08:05 AM EDT, 05/17/2024 (MT Newswires) -- Golconda Gold ( GGGOF ) said Friday that it began mining at the Princeton Top operation within the Galaxy Gold mine in South Africa.

The company said it has also delivered its first ore to the processing plant.

Golconda said it re-equipped the 3.2-kilometer access ramp, installed a new compressor, reinstated the historic ore pass to its existing Princeton operation on Level 17, and mobilized a mining fleet to recommence mining.

"The commencement of mining at Princeton Top is ahead of schedule," Golconda CEO Nick Brodie said. "This is a key step in our development plan to increase mining volumes, to utilize spare capacity in Galaxy's new larger milling circuit and to ultimately more than double gold production this year."

Golconda's share price dropped 6.1% yesterday to $0.23.