HALIFAX, Aug. 20, 2012 /CNW/ – Terry Coughlan, President and CEO of GoGold Resources Inc. (“GoGold” or the “Company”) (TSXV: GGD), is pleased to announce that Robert Harris, P. Eng., has been selected to join GoGold as Chief Operating Officer to spearhead the development of the Parral Tailings Project in Chihuahua, Mexico (“Parral”).
Mr. Harris brings over 20 years of experience in project evaluation, feasibility assessments and project development to the Company. Mr. Harris was responsible for the development of the Youga open pit gold mine, which is currently in production in Burkina Faso at a rate of 85,000 ounces per year. He was also responsible for the feasibility evaluation and initial development of the Samira Hill Open pit mine in Africa which has been in production since 2004. He spent 12 years with Etruscan Resources Inc. in the capacity of Technical Director and then Vice President Operations, where he was responsible for many feasibility studies and project developments mainly in Africa. Since 2010 he has been a consultant to the mining industry on feasibility and development matters.
Mr. Harris is a member of the Association of Professional Engineers of Nova Scotia. He holds a Bachelor (Honors) Degree in Science and a Masters in Science in Engineering from the University of New Brunswick, and a business diploma from Saint Mary’s University.
With the recently completed $30,000,000 financing the company is well positioned to aggressively advance Parral through feasibility and towards commercial production. The company has a Measured and Indicated Resource at Parral of 37,100,000 ounces Silver Equivalent or 741,000 Gold Equivalent ounces.
Terry Coughlan, President and CEO stated: “We are very pleased to have Bob join the team. The experience he brings to the company will help fast track the Parral project. Bob’s first goal will be to quickly move the project into the feasibility stage. We envision a project with the potential to be put into production quickly and generate the cash flow to fund the exciting exploration project at San Diego.”
Highlights of Parral: (See Press Release #10 – June 4, 2012 for more details)
37,100,000 Measured/Indicated Silver Equivalent Ounces (50:1)
OR
741,000 Measured/Indicated Gold Equivalent Ounces (50:1)
26,400,000 Ounces Silver
214,000 Ounces of Gold
Metallurgical Column Tests Conclude that Heap Leaching could be Viable Option
Gold Extraction between 64% and 69%
Silver Extraction between 57% and 61%
Overall Resource is 21.3 Million Tonnes @ 1.08 g/t Gold Eq50 or 54 g/t Silver Eq50
Good Access to Grid Power, Water, Roads, Contract Services and Skilled Labour
Table of Mineral Resource Statement – Parral Tailings Project at AuEq 50 Cut-off of 0.4 g/t
| Class/Zone | Au (g/t) | Ag (g/t) | AuEq50 (g/t) | Tonnes (Mt) | Total Au (Kozs) | Total Ag (Mozs) | AuEq50 (Kozs) | AgEq50 (Kozs) |
| Zone 1 Measured Indicated | 0.37 0.38 | 31.1 30.7 | 0.99 0.99 | 1.7 10.2 | 20.8 123.5 | 1.7 10.1 | 55.8 325.7 | 2790.0 16285.0 |
| Sub-Total: | 0.37 | 30.8 | 0.99 | 12.0 | 144.3 | 11.9 | 381.5 | 19075.0 |
| Zone 2 Measured Indicated | 0.24 0.23 | 46.8 49.0 | 1.17 1.21 | 2.2 7.1 | 17.0 52.5 | 3.3 11.2 | 83.4 276.0 | 4170.0 13800.0 |
| Sub-Total: | 0.23 | 48.4 | 1.20 | 9.3 | 69.5 | 14.5 | 359.4 | 17970.0 |
| Zones 1 & 2 Measured Indicated | 0.30 0.32 | 39.9 38.2 | 1.09 1.08 | 4.0 17.3 | 37.8 176.1 | 5.1 21.3 | 139.2 601.7 | 6960.0 30085.0 |
| Total | 0.31 | 38.5 | 1.08 | 21.3 | 213.8 | 26.4 | 740.9 | 37100.0 |
Notes to accompany mineral resources:
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Mineral resources stated at an AuEq 50 cut-off of 0.4 g/t. This is based on an opex estimate of $11.00/t treated, Au price of $1,400/oz and an AuEq recovery of 56%.
- The figures in the table may not compute exactly due to rounding.
- The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Mr. Harris has been awarded 325,000 incentive options exercisable at a price of $1.54 for a term of five years. One-quarter of the options will vest on each of the 6, 12, 18 and 24 month anniversary of the grant date.
Mr. David R. Duncan P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the geological information from the NI 43-101 report pertaining to the Parral Tailings project contained in this release.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of GoGold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from GoGold’s expectations are exploration risks detailed herein and from time to time in the filings made by GoGold with securities regulators.
SOURCE: GOGOLD RESOURCES INC.
Terence F. Coughlan, President and CEO,
Or,
Sean Tufford, Vice President, Corporate Development
GoGold Resources Inc.,
T: 902 482-1998
F: 902 442-1898
Email : [email protected]
Or visit : www.gogoldresources.com
