Gran Colombia Gold Reports Fourth Quarter and Full Year 2017 Results; Turnaround Doubles Adjusted EBITDA to $75.5 Million in Two Years; Reports First Mineral Reserve for its Segovia Operations

March 27, 2018

TORONTO, March 27, 2018 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX:GCM) announced today the release of its audited consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the year ended December 31, 2017. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted. 

Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on the Company’s results for 2017, said, “We are pleased with the progress we have made the last two years and to see the improvement in the operating and financial results we are reporting today. We have been characterized by some as a turnaround story, which may be true, but our focus has remained on cash, costs and execution. Our 2017 results demonstrate that we are firing on all cylinders. 2017’s gold production was up 16% from 2016. Adjusted EBITDA increased by 14% over last year and is almost double the amount reported for 2015. Excess Cash Flow came in as expected at $16.4 million. Our Senior Debentures decreased by $10 million while the cash in the sinking funds for the debt grew by more than $11 million. We also made solid progress in our strategy to enhance the value of our assets. At Segovia, we added more ounces to our Mineral Resource estimate through exploration than we mined in 2017 and we reported our first ever Mineral Reserve for the project today. We continued to invest in the infrastructure at Segovia, not just in mine development and mining equipment but in areas that raise the bar in health and safety, environmental management and through our foundation, social projects that benefit the community. At Marmato, we announced a change in October to the future approach to expanding mining operations with an updated underground Mineral Resource estimate and plans to take additional steps forward in 2018 to understand the potential of the Deeps mineralization. And finally, earlier in 2017, we entered into an option agreement with IAMGOLD to potentially bring them in as our partner in the future development of our Zancudo Project. Operationally, 2018 will be a continuation of our strategy and with expected improvements to our capital structure through the recently announced best efforts refinancing of our 2020 and 2024 Debentures, we believe we are poised to unlock value for our shareholders.” 

Fourth Quarter and Full Year 2017 Highlights 

  • Gran Colombia exceeded its guidance for 2017 with total gold production reaching 173,821 ounces, up 16% over 2016. Fueled by continued growth in the Company’s high-grade Segovia Operations, total gold production increased to 51,699 ounces in the fourth quarter of 2017, up 26% over the fourth quarter last year. Gran Colombia expects its Segovia Operations will produce 158,000 to 167,000 ounces in 2018, raising 2018’s total gold production guidance to a range of 182,000 to 193,000 ounces.
  • In 2017, the Company completed approximately 17,500 meters of drilling at the Segovia Operations, leading to an updated Mineral Resource estimate as of December 31, 2017 with 3.4 million tonnes at an average grade of 11.4 g/t representing 1.2 million ounces of gold in Measured and Indicated Resources, an increase of 13% from the March 2017 Mineral Resource Estimate. Inferred Resources include 3.4 million tonnes at an average grade of 10.1 g/t representing 1.1 million ounces of gold, also up 13%. The Company also reported its first Mineral Reserve for Segovia with a total of 1.7 million tonnes at an average grade of 12.4 g/t representing 660,000 ounces of gold as of December 31, 2017.
  • In October 2017, the Company announced an updated Mineral Resource estimate for its Marmato Project, shifting focus for potential future development from the previous open pit concept, and increasing cut-off grades in anticipation of developing an expanded underground mining operation. Measured and Indicated Resources consist of 41.0 million tonnes at an average grade of 2.9 g/t representing 3.9 million ounces of gold and Inferred Resources are 52.0 million tonnes at an average grade of 2.5 g/t representing 4.2 million ounces of gold. Technical studies and further drilling are planned for 2018.
  • The Company announced in March 2017 that it signed an option agreement with IAMGOLD for the exploration and potential sale of an interest in the Company’s Zancudo Project. IAMGOLD completed approximately 4,000 meters of drilling on the Zancudo Project in 2017 and has plans to continue its drilling program in 2018.
  • Revenue increased 17% over 2016 to $215.4 million in 2017, positively impacted this year by the increased level of gold production compared with last year. Gold sales volume in the fourth quarter of 2017 rebounded following the civil disruption at Segovia in the third quarter, and combined with 4% better realized gold prices in the fourth quarter of 2017 compared with the fourth quarter last year, contributed to a 41% year-over-year improvement in fourth quarter revenue to $70.9 million in 2017.
  • Total cash costs (1) and all-in sustaining costs(“AISC”) (1) averaged $720 per ounce and $918 per ounce, respectively, for the full year in 2017, up from $706 per ounce and $850 per ounce, respectively, last year. An increase in Marmato’s production costs on a per ounce basis and the impact of the third quarter civil disruption on Segovia’s total cash costs increased the Company’s total cash costs average for 2017. The Company’s commitment to exploring, expanding and modernizing its Segovia Operations led to a planned increase in sustaining capital expenditures, funded by the Company’s improved operating cash flow, from $96 per ounce sold in 2016 to $150 per ounce sold in 2017 and was a key driver behind the increased AISC in 2017.
  • Adjusted EBITDA (1) increased 14% over 2016 to $75.5 million in 2017, nearly double its adjusted EBITDA from two years ago driven by production growth, improved gold prices and relatively stable total cash costs.
  • The Company generated $8.6 million of Excess Cash Flow(1) in the fourth quarter of 2017, bringing the total for 2017 to $16.4 million, meeting its guidance for the year and well above the $2.9 million generated in 2016 while it finished cleaning up its working capital deficit.
  • The Company continued to execute its strategy in 2017 to reduce its Senior Debentures ahead of maturity. Using its Excess Cash Flow to repurchase and cancel debt through its Normal Course Issuer Bid (“NCIB”), completing a $3.0 million partial redemption at par of the 2020 Debentures on July 31, 2017 and through holders’ conversions, the total aggregate principal amount of the Senior Debentures decreased $10 million in 2017 to $140.9 million at the end of the year (less than two times adjusted EBITDA) while total cash in the sinking funds increased from $0.5 million at the end of 2016 to $11.9 million at the end of 2017. The Company recently announced a proposed best efforts financing to refinance its 2020 and 2024 Debentures. Refer to the Company’s March 22, 2018 press release.
  • The Company reported net income for the fourth quarter of 2017 of $4.9 million, or $0.23 per share, compared with a net loss of $15.3 million, or $0.82 per share, in the fourth quarter last year, which included an $11.4 million after-tax impairment charge. For the full year, 2017’s net income was $36.8 million, or $1.81 per share, including a $30.4 million after-tax ($1.49 per share) reversal of impairment related to the Segovia Operations, compared with $3.7 million, or $0.30 per share, in 2016.
  • Adjusted net income (1) for the fourth quarter of 2017 was $9.1 million, or $0.44 per share, up from $3.4 million, or $0.19 per share, in the fourth quarter last year. For the full year, 2017’s adjusted net income amounted to $23.0 million, or $1.13 per share, compared with $15.6 million, or $1.26 per share, last year. The improvement in 2017’s annual adjusted net income compared with last year reflects the positive impact on income from operations of the higher gold production this year, lower financing costs due to debt reductions and a decrease in Colombian wealth tax compared with the prior year.
    1. Refer to “Non-IFRS Measures” in the Company’s MD&A.

