Galane Gold Installs and Commissions New SAG Mill Motor

Galane Gold Ltd. (TSXV:GG) has commissioned and installed a new SAG motor mill and repaired its faulty motor mill to be stored on site as a spare. The new motor will replace one that previously failed in May 2014.

As quoted in the press release:

The Company’s insurance providers have agreed to cover certain losses incurred by the Company in connection with the mill motor failure under its business interruption insurance policy. The full settlement amount has still to be agreed but an interim payment of $800,000 has been confirmed.

Galane Gold chairman and acting CEO, Ravi Sood, said:

The failure of our SAG mill motor was a disappointing short-term setback amidst a series of material long-term improvements. However, the Company actively managed the situation to minimise losses, demonstrating management’s capability and creativity. With the new mill motor in place we are in a strong position to meet our financial and production targets for the year.

Click here to read the Galane Gold Ltd. (TSXV:GG) press release
Click here to see the Galane Gold Ltd. (TSXV:GG) profile.

Get the Latest Gold Investing Stock Information

Get the latest information about companies associated with Gold Investing delivered directly to your inbox.

Gold Mine Development
Gold Production/Mining
Gold Project Generators
Gold Prospecting and Exploration
Gold Resource Definition/Pre Feasibility
Gold Resource Expansion/Feasibility Study/PEA
Other Companies

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Gold Outlook Report - Late 2017!

Get your FREE Updated Gold Outlook Report. Includes expert commentary, production numbers and gold stocks to keep an eye on.

Click here to get your free report!

Leave a Reply