Gran Colombia Gold Continues to Report Growth in Its First Quarter 2018 Production Update
TORONTO, April 09, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX:GCM) announced today that it produced a total 18,633 ounces of gold in March bringing the total for the first quarter of 2018 to 52,672 ounces, up 35% compared to the first quarter of 2017. This brings the Company’s trailing 12-months’ total gold production to 187,485 ounces, up 8% from 2017’s annual production of 173,821 ounces and within the Company’s production guidance for 2018 of between 182,000 and 193,000 ounces.
At its high-grade Segovia Operations, gold production in March amounted to 16,611 ounces, bringing the total for the first quarter of 2018 to 46,472 ounces, up 42% compared to the first quarter of 2017. This brings the Company’s trailing 12-months’ total gold production from Segovia to 162,363 ounces, up 9% from 2017 fuelled by continuing growth in the Company mines which represented 94% of the trailing 12-months’ production. The Company processed an average of 931 tonnes per day (“tpd”) in the first quarter of 2018 with an overall average head grade of 16.1 g/t, an improvement from 881 tpd at 12.6 g/t in the first quarter of 2017. The Company continues to expect Segovia’s annual gold production for 2018 will range between 158,000 and 167,000 ounces.
The Company’s Marmato mine remained steady, producing 2,022 ounces of gold in March, bringing the total for the first quarter of 2018 to 6,200 ounces compared with 6,240 ounces in the first quarter of 2017. This brings the trailing 12-months’ total gold production at the end of March to 25,122 ounces, on par with 2017’s annual production and within the Company’s guidance range for 2018 of between 24,000 and 26,000 ounces.
The Company will be releasing its financial results for the first quarter of 2018 on or about May 10, 2018.
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 continuing to focus on exploration, expansion and modernization activities at its high-grade 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 production guidance and 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, 2017, 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.
For Further Information, Contact:
Chief Financial Officer