TORONTO, Sept. 12, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,
OTC:TPRFF) announced today that it produced a total 9,988 ounces of
gold and 15,273 ounces of silver in August 2013 from its underground
mining operations at Segovia and Marmato in Colombia. This brings
year-to-date total production to 70,939 ounces of gold and 104,475
ounces of silver.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on
the production update, said, "Over the last six months, we have
averaged 9,270 ounces of gold, keeping us on track to meet our 2013
production guidance of 110,000 ounces of gold. At Segovia, we continue
to make the necessary adjustments in our business model to reduce
all-in sustaining costs, which are expected to be below $1,150 per
ounce by the fourth quarter of this year."
In early August, the company took further steps to reduce its all-in
sustaining cost at Segovia through a workforce reduction at the lower
grade company-operated mines and decreased the tonnages processed from
these mining areas in August by about 50% to focus effort on the
ongoing mine development program to access higher grade areas later in
the fourth quarter. Concurrently, the company increased processing of
tonnages from the higher-grade contract mining operators by about 11
percent. As a result, total tonnes processed in August at the Maria
Dama plant fell to 760 tonnes per day (tpd) and head grades increased
by about 37 percent to 11.6 grams per tonne (g/t). In late August, the
Maria Dama plant reduced operations over a five-day period to complete
certain annual maintenance procedures, including replacement of the
mill liners, without any adverse impact on total gold production in the
month, which amounted to 8,105 ounces. This brings Segovia's
year-to-date total production to 56,333 ounces of gold.
Processing 809 tpd at an average head grade of 2.7 g/t, the Marmato
underground mine continued at a steady pace in August, producing 1,883
ounces of gold. Year-to-date gold production at Marmato amounted to
14,606 ounces of gold.
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.