Phoenix, Arizona--(Newsfile Corp. - March 18, 2021) - The Stock Day Podcast welcomed GoGold Resources (OTCQX: GLGDF) (TSX: GGD) ("the Company"), a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. CEO of the Company, Bradley Langille, joined Stock Day host Everett Jolly.
Langille began the interview by elaborating on the Company's financials over the past few quarters. "We had a great quarter last quarter, and it's at a pretty steady state at our Parral operation, which is where we are producing the cash," explained Langille. "The last quarter we sold $14.7 million, but our free cash flow at that operation was $6.7 million US," he continued. "We finished the quarter at $56 million versus the previous quarter where we had $53.4 million in the bank."
"The real driver of the operation is our exploration development asset, Los Ricos," said Langille. "We've mostly explored the southern part of that district, which is one that expands over 35 kilometers, but we're now drilling in Los Ricos north," he shared. "We initiated a 100,000 meter drill program in Los Ricos north last summer, and we had nine drill rigs running up there."
"In the first 24 months in Los Ricos south, we defined 63 million ounces of silver equivalent, which has been measured and indicated, and then another 20 million in inferred. We actually released a preliminary economic assessment, which looks at the economics of that first target, and we have over a hundred targets in the project, and it had a net present value of $295 million US," said Langille. "We're doing a pre-feasibility study in parallel to a 100,000 meter drill program in the north."
"The big news in 2021 is going to be in Los Ricos north; we're really hitting some big results up there. We're pulling all the drilling from those nine drill rigs together to have another resource come out in the district, we're aiming for September or October. That resource could be a lot bigger than Los Ricos south," continued Langille. "This is the best project of my career and I've been doing this for 28 years."
Jolly then asked about the combined potential of the Company's Parral Tailings and Los Ricos projects. "The Parral Tailings project, where we have our production, has eight more years of reserves, which means eight more years of processing there and it's currently in a steady state of operation," said Langille. "The Parral Tailings project is currently paying for everything in the company," he added. "The big driver of value, as good as Parral is as our operating mine, is Los Ricos where we are hopeful we will find hundreds of millions of ounces of silver equivalent," said Langille. "We're just getting going here; we've accomplished a lot in 24 months, but in the next 24 months I think we will accomplish a lot more."
To close the interview, Langille elaborated on the Company's potential and significance as a self-funding junior mining company, especially in regards to their strong balance sheet and lack of debt. "Most importantly, we have, if not the best one of the best, undeveloped silver assets in Mexico with our Los Ricos exploration development asset."
To hear Bradley Langille's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7825278-gogold-resources-discusses-the-potential-of-their-los-ricos-silver-exploration-project-with-the-s.
About GoGold Resources
GoGold Resources (TSX: GGD) 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 mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Los Ricos South and North projects, and future plans and objectives of GoGold, including the intention to undertake further exploration at Los Ricos North, and the prospect of further discoveries there, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.
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