TORONTO, June 04, 2021 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) (“Gran Colombia”) announced today the completion of its acquisition of all of the issued and outstanding common shares (the “Gold X Shares”) of Gold X Mining Corp. (TSXV: GLDX) (“Gold X”) not already owned by Gran Colombia by way of a statutory plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia). The Arrangement became effective at 12:01 a.m. (Pacific Time) on June 4, 2021 (the “Effective Time”). As a result of the Arrangement, Gold X became a direct, wholly-owned subsidiary of Gran Colombia and Gran Colombia gained control of the Toroparu Gold Project located in Guyana, South America.
Serafino Iacono, Executive Chairman of Gran Colombia, commented: “With the closing of the Gold X acquisition today, we have created a new mid-tier Latin-American gold producer with a complementary asset portfolio including the world-class, free cash flow generating Segovia Operations located in Colombia and the large, high-growth and substantially de-risked Toroparu Gold Project in Guyana. On a combined basis1 for Segovia and Toroparu, our measured and indicated gold resources now total 8,778,000 ounces (256.5 Mt grading 1.06 g/t Au) and we have another 4,359,000 ounces of gold in the inferred category (132.6 Mt grading 1.02 g/t Au). Over the next couple of months, we will be refining our development options at Toroparu, including an update of the mineral resource estimate for the Toroparu Project to incorporate the new geologic model and project optimization that includes the discovery of continuous high-grade gold bearing structures extending for at least 3 kilometers in strike and at least 450 meters in depth as recently announced by Gold X. With approximately US$6 million of cash in Gold X at closing of this acquisition, this next stage of project evaluation that will lead to an updated preliminary economic assessment for Toroparu is fully funded. We are very excited to begin this next chapter, creating value for our shareholders through our diversified growth platform centered on these two cornerstone assets and our equity positions in Aris Gold and Denarius.”