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TORONTO, April 14, 2025 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce production of 2,947 ounces of gold for the first quarter of 2025 (“Q1”) at its Galaxy Gold Mine (“Galaxy”), a 32% increase in gold production compared to Q4 2024 and a 96% increase on Q1 2024.
The Q1 production numbers are as follow:
| Mining |
|
| Q1 | Q4 | FY |
| Princeton | Ore Mined | (t) | 8,472 | 10,536 | 25,212 |
| Ore Grade | (g/t) | 3.50 | 3.51 | 3.73 | |
| Waste | (t) | 4,906 | 8,316 | 24,236 | |
| Galaxy | Ore Mined | (t) | 18,899 | 18,943 | 62,483 |
| Ore Grade | (g/t) | 3.46 | 2.98 | 2.95 | |
| Waste | (t) | 8,905 | 10,542 | 42,541 | |
| Total | Ore Mined | (t) | 27,371 | 29,479 | 87,695 |
| Ore Grade | (g/t) | 3.47 | 3.17 | 3.18 | |
| Waste | (t) | 13,811 | 18,858 | 66,777 |
| Processing |
| Q1 | Q4 | FY |
| Concentrate produced | (t) | 2,281 | 1,923 | 6,661 |
| Concentrate grade | (g/t) | 40.2 | 36.1 | 36.0 |
| Gold produced | (oz) | 2,947 | 2,230 | 7,712 |
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Golconda Gold CEO, Ravi Sood commented: “We have had a strong start to 2025, with a 32% increase in production compared to the previous quarter, selling into a record gold price market, enabling Galaxy to further invest in new mining machines, equipment refurbishments and critical stock. Two additional loaders and a drill rig were put into service during Q1, with additional equipment scheduled for Q21. Importantly, US$950,000 of debt was also paid down in Q1, an important step in deleveraging the Company. The team at Galaxy continues to work hard, and we are excited to continue our positive trend in increasing production further through the remainder of 20251.”
About Golconda Gold
Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Golconda 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.
Note:
(1) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
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, statements regarding the Company’s anticipated additional equipment in Q2, the Company’s anticipated production in the remainder of 2025, and 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.