Gran Colombia Gold Meets Q1 2016 Gold Production Expectation; Announces Upcoming Webcast on Q1 2016 Results
TORONTO, ON--(Marketwired - May 02, 2016) - Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) announced today that it met its expectation for the first quarter of 2016, producing 31,489 ounces of gold, up 4.8% from the fourth quarter of 2015 and up 31.4% from the first quarter a year ago. The Company remains on track with its production guidance for 2016 of a total of 120,000 to 138,000 ounces for the year.
At the Segovia Operations, first quarter 2016 gold production totalled 25,999 ounces, up 8.9% from the fourth quarter of 2015 and up 40.3% from the first quarter a year ago. Gran Colombia processed an average of 730 tpd with head grades averaging 12.9 g/t at Segovia in the first quarter of 2016, an improvement from 678 tpd at an average head grade of 12.0 g/t in the fourth quarter of 2015 and 500 tpd at head grades averaging 14.1 g/t in the first quarter a year ago. Gran Colombia expects to produce a total of 96,000 to 110,000 at its Segovia Operations for the full year 2016.
At the Marmato Operations, Gran Colombia processed 820 tpd at an average head grade of 2.6 g/t yielding gold production of 5,490 ounces in the first quarter of 2016, down 11.2% from the fourth quarter of 2015 in which it processed 860 tpd at head grades averaging 2.8 g/t and on par with the first quarter a year ago when it processed 813 tpd at head grades averaging 2.6 g/t. Gran Colombia expects to produce a total of 24,000 to 28,000 at its Marmato Operations for the full year 2016.
Q1 2016 Results Webcast
The Company also announced today that it will release its financial results for the first quarter of 2016 after market close on Thursday, May 12, 2016 and will host a conference call and webcast on Friday, May 13, 2016 at 9:30 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
Live Event link: http://edge.media-server.com/m/p/7hmyqdxe
Toronto & International: 1 (514) 841-2157
North America Toll Free: 1 (866) 215-5508
Colombia Toll Free: 01 800 9 156 924
Conference ID: 42439708
A replay of the webcast will be available at www.grancolombiagold.com from Friday, May 13, 2016 until Sunday, June 12, 2016.
About Gran Colombia Gold Corp.
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. Gran Colombia is currently in the midst of an expansion and modernization project at its high grade, production stage Segovia Operations.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies. 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 30, 2016, 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.