Gran Colombia Sets New Monthly Gold Production Record in September 2017 and Remains on Track With 2017 Annual Production Guid...
October 11 2017 - 5:08PM
Gran Colombia Gold Corp. (TSX:GCM) announced today that it produced
a total of 16,664 ounces of gold in the month of September,
surpassing the previous monthly production record established
earlier this year and bringing the total for the third quarter of
2017 to 37,039 ounces, only 5% below the third quarter last year
despite the adverse impact of a 42-day civil disruption at its
Segovia Operations that ended on September 1, 2017. For the first
nine months of 2017, gold production increased by 12% over the
first nine months last year to a total of 122,122 ounces. The
trailing 12 months’ total gold production as of the end of
September 2017 now stands at 163,001 ounces, up 9% over 2016’s
annual gold production and above the Company’s production guidance
for the 2017 calendar year of a total of 150,000 to 160,000 ounces.
Commenting on the 2017 production update,
Serafino Iacono, Executive Co-Chairman of Gran Colombia, said, “we
were very pleased to get quickly back up to speed following the
resumption of normal operations at Segovia at the beginning of
September. With continued solid head grades coming out of our
Company-operated areas at the Providencia mine and additional
contract miner material at Segovia in the third quarter, we remain
on track with our 2017 production guidance and are confident we can
meet our financial objectives for this year.”
At the Segovia Operations, tonnes processed
dipped as a result of the civil disruption to an average of 490 tpd
in the third quarter of 2017 compared with 790 tpd in the third
quarter last year. Head grades in the Company-operated mining areas
improved to an average of 17.5 g/t in the third quarter of 2017, up
from an average of 3.7 g/t in the third quarter last year, as a
result of continuing to mine higher grade stopes in the Providencia
mine this year. This brought the overall head grade for the Segovia
Operations to an average of 20.7 g/t in the third quarter of 2017
compared with 14.5 g/t in the third quarter last year. Segovia’s
gold production of 14,420 ounces in the month of September, also a
new monthly record, brought the total for the third quarter of 2017
to 30,075 ounces and for the first nine months of 2017 to 103,071
ounces, up 13% over the first nine months last year. The trailing
12 months’ total gold production as of the end of September 2017 at
Segovia was 137,897 ounces, up 9% over 2016’s annual gold
production and above the Company’s production guidance range for
the 2017 calendar year at Segovia of 126,000 to 134,000 ounces.
At the Marmato Operations, gold production
showed improvement in the third quarter of 2017 led by a 14%
increase in tonnes processed, compared with the first half of 2017,
to an average of 1,100 tpd. Gold production in the month of
September amounted to 2,244 ounces, bringing the total for the
third quarter to 6,964 ounces, up 25% over the third quarter last
year, and the total for the first nine months of 2017 to 19,051
ounces, up 10% over the same period last year. This brings
Marmato’s trailing 12 months’ gold production at the end of
September 2017 to 25,104 ounces, up 7% over its 2016 annual
production. The Company continues to expect Marmato’s annual gold
production for 2017 will range between 24,000 and 26,000
ounces.
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 continuing its expansion and
modernization activities at its high-grade 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 guidance 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
DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
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