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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 48,150,305
Close 2018-10-12 C$ 2.51
Recent Sedar Documents

Gran Colombia produces 57,163 oz Au in Q3

2018-10-15 07:47 ET - News Release

Mr. Serafino Iacono reports

GRAN COLOMBIA GOLD REPORTS THIRD QUARTER 2018 GOLD PRODUCTION; TRAILING 12-MONTHS GOLD PRODUCTION REACHES 214,439 OUNCES, UP 23% OVER 2017

Gran Colombia Gold Corp. produced a total 19,120 ounces of gold in September bringing the total for the third quarter of 2018 to 57,163 ounces, up 54 per cent compared with the third quarter of 2017. For the first nine months of 2018, total gold production amounted to 162,741 ounces, up 33 per cent over the first nine months of 2017. This brings the company's trailing 12-month total gold production as of September, 2018, to 214,439 ounces, up 23 per cent from 2017's annual production of 173,821 ounces. The company continues to expect that it will produce between 210,000 and 220,000 ounces in 2018.

Serafino Iacono, executive co-chairman of Gran Colombia, commented: "This was not only our fourth consecutive quarter with over 50,000 ounces of total gold production for the company, it was our first quarter producing over 50,000 ounces of gold at Segovia alone. We continue to be encouraged by the execution of the development and modernization programs within our high-grade Segovia operations which are fuelling our production and EBITDA (earnings before interest, taxes, depreciation and amortization) growth."

At the Segovia operations, gold production in September amounted to 17,140 ounces, bringing the total for the third quarter of 2018 to 50,968 ounces and for the first nine months of 2018 to 144,241 ounces, up 40 per cent compared with the first nine months of 2017 which included the adverse impact of the civil disruption on operations in August last year. The company has processed an average of 994 tonnes per day (tpd) in the first nine months of 2018 with an overall average head grade of 17.1 grams per tonne, continuing to benefit from growth in production in 2018 from its high-grade Providencia mine. This brings Segovia's trailing 12-month total gold production as of September, 2018, to 189,828 ounces, up 28 per cent from 2017. The company continues to expect that the Segovia operations will produce between 185,000 and 195,000 ounces of gold in 2018.

The company's Marmato mine produced 1,980 ounces of gold in September, bringing the total for the third quarter of 2018 to 6,465 ounces and for the first nine months of 2018 to 18,500 ounces, about 3 per cent lower than the first nine months of 2017. This brings Marmato's trailing 12-month total gold production as of September, 2018, to 24,611 ounces, about 2 per cent below 2017's annual production and within the company's expectation for 2018 of between 24,000 and 26,000 ounces.

The company will be releasing its financial results for the third quarter and first nine months of 2018 on or about Nov. 13, 2018.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia, where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia operations.

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