Gran Colombia Gold Announces Resumption of Normal Operations at Segovia
September 05 2017 - 7:30AM
Gran Colombia Gold Corp. (the “Company”) (TSX:GCM) announced today
that operations at its mines and plant in Segovia have returned to
normal over this past weekend with the 42-day civil disruption
having come to a conclusion on September 1, 2017.
Commenting on the news, Lombardo Paredes, Chief
Executive Officer of the Company said, “We are pleased to see the
civil strike in Segovia and Remedios has been lifted and we can get
back on track with our 2017 operating and capital plan. We
appreciate the support we have received from the various levels of
government and from our employees during this period. Through our
commitment to economic development in Segovia and Remedios, we will
incorporate additional small mining collectives into our contract
mining model which will allow continued operation of ancestral
mining within our title in accordance with the government’s
requirements for health, safety and environmental responsibility.
Although our production in August was below normal, we continue to
expect that we will meet our annual production guidance for 2017 of
150,000 to 160,000 ounces of gold.”
During the course of the civil disruption, the
Company continued its discussions regarding the financial and
operating parameters that would enable it to bring additional
mining collectives operating within its title into its contract
mining model, under which over 2,500 miners in Segovia and Remedios
are currently working with the Company. Over the next few months,
the Company will negotiate specific operating contracts with each
of the mining collectives based on general terms agreed to last
Friday between the Ministry of Mines, the Governor of Antioquia,
the Mayors of Segovia and Remedios, the Mesa Minera and the
Company. The monetary compensation under these new operating
contracts will be established for each mining collective
individually with the Company retaining between 10% and 60% of the
spot price for each ounce of gold produced. The contracts will also
require that all ore is to be processed at the Company’s Maria Dama
plant.
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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