Galane Gold - CEO, Nick Brodie
CEO, Nick Brodie
Source: 131 Mining Investments
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  • Galane Gold (GG) issued an updated Preliminary Economic Assessment for the company’s Summit Mine and Banner Mill
  • Galane has developed a more detailed mine plan, with the results of a new survey of the underground mine
  • The company has also completed a detailed analysis of the plant restart requirements and updated all the operating costs relating to the project
  • Under the revised PEA, the mine now has a seven-year mine life, with an average annual production rate of 9,500 ounces of gold and 440,000 ounces of silver
  • The property covers 58.6 square kilometres and is part of the Barberton Greenstone Belt in South Africa
  • Galane Gold is up 5.26 percent, trading at $0.10 at 12:03 pm ET

Galane Gold (GG) issued an updated Preliminary Economic Assessment Monday for the company’s Summit Mine and Banner Mill.

The Toronto-based company has developed a more detailed mine plan, with the results of a new survey of the underground mine.

The property covers 58.6 square kilometres and is part of the Barberton Greenstone Belt in South Africa.

The company has also completed a detailed analysis of the plant restart requirements and updated all the operating costs relating to the project.

Under the revised PEA, the mine now has a seven-year mine life, with an average annual production rate of 9,500 ounces of gold and 440,000 ounces of silver.

“Galane Gold’s management team, as they did with our Galaxy property, has worked extensively with the information available to it including several site visits, a review of historical paper records, a re-survey of the Summit mine, and a detailed restart review of the Banner Mill, and has identified efficiency improvements to the previous operations. From this, the Company has built a comprehensive mine plan, robust financial model and a short-term path to production for Summit,” said CEO Nick Brodie.

Galane Gold is up 5.26 percent, trading at $0.10 at 12:03 pm ET.

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