TORONTO, Aug. 21, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,
OTC:TPRFF) announced today that it produced a total 9,441 ounces of
gold and 10,794 ounces of silver in July 2013 from its underground
mining operations at Segovia and Marmato in Colombia. This brings
year-to-date total production to 60,942 ounces of gold and 89,201
ounces of silver.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on
the production update, said, "This marks the third consecutive month
that our total gold production has exceeded 9,000 ounces and over the
last five months, we have averaged 9,126 ounces of gold, putting us on
an annualized pace of approximately 110,000 ounces. With expected
improvements in grades to come from mine development in the fourth
quarter at our Segovia Operations, we remain on track to meet our 2013
production guidance of 110,000 ounces of gold."
July also marked the fifth consecutive month that the Maria Dama plant
processed an average of more than 1,000 tonnes per day (tpd). Head
grades at the Segovia Operations improved by about 4% over the second
quarter average to 8.3 g/t, benefitting from an increase in grades in
the ore sourced from the contract miners. Gold production from the
Segovia Operations amounted to 7,276 ounces in July, bringing the
year-to-date total to 48,219 ounces of gold.
Processing 793 tpd at an average head grade of 3.0 g/t in July, the
Marmato underground mine had its strongest production month since the
beginning of 2012, with a total of 2,165 ounces of gold. Year-to-date
gold production at Marmato amounted to 12,723 ounces of gold.
To date, the company has successfully implemented significant cost
reductions in its business model that have already resulted in a
substantial reduction in all-in sustaining cost to about the $1,200 per
ounce level. These actions, coupled with the steady progress in
production, are expected to lower the all-in sustaining cost to below
$1,150 per ounce by the fourth quarter of 2013.
About Gran Colombia Gold
Gran Colombia is a Canadian-based gold and silver exploration,
development and production company with its primary focus in Colombia.
Gran Colombia is currently the largest underground gold and silver
producer in Colombia with several underground mines in operation at its
Segovia and Marmato Operations. In addition, Gran Colombia is advancing
a project to develop a large-scale, gold and silver mine at its Marmato
operations.
Additional information on Gran Colombia Gold can be found on the
company's website at www.grancolombiagold.com and by reviewing the company's page on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects and,
specifically, statements concerning anticipated growth in annual gold
production and reduction of cash costs. Often, but not always,
forward-looking statements can be identified by the use of words such
as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes" or
variations (including negative variations) of such words and phrases,
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gran Colombia to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could cause
actual results to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk
Factors" in the Company's Annual Information Form dated as of March 26,
2013 which is available for view on SEDAR at www.sedar.com.
Forward-looking statements contained herein are made as of the date of
this press release and Gran Colombia disclaims, other than as required
by law, any obligation to update any forward-looking statements whether
as a result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, the
reader is cautioned not to place undue reliance on forward-looking
statements.
SOURCE: Gran Colombia Gold Corp.
