GoGold Resources begins construction on Los Ricos South project

Canadian silver and gold producer GoGold Resources has commenced construction on the Los Ricos South project in the state of Jalisco, Mexico. The company reported that the project is fully financed through a combination of existing cash reserves and ongoing cash flow from the Parral Tailings Project in Chihuahua.

As of the end of the June quarter, GoGold reported having 284 million USD in cash and indicated no debt. The Parral Tailings Project generated 27.8 million USD in revenue during the third fiscal quarter, based on the sale of 419,986 silver equivalent ounces. While Los Ricos South is currently under construction, the nearby Los Ricos North remains an exploration and development project.