Golconda Gold Ltd. Announces Commencement of Mining at Princeton Top

TORONTO, May 17, 2024 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that it has commenced mining at, and delivered its first ore to the processing plant, from Princeton Top, a key step in its development plan to significantly increase production at its Galaxy Gold Mine.

Princeton Top contains an Indicated resource of 912,846 tonnes at 3.04 grammes of gold per tonne containing 89,200 ounces of gold⁽¹⁾. The Company has used the funds received from the recently closed investment from Empress Royalty Holding Corp., a wholly-owned subsidiary of Empress Royalty Corp., to re-equip the 3.2km access ramp, install a new compressor, reinstate the historic ore pass to its existing Princeton operations on Level 17 and mobilised a mining fleet to recommence mining.

Nick Brodie, CEO of Golconda Gold, stated “The commencement of mining at Princeton Top is ahead of schedule and is a testimony to our hard-working team at Galaxy. This is a key step in our development plan to increase mining volumes, to utilise spare capacity in Galaxy’s new larger milling circuit and to ultimately more than double gold production this year.”⁽²⁾

Notes:

(1)	The deposits at the Galaxy mine are supported by a technical report entitled “NI 43-101 Technical Report on the Galaxy Gold Mine, South Africa” which was issued on July 3, 2020 (the “Galaxy Technical Report”), with an effective date of June 29, 2020, a copy of which is available under the Company’s profile on www.sedarplus.ca. The Galaxy Technical Report was prepared by Minxcon (Pty) Ltd and approved by Mr. Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.) Pr.Sci.Nat., MGSSA, and Mr. Daniel (Daan) van Heerden, B Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng., FSAIMM, AMMSA, both “qualified persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and independent of the Company for the purposes of NI 43-101.
(2)	This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.

Cautionary Notes