Gran Colombia Surpasses 2017 Annual Gold Production Guidance With 173,821 Ounces, Up 16% Over Previous Year
January 15 2018 - 7:30AM
Gran Colombia Gold Corp. (TSX:GCM) announced today that it produced
a total of 51,699 ounces of gold in the fourth quarter of 2017, up
26% over the fourth quarter last year. This brings the total gold
production for the year to 173,821 ounces, up 16% over 2016 and
surpassing its guidance for the current year.
The Segovia Operations continued to be the key
catalyst for growth in Gran Colombia’s gold production with 45,588
ounces of gold produced in the fourth quarter of 2017, up 31% over
the fourth quarter last year. This brings the total for the Segovia
Operations for 2017 to 148,659 ounces, up 18% over 2016 and above
guidance for the current year. Company-operated mining areas, led
by the continued high grade trend at the Providencia mine this
year, produced 17,761 ounces of gold in the fourth quarter of 2017,
up 78% over the fourth quarter last year, bringing the full year
total to 50,248 ounces, up 67% over 2016. In the fourth quarter of
2017, the Company also benefitted from the additional material
sourced from contract miners under new operating contracts entered
into since August 2017 under which Gran Colombia is retaining
between 10% and 60% of the spot price for each ounce of gold
produced. Contract mining production totalled 27,827 ounces of gold
in the fourth quarter of 2017, up 12% over the fourth quarter last
year. For the full year, contract mining production increased 2%
over 2016 to 98,411 ounces in 2017.
At the Marmato Operations, gold production in
the fourth quarter of 2017 amounted to 6,111 ounces, comparable to
the fourth quarter last year. This brings the full year total to
25,162 ounces, up 7% over its 2016 annual production and within its
guidance range for the current year.
Gran Colombia expects to release its 2017 fourth
quarter and annual financial results on or about March 27,
2018.
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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