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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 61,845,744
Close 2021-03-16 C$ 5.61
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Gran Colombia processes 42,345 tonnes in February

2021-03-16 07:38 ET - News Release

Mr. Mike Davies reports

GRAN COLOMBIA PROVIDES PRODUCTION UPDATE; DECLARES APRIL 15, 2021 MONTHLY DIVIDEND; ANNOUNCES 2020 FOURTH QUARTER AND YEAR END RESULTS WEBCAST

Gran Colombia Gold Corp. remains on track to produce between 200,000 and 220,000 ounces of gold in 2021 from its high-grade Segovia operations in Antioquia, Colombia. In February, 2021, Gran Colombia produced 15,354 ounces of gold and 18,922 ounces of silver at Segovia, bringing the total for the first two months of the year to 30,415 ounces of gold and 37,519 ounces of silver.

Lombardo Paredes, chief executive officer of Gran Colombia, commenting on the company's production update, said: "Segovia continues to be a world-class mining title with a rich history of mineral exploitation. We have confidence in our ongoing exploration program to continue to add reserves and resources, replacing what we are mining each year. Our next reserve and resource update will be available at the end of this month. Our ongoing mine development program continues to open new areas for mining and this month we surpassed the 1,500-tonne-per-day average for an entire month for the first time since we completed the plant expansion last year. The next phase of plant expansion to 2,000 tpd is proceeding well and should be completed in the second half of this year. Historically, mineral exploitation in the Segovia title has also included zinc and lead. In February, we completed the funding for our new recovery plant under construction at Segovia that will come on stream later this year and allow us to recover commercial quantities of zinc, lead, gold and silver into concentrate from our tailings. This not only represents an additional source of cash flow from our mining operations, it further improves our environmental impact by eliminating these minerals from the tailings going into our storage facility. We will continue to provide updates on these projects as they progress this year."

Gran Colombia processed 42,345 tonnes in February, 2021, at its Segovia operations, up from 41,426 tonnes last month, despite February being a shorter month. This represented a daily processing rate of 1,512 tonnes per day (tpd) in February, up from 1,336 tpd last month, which included a two-day planned shutdown of the Maria Dama plant for regular maintenance. Head grades and mill recovery averaged 12.54 grams per tonne and 90 per cent, respectively, in February. This brings the daily processing rate to an average of 1,420 tpd for the first two months of 2021, with an average head grade of 12.55 g/t and mill recovery of 90 per cent.

Monthly dividend declaration

Gran Colombia is pleased to announce today that its board of directors has declared the next monthly dividend of 1.5 cents per common share will be paid on April 15, 2021, to shareholders of record as of the close of business on March 31, 2021.

2020 fourth quarter and year-end results

Gran Colombia also announced today that it will release its 2020 fourth quarter and annual financial results after market close on Wednesday, March 31, 2021, and will host a conference call and webcast on Thursday, April 1, 2021, at 9 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

  • Live event link: see Media-Server website;
  • Canada toll/international: 1-514-841-2157;
  • North America toll-free: 1-866-215-5508;
  • Colombia toll-free: 01-800-9-156-924;
  • Conference ID: 50124774.

A replay of the webcast will be available at the company's website from Thursday, April 1, 2021, until Friday, April 30, 2021.

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 high-grade Segovia operations. Gran Colombia owns approximately 44.3 per cent of Aris Gold, a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato project in Colombia. Gran Colombia's project pipeline includes its Zancudo project in Colombia, currently in the process of being spun out to ESV Resources Ltd., together with an approximately 18-per-cent equity interest in Gold X Mining Corp. (Guyana -- Toroparu) and an approximately 26-per-cent equity interest in Western Atlas Resources Inc. (Nunavut -- Meadowbank).

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