Gran Colombia Gold Provides Update on Production and 2020 Debenture Repurchase
Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total of 12,973 ounces of gold in November 2016 bringing the eleven months' total production to 134,893 ounces of gold, up 28% over the same period last year. The Company expects that its total gold production for 2016 will reach the upper half of its latest guidance for the full year of 144,000 to 150,000 ounces.
At the Segovia Operations, November's gold production of 10,870 ounces reflected improved head grades in material from the Company-operated area within the Providencia mine where development activity has reached an expected high grade section of the resource. This brings the year-to-date total gold production at Segovia to 113,479 ounces, up 35% from the same period last year and for the full year, the Company continues to expect that Segovia's gold production will reach the upper end of its latest guidance of 120,000 to 126,000 ounces.
At the Marmato Operations, head grades and mill recovery showed some improvement compared with results in previous months and the mine produced 2,103 ounces in November, bringing the year-to-date total gold production to 21,415 ounces, on par with the same period last year. The mine is expected to produce close to 24,000 ounces again this year.
2020 Debenture Repurchase and Cancellation
On December 6, 2016, the Company used the approximately $1.1 million balance of funds available in the sinking fund for the 2020 Debentures to complete a block purchase under its normal course issuer bid of $1,290,000 aggregate principal amount of 2020 Debentures for cancellation. As of today's date, the aggregate principal amounts of the 2018 and 2020 Debentures issued and outstanding are $49.7 million and $101.2 million, respectively.
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 in the midst of an expansion and modernization project at its Segovia Operations.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Source: Gran Colombia Gold