Aris Mining Corp T.ARIS

Gran Colombia Gold Seeks To Recover Venezuelan Assets - by

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Gran Colombia Gold Seeks To Recover Venezuelan Assets - 
by Loren Moss March 12, 2019 


 


Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced 
recently that it sees opportunity in the evolving changes in Venezuela 
to recover and develop its gold exploration assets 
that were nationalized in 2011, adding to its pipeline of 
Latin America-based projects which could fuel the company’s 
mid- to long-term growth objectives. 

Gran Colombia recognizes Mr. Juan Guaid as the legitimate interim 
President of Venezuela and has communicated to its government the 
company’s firm intention to re-start its mining project in 
Venezuela as soon as circumstances allow. 
For the purposes of holding, developing and financing its 
Venezuelan assets and carrying out its Venezuelan investment strategy, 

Gran Colombia intends to spin off such assets 
into a separate listed special purpose vehicle. 
Through the spin off, Gran Colombia will retain a major stake 
in the new company while leveraging the capital markets 
to provide the funding required for exploration and 
development of the mining assets. 

Serafino Iacono, Executive Co-Chairman of Gran Colombia, stated: 
“We are incredibly excited with the future prospects of 
Venezuela and are eager to be a partner in 
the reconstruction of the country. 

We have been successful in executing our turnaround strategy 
over the last couple of years, focused primarily on 
implementing our mining plan at our core producing asset, 
the Segovia Operations, which remains at the heart of 
our exploration and development programs for near-term growth. 

We believe Gran Colombia is uniquely positioned to use this experience 
to efficiently develop gold mining assets in Venezuela through a 
separate listed vehicle in a sustainable and environmentally 
responsible manner. 

We are the largest gold and silver producer in Colombia with a 
2018 output of 218,001 ounces (equivalent to approximately 6.8 tons) 
of gold and our senior management team has unmatched experience 
in the Venezuelan greenstone belt, having also financed and 
developed what was, until the nationalization of the gold industry, 
the largest operating gold project in the country.” 

Prior to nationalization of the gold industry in 2011, 
Medoro Resources Ltd. (“Medoro”, which merged into 
Gran Colombia in mid-2011) was the legal owner of 
the “Increible 4A & 4B” gold mining property in 
El Callao, State of Bolivar, an area in which 
close to US$110 million had previously been invested. 

Exploration for gold in Bolivar State dates back to 
before Venezuelan independence in 1811 and certainly 
even prior to the Spanish occupation. 

The El Callao mining district itself is historically 
the most prolific gold producing region in Venezuela 
with a recorded output of 6 million ounces since 1870. 

Ex. 
Through its exploration work, Medoro had outlined a 
NI 43-101 compliant mineral resource estimate with 
950,000 ounces of gold in the Measured & Indicated 
category and a further 90,000 ounces of gold in 
the Inferred category. 
Medoro had also filed a development and mining plan and 
an environmental impact study before the Venezuelan authorities 
in order to start development of its project, 
in accordance with applicable regulations. 

Lombardo Paredes, CEO of Gran Colombia added: 
“Our investment strategy in Venezuela, if we are given 
the opportunity, will include revitalizing 
other prospective assets in the El Callao area, 
such as the Sosa Mendez mine and 
the old Revemin processing plant, while working 
with the communities and the governmental authorities 
to formalize illegal miners, an area in which we 
have proven experience to foster economic activity and 
help the recovery from the current humanitarian crisis.” 

https://www.financecolombia.com/gran-colombia-gold-seeks-to-recover-venezuelan-assets/