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GoGold Resources reports quarterly net income of USD 8.2 million

Mining News - Published on Wed, 13 Feb 2019

Image Source: Yahoo Finance
GoGold Resources Inc has reported net income of $8.2 million for the three months ended December 31,2018. The Corporation closed the previously announced sale of the 2% net smelter royalty which resulted in net proceeds and an equivalent pre-tax gain of $11.8 million. (All amounts are in U.S. dollars). The closing of the sale of the royalty concludes the Corporation's involvement with the Santa Gertrudis project which was initially acquired in 2014. Net consideration on the sale of assets associated with the Santa Gertrudis project was $88.6 million, less costs of $24.5 million resulting in a pre-tax gain of $64.1 million over the life of the project.

Production increased each month during the quarter for a total of 325,148 silver equivalent ounces that generated revenue of $3.9 million on the sale of 271,211 silver equivalent ounces at an average realized price of $14.20, and at an adjusted cash cost of $12.32. The large difference between produced and sold is because a significant amount of the December production was in transit at December 31 and will be sold during the quarter ended March 31, 2019. The difference between produced and sold will be much less in future quarters. Production continues to be strong and the Company expects another strong quarter of production growth.

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Posted By : Rabi Wangkhem on Wed, 13 Feb 2019
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