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GCM Mining Corp
Symbol GCM
Shares Issued 98,485,775
Close 2021-12-15 C$ 4.92
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GCM Mining produces 17,799 oz Au at Segovia in November

2021-12-15 10:48 ET - News Release

Mr. Mike Davies reports


GCM Mining Corp.'s board of directors has declared the next monthly dividend of 1.5 cents per common share, which will be paid on Jan. 17, 2022, to shareholders of record as of the close of business on Dec. 31, 2021.

Production update

GCM Mining also announced today that it produced 17,799 ounces of gold and 24,593 ounces of silver at Segovia in the month of November, 2021, bringing the total for the first 11 months of the year to 188,359 ounces of gold and 210,817 ounces of silver, up from 178,923 ounces of gold and 165,832 ounces of silver at Segovia in the first 11 months of 2020.

GCM Mining processed 45,030 tonnes in November, 2021, at its Maria Dama plant, representing a daily processing rate of 1,501 tonnes per day (tpd); head grades averaged 13.7 grams per tonne (g/t) in the month. This brings the daily processing rate for the first 11 months of 2021 to an average of 1,518 tpd with an average head grade of 12.9 g/t compared with 1,276 tpd at an average head grade of 14.5 g/t in the first 11 months of 2020.

With its trailing 12-month total gold production as of the end of November amounting to 205,808 ounces, GCM Mining remains on track to produce between 203,000 and 210,000 ounces of gold in 2021 from its Segovia operations.

Normal course issuer bid (NCIB) update

GCM Mining provided an update today on its purchases of its common shares pursuant to its current NCIB which commenced in October, 2021. During the period from Dec. 6, 2021, through Dec. 10, 2021, the company purchased a total of 286,301 common shares at an average price of $5.20 per share with the total cost amounting to approximately $1.5-million. After the cancellation of these shares, the company currently has a total of 98,241,274 common shares issued and outstanding.

The NCIB allows the company to purchase for cancellation up to a total of 9,570,540 common shares of the company over the 12-month term that will end on Oct. 19, 2022, or such earlier date on which the maximum purchases under the NCIB have been completed. Purchases of common shares under the NCIB are being made through the facilities of the Toronto Stock Exchange (TSX) or other alternative Canadian trading systems at the market price of the shares at the time of acquisition.

The board of directors and senior management of GCM Mining continue to believe that its common shares may from time to time trade in a price range that does not adequately reflect the value of the company's common shares in relation to its activities and future prospects. Accordingly, GCM Mining will continue to use its discretion to repurchase its common shares for cancellation under the NCIB.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven record of mine building and operating in Latin America. In Colombia, the company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia operations. In Guyana, the company is advancing the Toroparu project, one of the largest undeveloped gold/copper projects in the Americas. The company also owns an approximately 44-per-cent equity interest in Aris Gold Corp. (Marmato, Colombia), an approximately 27-per-cent equity interest in Denarius Silver Corp. (Lomero-Poyatos, Spain, and Guia Antigua and Zancudo, Colombia) and an approximately 26-per-cent equity interest in Western Atlas Resources Inc. (Meadowbank, Nunavut).

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