Galane Gold focuses on exploration investment

SHINGIRAI MADONDO
Correspondent | Friday May 10, 2013 00:00

 

In his speech during the official raising of the Galane Gold flag at the mine premises on Monday, Manjengwa said the only gold mining company in Botswana is focusing on investing extensively in exploration.Galane Gold is a Canadian TSX Venture Exchange listed company, a gold producer and explorer with operations in Botswana.

Mupane Gold Mining (Pty) Ltd is a 100 percent owned subsidiary of Galane Gold along with two other companies in Botswana, Shashe Mines (Pty) Ltd and Galane Gold, which is listed on the Botswana Stock Exchange.Galane Gold took over Mupane Gold Mine and Shashe operations from IAM Gold in August 2011 following successful completion of the acquisition deal in July the same year. Mupane Gold Mine operations have been producing an average of 50,000 ounces of gold per year since commissioning and Galane Gold has continued with the same level of productivity.

But it has since commissioned Shashe operations to supplement the depleting resource at Mupane Gold Mine operations. 'Galane Gold successfully acquired Northern Lights Exploration (NLE) in 2012,' announced Manjengwa.He said NLE were owners of most of the gold prospecting ground in the Tati Greenstone Belt, which hosts both Mupane Gold Mine and Shashe operations.

The greenstone belt is a great dyke that has gold in it and stretches into Zimbabwe and the better part of the northeastern part of Botswana in the Matsiloje and Matshelagabedi villages.According to Manjengwa, the acquisition of the NLE provided Galane Gold with a significant opportunity to further explore for more gold resources in Botswana, especially in the northeastern part of the country.

'Galane Gold has continued to invest significantly in exploration projects within the Tati Greenstone Belt with the objective of continuously increasing its resource base,' he said.Acting director of the Department of Mines Gabotshwarege Tshekiso hailed Galane Gold for channelling their investment energies towards exploration projects.

Tshekiso said prospecting for new gold deposits will ensure that mine operations will remain sustainable. With gold prices not enticing on the global market, Tshekiso urged Galane Gold to continue devising cost-cutting measures to realise profits at the end of the day.