Galane Gold Ltd. announced the closing of its previously announced transaction whereby Galane Gold, through a wholly-owned subsidiary, will acquire (the “Acquisition”) the Summit Mine and the infrastructure constituting the Banner Mill in New Mexico (collectively, the “Assets”) from Pyramid Peak Mining, LLC (the “Seller”), a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP. Following closing of the Acquisition, Galane’s plan is to first update the 2014 Technical Report which showed an average production of 1 million ounces of silver and 16,000 ounces of gold per annum over the life of mine, an all-in sustaining cost of $578 per gold equivalent ounce, and a start-up capital cost of $4.2 million. From there it will then be to target production as quickly as possible.