TORONTO, July 4, 2016 /CNW/ - Galane Gold Ltd. ("Galane
Gold" or the "Company") (TSX-V: GG) is pleased to announce that for
the three months ended June 30, 2016
production from the Mupane mine was 7,855 ounces, an increase of
2,027 ounces on the previous quarter. The increase is a reflection
of the higher grade being fed to the operating plant with the
commencement of mining in the main Tau ore body in April 2016.
Galane Gold CEO, Nick Brodie
commented: "The second quarter of 2016 outperformed our internal
expectations with mining commencing in the main ore body at Tau
three months before we originally anticipated. The increase in
production is a reflection of the management team's hard work and
determination over the last two years to turn Mupane into a high
grade underground operation. Production at the Mupane mine for the
three months ended June 30, 2016
represents our best quarterly production since the second quarter
of 2014 when we completed mining at the Tholo open pit. We expect
this momentum at the Mupane mine to continue into future quarters
as we expose more of the Tau ore body. The management team is now
focused on its second main goal for 2017, the resumption of
production at Galaxy."
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 and the Botswana Stock
Exchange under the symbol "GG". 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.
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 include, but are not limited
to: the Company's dependence on two mineral projects; gold price
volatility; risks associated with the conduct of the Company's
mining activities in Botswana and
South Africa; regulatory, consent
or permitting delays; risks relating to the Company's exploration,
development and mining activities being situated in Botswana and South
Africa; risks relating to reliance on the Company's
management team and outside contractors; risks regarding mineral
resources and reserves; the Company's inability to obtain insurance
to cover all risks, on a commercially reasonable basis or at all;
currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project
financing and equity issuances; risks arising from the Company's
fair value estimates with respect to the carrying amount of mineral
interests; mining tax regimes; risks arising from holding
derivative instruments; the Company's need to replace reserves
depleted by production; risks and unknowns inherent in all mining
projects, including the inaccuracy of reserves and resources,
metallurgical recoveries and capital and operating costs of such
projects; contests over title to properties, particularly title to
undeveloped properties; laws and regulations governing the
environment, health and safety; operating or technical difficulties
in connection with mining or development activities; lack of
infrastructure; employee relations, labour unrest or
unavailability; health risks in Africa; the Company's interactions with
surrounding communities and artisanal miners; the Company's ability
to successfully integrate acquired assets; risks related to
restarting production; the speculative nature of exploration and
development, including the risks of diminishing quantities or
grades of reserves; development of the Company's exploration
properties into commercially viable mines; stock market volatility;
conflicts of interest among certain directors and officers; lack of
liquidity for shareholders of the Company; risks related to the
market perception of junior gold companies; and litigation risk.
Management provides forward-looking statements because it believes
they provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
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 Galane Gold, and a "qualified
person" as defined by National Instrument 43-101.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Galane Gold Ltd.