Mr. Mike Davies reports
GCM MINING PROVIDES JANUARY 2022 PRODUCTION UPDATE; DECLARES MONTHLY DIVIDEND TO BE PAID ON MARCH 15, 2022
GCM Mining Corp.'s 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-month total gold production at the end of January, 2022, was 207,808 ounces, up almost 1 per cent 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, compared with 41,426 tonnes and 1,336 tonnes per day 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 grams per tonne in January, 2022, compared with 12.6 grams per tonne in January last year. The activities associated with the expansion of the Maria Dama plant from 1,500 to 2,000 tonnes per day 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-tonne-per-day 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 tonnes per day 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's board of directors has declared the next monthly dividend of 1.5 cents per common share will be paid on March 15, 2022, to shareholders of record as of the close of business on Feb. 28, 2022.
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 the leading high-grade underground gold and silver producer with several mines in operation at the 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 Corp. (44 per cent; Colombia -- Marmato), Denarius Metals Corp. (27 per cent; Spain -- Lomero-Poyatos and Colombia -- Guia Antigua and Zancudo) and Western Atlas Resources Inc. (26 per cent; Nunavut -- Meadowbank).
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