African Mining Network

AMN was established to develop and build relationships across Africa’s mining community, and give the world a preview of what is happening in mining in Africa.

AMN - SOUTH AFRICA: Positive cash flows from Galaxy

Galane Gold Ltd generated positive cash flows from operations at the Galaxy Gold Project in Mpumalanga Province of South Africa during October. There were 748 tonnes of concentrate dispatched at an average grade of 33.18 g/t with payable gold of 598 ounces.

The revenue generated covered the mining costs at Princeton, the tailings retreatment program and the associated processing costs to produce the concentrate.

Galane Gold's CEO Nick Brodie said: “This is an important step for Galaxy and ahead of our own internal plans.

"We expect Galaxy to now subsidise its own capital expansion and it is a giant stride towards Galaxy being self-funding as we near the completion of the first planned plant expansion to 30,000 tonnes per month.”

Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa.

Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs.

The company 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.

Galane Gold is not basing its decision to expand the throughput capacity of the Galaxy mine’s processing plant on a feasibility study of mineral reserves demonstrating economic and technical viability of production at such levels, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with producing at such plant’s throughput capacity.

These risks, among others, include areas that are analysed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialised studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

www.GalaneGold.com