GCM Mining Provides January 2022 Production Update; Declares Monthly Dividend to Be Paid on March 15, 2022
February 15 2022 - 7:00AM
GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX:
TPRFF) announced today that its Segovia Operations are continuing
to perform as expected in 2022 with gold production of 16,474
ounces of gold in January, up from 15,055 ounces of gold in the
month of January 2021. Segovia’s trailing 12-months’ total gold
production at the end of January 2022 was 207,808 ounces, up almost
1% over last year.
GCM Mining processed a total of 42,015 tonnes in
January 2022 at its Maria Dama plant at Segovia, representing a
daily processing rate of 1,355 tonnes per day (“tpd”), compared
with 41,426 tonnes and 1,336 tpd in January 2021. Operating results
in January 2022 reflected a scheduled semi-annual four-day plant
shutdown for regular maintenance compared with a two-day
maintenance shutdown in January 2021. Taking into consideration the
maintenance shutdowns, the Maria Dama plant processed an average of
1,556 tonnes per operating day in January 2022 compared with 1,428
tonnes per operating day in January last year. Segovia’s head
grades averaged 13.5 g/t in January 2022 compared with 12.6 g/t in
January last year. The activities associated with the expansion of
the Maria Dama plant from 1500 to 2000 tpd are progressing well and
all of the upgrades will be completed by the end of March, except
for the expansion of the crushing facility which has been impacted
by supply chain delays and is now expected to be completed in the
second quarter of 2022.
The new 200 tpd polymetallic plant at Segovia,
commissioned in the fourth quarter of 2021, continued to operate in
test mode in January, processing an average of approximately 107
tpd of tailings resulting in the production of 81 tonnes of zinc
concentrate and 85 tonnes of lead concentrate which have been
stockpiled and are awaiting shipment later in the first quarter of
2022. Payable production from the concentrates is estimated to
total approximately 63,000 pounds of zinc, 97,000 pounds of lead,
8,500 ounces of silver and less than 50 ounces of gold. Actual
payable quantities are subject to change and will be finalized once
the concentrates are shipped. GCM Mining continues to expect that
the daily processing rate of the polymetallic plant will reach its
normal operating capacity in the second quarter of 2022.
GCM Mining will be releasing its 2021 fourth
quarter and annual financial results and its 2022 guidance,
together with the updated mineral reserve and resource estimates
for its Segovia Operations, on or about March 31, 2022. Webcast
details will be announced in early March.
Monthly Dividend
Declaration
GCM Mining also announced today that its Board
of Directors has declared the next monthly dividend of CA$0.015 per
common share will be paid on March 15, 2022 to shareholders of
record as of the close of business on February 28, 2022.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a
proven track record of mine building and operating in Latin
America. In Colombia, the Company is the leading high-grade
underground gold and silver producer with several mines in
operation at Segovia Operations. Segovia produced 206,000 ounces of
gold in 2021. In Guyana, the Company is advancing its fully funded
Toroparu Project, one of the largest undeveloped gold/copper
projects in the Americas, which is expected to commence production
of more than 200,000 ounces of gold annually in 2024. GCM Mining
pays a monthly dividend to its shareholders and has equity
interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia –
Marmato), Denarius Metals Corp. (27%; TSX-V: DSLV; Spain –
Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western
Atlas Resources Inc. (26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be
found on its website at www.gcm-mining.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 completion of the Maria Dama plant expansion,
timing to reach normal capacity at the polymetallic plant, the
payment of dividends, timing for dissemination of 2021 financial
results, 2022 guidance and the updated mineral reserve and resource
estimates, and other 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
GCM Mining 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
31, 2021 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 GCM Mining 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,
Contact:Mike DaviesChief Financial Officer(416)
360-4653investorrelations@gcm-mining.com
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