Gran Colombia's production tops 80,000 ounces of gold in the first nine months of 2013
TORONTO, Oct. 15, 2013 /PRNewswire/ - Gran Colombia Gold Corp. (TSX: GCM, OTC:TPRFF) announced today that it produced a total 9,758 ounces of gold and 13,603 ounces of silver in September 2013 from its underground mining operations at Segovia and Marmato in Colombia. This brings total gold production for the third quarter of 2013 to 29,186 ounces, up 8.4 percent over the third quarter last year. For the first nine months of 2013, the company produced a total of 80,687 ounces of gold and 118,087 ounces of silver, up 2.4 percent and 29.7 percent respectively, over the same period in 2012.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on the production update, said, "We continue to take actions to reduce our all-in sustaining costs while our Segovia expansion project continues on target and we remain on track to meet our 2013 production guidance of 110,000 ounces of gold."
At the company's Segovia Operations, total tonnes processed in September at the Maria Dama plant averaged 927 tonnes per day (tpd) and head grades averaged 8.9 grams per tonne (g/t) resulting in gold production of 7,727 ounces. For the third quarter of 2013, the Maria Dama plant processed an average of 910 tpd and head grades increased to an average of 9.4 g/t. The third quarter gold production of 23,107 ounces represented the third consecutive quarter of production growth at Segovia and a 9.4 percent increase over the third quarter of 2012. Segovia's year-to-date total production of 64,050 ounces of gold represents a 2.7 percent increase over the first nine months of 2012.
Operations at the company's Marmato underground mine continued at a steady pace in September, producing 2,031 ounces of gold. Third quarter and year-to-date gold production at Marmato amounted to 6,079 and 16,637 ounces of gold, respectively.
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.
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.