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GT Gold Reports Third Quarter 2020 Financial Results

VANCOUVER, British Columbia, Nov. 27, 2020 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT ; OTCQX:GTGDF) (the "Company" or "GT Gold") reports its unaudited financial results for the quarter ended September 30, 2020.  Copies of both the Financial Statements and the Management's Discussion & Analysis may be obtained on the Company's website at www.gtgoldcorp.ca or under the Company profile on SEDAR.

"I am very pleased with the progress made by the team in 2020," commented Paul Harbidge, President and Chief Executive Officer. "We have safely navigated through the challenges associated with COVID-19 and have successfully completed the exploration field season at Quash Pass.  In addition, we have now begun the Saddle South core re-logging program. At Saddle North, we have achieved the milestone of maiden resource and it is proving an exciting time for GT Gold as we continue, well-financed and on track to deliver a Preliminary Economic Assessment in early 2021."     

Highlights of the third quarter and for the subsequent period up to November 27, 2020:

At September 30, 2020, the Company had a cash position of C$9.4 million, which is expected to be sufficient to fund all expenditures up to and including the PEA, as well as to provide a sizeable buffer for work following into 2021, to be planned based on the results of the 2020 technical program.

Qualified Person

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Michael Skead, FAusIMM, Vice President Projects, is the Qualified Person for the Company and has validated and approved the technical and scientific content of this news release.

About GT Gold

GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia's renowned Golden Triangle. The Company's flagship asset is the wholly-owned, 47,500 hectare Tatogga property, located near Iskut, BC, upon which it made two significant discoveries in 2017 and 2018 at its Saddle prospect: a precious metal rich vein system at Saddle South and a gold rich copper porphyry system at Saddle North. The Company has published a Mineral Resource estimate for Saddle North and is currently working to complete a Preliminary Economic Assessment, targeting release in the first quarter of 2021.

For further information, please contact:

GT Gold Corp.
Paul Harbidge
President and Chief Executive Officer
Tel: (236) 427 5744

Website: www.gtgoldcorp.ca  
GT Gold Corp.
Shawn Campbell
Chief Financial Officer
Tel: (236) 427 5744


Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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News published on 27 november 2020 at 17:50 and distributed by: