Galane Gold Releases Financial and Operating Results for Third Quarter 2015

Galane Gold Ltd. (TSXV:GG) announced the release of its financial results for the three and nine months ended September 30, 2015.
As quoted in the press release:

Third Quarter 2015 Highlights

• Operating cash cost of $875 per ounce (excluding royalties).
• Net loss of $639,968.
• Cash balance of $2,805,933 at the end of the quarter.
• Produced 7,637 ounces of gold.
• Total ore mined from Tau of 25,580 tonnes at an average grade of 3.18 grams per tonne.
• Total ore milled of 228,450 tonnes at a head grade of 1.37 grams per tonne.
• In August 2015, the Company commenced stoping at Tau in the Eastern ore body.

Galane Gold CEO, Nick Brodie, stated:

The third quarter of 2015 was an important quarter for the Company with Tau underground commencing commercial production in the Eastern ore body. This resulted in a 58% increase in the number of ounces produced over the previous quarter of 2015. Development will continue as we aim to reach the main ore body towards the end of 2016.
The current gold price does create challenges for the Company, as it does for the industry as a whole, but we have successfully renegotiated the repayment terms on both the Company’s loan facility with Samsung and an extension to the deferment of royalties with the Government ofBotswana. In addition, we believe the acquisition of Galaxy Gold Mining Limited represents an opportunity for us to reduce our cash cost per ounce due to its high grade and low production cost.

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