GoGold Resources on Track for 2Q 2028 Silver Pour
News related to:GoGold Resources Inc · 2 min read
GoGold Resources Inc., a Canadian-based silver and gold producer focused on operating, developing, exploring, and acquiring high-quality projects in Mexico, has made significant progress on its Los Ricos South project in Jalisco, Mexico. The project is progressing on schedule, and the company has reiterated that the first silver pour will occur in the second quarter of 2028.
Langille emphasized that the project is on schedule, with the underground mining contractor, Cominvi, planned to mobilize to the site in the fourth quarter of 2026. The company has already spent US$15 million on the project, and the construction and procurement remain on schedule, with the first silver pour reiterated for the second quarter of 2028.
Los Ricos South construction highlights include active site works, with earthworks commencing in August 2026, and the underground mine plan optimization also commenced in August 2026. The project is expected to see the start of powerline installation in November 2026, concrete foundation pouring in January 2027, and the start of the paste plant construction in January 2027. The SAG mill delivery to the site is scheduled for May 2027, and the plant commissioning begins in January 2028.
The project's technical information, as reviewed and approved by Mr. Bob Harris, P.Eng., is based on internal estimates using $60/oz silver and $4,200/oz gold. The company has also exercised 27.5 million outstanding warrants in November 2028, which will generate net proceeds of approximately US$67.5 million.
The Los Ricos South project is in development with a construction decision approved by the Board, and the project is fully funded with no debt or additional equity required. The company remains focused on delivering the first silver pour in the second quarter of 2028, with cash reserves maintained at a minimum of US$130 million throughout the build.
The project's progress is supported by a robust funding structure, with the company having US$284 million in cash, which is more than sufficient to cover the project's cash outlay in the third quarter of 2027. The underground mining contractor, Cominvi, is expected to mobilize to the site in the fourth quarter of 2026, ensuring that the project remains on schedule for the first silver pour in the second quarter of 2028.
Los Ricos South's construction is expected to be completed in phases, with the first phase focusing on site clearing and earthworks, followed by the underground mine plan optimization, and the start of powerline installation. The SAG mill delivery to the site is scheduled for May 2027, and the plant commissioning begins in January 2028, ensuring that the project remains on track for the first silver pour in the second quarter of 2028.
The project's technical information is based on internal estimates using $60/oz silver and $4,200/oz gold, which provides a solid foundation for the project's financial projections. The company has also exercised 27.5 million outstanding warrants in November 2028, which will generate net proceeds of approximately US$67.5 million, further supporting the project's funding needs.
In summary, GoGold Resources Inc. is on track to deliver the first silver pour in the second quarter of 2028, with the project's construction progressing smoothly and on schedule. The company's focus remains on maintaining cash reserves at a minimum of US$130 million throughout the build, ensuring the project's financial stability and success.