2021.⁽¹⁾

Finally, in the fourth quarter, we repaid another US$1.2 million of debt.”

About Galane Gold

Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

Notes

1. This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
   
2. The deposits at the Mupane mine are supported by a technical report entitled “Independent Technical Report on the Mupane Gold Mine” dated May 10, 2011, a copy of which is available under the Company’s profile on www.sedar.com.
   
3. The deposits at the Galaxy mine are supported by a technical report entitled “A Technical Report on the Galaxy Gold Mine, Mpumalanga Province, South Africa” which was issued January 4, 2016 with an effective date of September 1, 2015, a copy of which is available under the Company’s profile on www.sedar.com. This technical report satisfies the requirements to be a pre-feasibility study.