TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. ("Golconda Gold" or the "Company") (TSXV:GG, OTCQB:GGGOF) is pleased to announce the release of its financial results for the year ended December 31, 2023. All amounts are in United States dollars unless otherwise indicated. A copy of the audited consolidated financial statements for the year ended December 31, 2023 prepared in accordance with International Financial Reporting Standards and the corresponding Management's Discussion and Analysis will be available under the Company's profile on www.sedarplus.ca. 2023 Highlights, explanation and subsequent events For the year ended December 31, 2023, the Company: mined 63,386 tonnes of ore, from its Galaxy and Princeton ore bodies, with an average grade of 3.30 grammes per tonne (g/t) compared to 91,744 tonnes at 3.22 g/t in the year ended December 31, 2022; mining operations were impacted due to flooding of the Princeton decline below 17 Level in the early part of 2023. In addition, at both Galaxy and Princeton mining was constrained by low equipment availabilities. In the last quarter of 2023, labour disruptions severely impacted production and all aspects of the operations; preventative maintenance plans have been reviewed and enhanced and the existing mining equipment is in the process of being overhauled, aided with the stream financing received post year-end (see below), which is also being used to purchase new, additional equipment; Galaxy's labour structure was overhauled during the first quarter of 2024, with the mining, processing and maintenance subcontractors labour being transferred to Galaxy's own payroll. This is expected to enable Galaxy to manage its total workforce more effectively and enforce a standardised set of disciplinary procedures(1); produced 5,146 tonnes of concentrate at an average grade of 38.3 g/t containing 6,339 ounces of gold compared to 9,102 tonnes at 34.0 g/t containing 9,961 ounces of gold in the year ended December 31, 2022; the operating plant has an upgraded capacity of 50,000 tonnes per month but has been constrained by mining production; generated revenue of $9.4 million from the sale of 6,208 contained ounces (4,925 payable ounces) of gold at an operating cash cost of $1,596 per payable ounce compared to $13.2 million revenue for the year ended December 31, 2022 at an operating cash cost of $1,353 per payable ounce(2); and subsequent to the year-end completed and fully funded, a gold stream agreement for the sale of future gold production with Empress Royalty Holding Corp. ("Empress") under which Empress provided $5 million to Galaxy Gold to facilitate an increase in mining volumes to utilise spare capacity in Galaxy's new, larger milling circuit to increase gold production.(1) Golconda Gold CEO, Nick Brodie commented: "We are very excited about unlocking the full potential of Galaxy utilising the recent Empress financing to procure new mining equipment (we have recently taken delivery of a new drill rig and loader, with a new dump truck and various items of ancillary equipment scheduled for delivery by the end of May 2024), refurbish existing equipment and provide working capital to accelerate our underground development to access a second Level at Galaxy(3) which we expect to unlock the value in the current 1.0 million oz Measured and Indicated(4) and 1.4 million oz Inferred Resource(5) and the installed 50,000 tonnes per month processing plant that only ran at 11% capacity during 2023. We continue to work on a non-dilutive financing for the restart of Summit, which aims to provide accretive production, including a significant silver component, and geographic diversification allowing us to capitalise on the current strong gold and silver price environment."(2)(3) About Golconda Gold Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange ("TSXV") under the symbol "GG" and the OTCQB under the symbol "GGGOF". Golconda Gold's management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. It is committed to operating at world-class standards, focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates. Notes: (1) This is forward-looking information and is based on a number of assumption. See "Cautionary Notes". (2) Cash cost is a non-GAAP measure. Refer to "Supplemental Information to the MD&A" for reconciliation to measure reported in the Company's financial statements.