TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) — Golconda Gold Ltd., formerly Galane Gold Ltd. (“golconda gold” or the “company“) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three (“Q3 2022“) and nine months (“YTD 2022’) ended on September 30, 2022.

A copy of the Unaudited Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2022 prepared in accordance with International Financial Reporting Standards and related Management’s Discussion and Analysis (“MD&A’), are available under the company’s profile www.sedar.com. All references to “$” in this press release refer to US dollars.

highlights

• New offtake agreement with Ocean Partners UK Limited (“ocean partner‘) which provides for a higher payable percentage of the gold grade in its concentrate from the Galaxy operations (‘galaxy’) and a $3 million unsecured revolving credit facility (the ‘New plant“).
• YTD 2022 Galaxy produced 7,972 ounces of gold (YTD 2021 – 5,880 ounces of gold).
• YTD 2022 6,246 payable ounces of gold sold at operating expenses before royalties of $1,298 per payable ounce⁽¹⁾.
• YTD 2022 operating cash flow of $1.0 million (YTD 2021 – $0.2 million operating cash flow).
• YTD 2022 $2.4 million debt repaid (YTD 2021 – $2.4 million debt repaid).

Nick Brodie, CEO of Golconda Gold commented, “The quarter was a consolidation quarter as we seek to continue to build on the tremendous opportunity that Galaxy represents. We have partnered with a new buyer, Ocean Partners, who provided the new facility and a higher payment for our gold in concentrate. We have fully repaid the secured loan facility with Barak Fund SPC Limited and are actively seeking new lenders to continue the expansion at Galaxy. As previously mentioned, the current ramp-up has been hampered by the slow expansion of underground mining…