Gran Colombia Gold Continuing to Negotiate in Good Faith Despite Actions of Illegal Miners in Segovia and Remedios
July 31 2017 - 7:38PM
Gran Colombia Gold Corp. (the “Company”) (TSX:GCM) announced today
that it is continuing to execute its contingency plans and to
negotiate in good faith with the Mesa Minera of Segovia and
Remedios toward formalizing activities of illegal mines operating
within its mining title despite the actions being taken by certain
illegal miners to disrupt the Company’s operations.
Over the last ten days, the Company has been
monitoring the actions of the Mesa Minera, a local mining
collective comprised in its majority by illegal miners, as they
attempted to convene a civil disruption and protest in response to
the increased measures being implemented by the Colombian
government to restrict illegal mining. Although the Mesa Minera has
been in discussion with the various levels of government and the
Company since last year, they have not yet been able to reach a
resolution. Discussions are ongoing and the Company is committed to
achieving its objectives through this process despite the coercive
actions of certain local interests.
While the Company’s employees are not directly
involved in this dispute, the escalation in the civil disruption in
recent days has impeded their ability to safely report to work. The
Company estimates that approximately 30 to 40 per cent of its
workers are currently able to attend. In addition, over the
weekend, an explosion damaged a pipeline owned by the Company that
supplies water to 1,200 residents in Remedios. The Company is
taking appropriate measures and has implemented the necessary
security procedures, focusing on critical needs to continue its
mining and plant operations while deferring certain development
projects. There are also increased numbers of governmental
authorities present to aid in controlling the situation. The civil
disruption did not have a significant impact on the Company’s
expected production in July. However, production guidance for the
balance of the year may be impacted if the local civil disruption
continues for a prolonged period.
About Gran Colombia Gold
Corp.
Gran Colombia is a Canadian-based gold and
silver exploration, development and production company with its
primary focus in Colombia. Gran Colombia is currently the largest
underground gold and silver producer in Colombia with several
underground mines in operation at its Segovia and Marmato
Operations. Gran Colombia is in the midst of an expansion and
modernization project at its Segovia Operations.
Additional information on Gran Colombia can be
found on its website at www.grancolombiagold.com and by reviewing
its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking
Information: This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to production and anticipated business plans or
strategies. Often, but not always, forward-looking statements can
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Gran Colombia to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could cause actual
results to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk
Factors" in the Company's Annual Information Form dated as of March
30, 2017, which is available for view on SEDAR at www.sedar.com.
Forward-looking statements contained herein are made as of the date
of this press release and Gran Colombia disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
For Further Information, Please Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
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