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Galane Gold Ltd. (TSXV:GG) reported an operating cash cost of $886 per ounce (excluding royalties), a cash balance of $12,047,571, and net loss of $212,101 or the third quarter of 2014, or three and nine months ended September 30, 2014.
As quoted in the press release:
Third Quarter 2014 Highlights
- Operating cash cost of $886 per ounce (excluding royalties)(1)
- Net loss of $212,101.
- Cash balance of $12,047,571.
- Cash flows from operating activities, before working capital adjustments, of $2,545,843.
- Cash flows used in investing activities of $3,191,406 which included development at Tau Underground plus pre-stripping at Golden Eagle and Tawana.
- Produced 8,206 ounces of gold.
- Total ore mined of 172,104 tonnes at an average grade of 1.69 grams per tonne.
- In addition 30,201 tonnes of historical tailings material at 1.25 grams per tonne was transported to the processing plant.
- Total ore milled of 200,042 tonnes at a head grade of 1.68 grams per tonne.
Galane Gold CEO, Nick Brodie, said:
The most pleasing aspect of the quarter was that all the hard work we have put into reducing costs and improving efficiencies in the operation has resulted in an operating cash cost per ounce of $886. This is despite only operating with the new SAG mill motor for one month of the quarter. In addition, we have rolled our five year plan on another year and identified further areas where we can improve operating costs, production efficiencies and recoveries, and as a result we feel we are in a strong position to remain cash positive during this low gold price environment.
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