GoGold Resources Quarterly Production Falls 16% Due To COVID-19

GoGold Resources (TSX: GGD) this morning announced production of 504,444 silver equivalent ounces for the period ended June 30, 2020. On a quarter over quarter basis, production was down a total of 16%, which is largely said to be a result of the ongoing coronavirus pandemic.

Outside of silver equivalents, the company announces a total of 20,044 silver ounces, 1,914 gold ounces, and 104 tonnes of copper. Production was reduced on a quarter over quarter basis due to the partial shutdown of the Parral mine due to COVID. Pre-pandemic levels of production are now said to be nearly re-instated.

Economic impact of the reduced production rate however is said to be minimal, thanks largely in part to the appreciating price of silver. Cash flows are said to be similar to the previous quarter. Full revenue figures were not released as of yet.

GoGold Resources last traded at $1.22 on the TSX.

Information for this briefing was found via Sedar and GoGold Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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