Los Ricos North Initial Assessment announced!

May 20, 2023

GoGold Resources Inc releases the results of its initial Preliminary Economic Assessment (PEA) at its Los Ricos North Project located in Jalisco State, Mexico. This is the Company’s second PEA completed within the Los Ricos District, in addition to the Los Ricos South PEA completed in January 2021, with an updated Mineral Resource Estimate (Resource) and PEA for Los Ricos South expected to follow this summer.

Highlights of the PEA, with a base case silver price of US$23/oz and gold price of US$1,800/oz  & After-Tax NPV of $413 Million with an After-Tax IRR of 29% (Base Case); 13-year mine life producing a total of 110.3 million payable silver equivalent ounces (AgEq), consisting of 68.0 million silver ounces, 221,700 gold ounces.

“This is a first look at the strong economics around our Los Ricos North Mineral Resource with average annual production of 8.8 Million AgEq oz at a first quartile AISC of $9.68/oz AgEq.  Los Ricos North forms a pipeline of growth after the construction of Los Ricos South, which we see as a high grade bulk underground mine targeted to be our first deposit advanced to production.

We look forward to the updated Los Ricos South Mineral Resource including the Eagle Zone and an updated PEA to be completed this summer,” said Brad Langille, President and CEO.

By adding said further, “The release of this PEA represents one of the milestones for the 2023 year in the Los Ricos District. The other key milestones for the 2023 year in the Los Ricos District are an updated Mineral Resource and PEA in Los Ricos South incorporating the Eagle Zone, followed by a Pre-Feasibility Study in Los Ricos South which is anticipated before year’s end. With US$100 Million in cash we are well positioned to develop Los Ricos South pending the results of the upcoming studies.”

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