TORONTO, May 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 three months ended March 31, 2024. A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024, prepared in accordance with International Financial Reporting Standards, and the corresponding management's discussion and analysis (the "MD&A"), are available under the Company's profile on www.sedarplus.ca. All references to "$" in this press release refer to United States dollars. First Quarter 2024 ("Q1 2024") Highlights: mined 13,492 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.37 grammes per tonne (g/t) compared to 11,644 tonnes at 2.94 g/t in the three months ended December 31, 2023 ("Q4 2024"), an increase in contained gold of 33%; produced 1,095 tonnes of concentrate at an average grade of 42.8 g/t containing 1,507 ounces of gold compared to 932 tonnes at 43.9 g/t containing 1,314 ounces of gold in Q4 2023, an increase of 15% in gold production quarter on quarter; generated revenue of $2.2 million from the sale of 1,099 payable ounces of gold at an operating cash cost of $1,667(1) per payable ounce, compared to $1.9 million revenue in Q4 2023 at an operating cash cost of $1,687 per payable ounce, representing a 16% increase in revenue; and closed the previously announced metal purchase and sale agreement with Empress Royalty Holding Corp. ("Empress"), a wholly-owned subsidiary of Empress Royalty Corp., under which the Company received an up-front cash payment of $5 million for payable gold produced from the Galaxy mine. These funds are being invested in additional new mining equipment, refurbishment of existing mining equipment and working capital to accelerate underground development to access a second level at Galaxy to enable an increase in mining volumes to utilize the significant spare capacity in the processing plant.(2) Golconda Gold CEO, Nick Brodie commented: "The first quarter of 2024 saw mining volumes and gold production increase over the fourth quarter of 2023. With the receipt of the funds received from the closing of the Empress Investment we should see production continuing to increase gradually over the next 12 months.(2) After the quarter end we have taken delivery of one new drill rig, a loader and a dump truck, with additional equipment scheduled to arrive in late Q2 2024 and early Q3 2024.(2) Work has also progressed well on the refurbishment of our existing mining fleet to improve equipment availabilities and to further develop the Galaxy and Princeton ore bodies to increase production. Post quarter end, we delivered our first ore to the plant from Princeton Top, a pre-developed mining area that we expect to provide immediate accretive production ounces."(2) 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 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. Golconda Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates. Notes: (1) Cash cost is a non-GAAP measure. Refer to the table below and to "Supplemental Information to Management's Discussion and Analysis" in the MD&A for reconciliation to measures reported in the Company's interim financial statements.