Galane Gold Ltd. Releases Financial and Operating Results for Q1 2020

TORONTO, May 22, 2020 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three months ended March 31, 2020.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2020 prepared in accordance with International Financial Reporting Standards and the corresponding Management’s Discussion and Analysis are available under the Company’s profile on www.sedar.com. All references to “$” in this press release refer to United States dollars.

First Quarter 2020 Highlights

• Produced 6,818 ounces of gold at Mupane and sold its gold at an average sales price of $1,552 per ounce.
• Earnings for the period of $1,659,756.
• Positive cash flows from operating activities, before working capital, of $1,449,765.
• Produced 952 ounces of contained gold in concentrate at Galaxy.

Galane Gold CEO, Nick Brodie commented: “A good result despite the restrictions we encountered at the quarter end due to COVID-19. At the quarter end we had 1,335 ounces of gold unsold due to transportation constraints related to COVID-19. This gold has now been sold and if it had been sold in the normal course our earnings would have improved by a further $1.2 million and positive cash flows increased by $2.3 million.

While we continue to face challenges related to COVID-19 restrictions we are confident that we have put in place sufficient procedures and policies to continue operate safely in both Botswana and South Africa and continue advancing our operations.  We believe that decisions made by the Company during the years of lower gold prices to utilise debt where we could to advance our operations and minimise dilution of our equity are now proving to be sound as we see the benefits of higher gold prices just as our production profile is increasing.”

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.