Financial and Operating Summary 

A summary of the financial and operating results for the fourth quarter and full year 2017 and 2016 follows: 

    Fourth Quarter   Year
      2017     2016       2017     2016     2015  
Operating data          
Gold produced (ounces)     51,699     40,879       173,821     149,708     116,857  
Gold sold (ounces)     56,100     41,357       173,645     148,962     118,446  
Average realized gold price ($/oz sold)   $ 1,252   $ 1,201     $ 1,226   $ 1,218   $ 1,124  
Total cash costs ($/oz sold) (1)     719     725       720     706     729  
All-in sustaining costs ($/oz sold) (1)     899     899       918     850     863  
Financial data ($000’s, except per share amounts)        
Revenue   $ 70,938   $ 50,366     $ 215,365   $ 184,074   $ 134,949  
Adjusted EBITDA (1)     26,758     16,447       75,456     66,044     38,423  
Impairment reversal (charges), net of tax     -     (11,395 )     30,355     (11,395 )   (24,648 )
Net income (loss)     4,896     (15,254 )     36,848     3,709     (13,020 )
Per share (2)          
Basic     0.23     (0.82 )     1.81     0.30     (8.24 )
Diluted     0.11     (0.82 )     0.61     0.23     (8.24 )
Adjusted net income (loss) (1)     9,137     3,430       22,895     15,641     (1,114 )
Per share (2)          
Basic     0.44     0.19       1.13     1.26     (0.70 )
Diluted     0.11     0.05       0.30     0.24     (0.70 )
                    December 31,     December 31,     December 31,  
                    2017     2016     2015  
Balance sheet ($000’s):                                  
Cash and cash equivalents                 $ 3,272   $ 2,783   $ 3004  
Cash in trust for Senior Debentures (3)                   11,911     537     -  
Senior debt, including current portion (4)                   98,713     84,602     100,740  
Other debt, including current portion                   439     1,652     3,012  
  1. Refer to “Non-IFRS Measures” in the Company’s MD&A.
  2. Per share information has been adjusted to reflect the 1:15 consolidation completed on April 25, 2017.
  3. Represents amounts deposited into sinking funds for the Senior Debentures, net of cash used for the NCIBs and partial redemption.
  4. Represents carrying amounts, which are at a discount to principal amounts, for the Senior Debentures. At December 31, 2017, the aggregate principal amounts of the 2018 Debentures, 2020 Debentures and 2024 Debentures issued and outstanding were $45.2 million, $48.7 million and $47.0 million, respectively (December 31, 2016 - $49.7 million, $101.2 million and Nil, respectively).

Segovia Operations 

At the Segovia Operations, gold production of 45,588 ounces in the fourth quarter of 2017 represented a 31% increase over the fourth quarter last year. This brings the total gold production from the Segovia Operations for 2017 to 148,659 ounces, up 18% over 2016 and above its guidance for the year. Production from the Company’s mines (El Silencio, Providencia and Sandra K), representing 95% of total production from the Segovia Operations in the fourth quarter of 2017, amounted to 43,484 ounces, up 36% over the fourth quarter of 2016. This increase is largely attributable to improved head grades in the Company-operated areas at the Providencia mine and to additional high-grade material from the contract miners in both the El Silencio and Providencia mines. For the full year, 2017’s gold production from the Company mines increased to 137,339 ounces, up 20% over 2016, benefitting primarily from the Company’s capital investment through development and infrastructure spending to access the higher grade mineral resources in the Company-operated areas at the Providencia mine. Production from the other small contract mines operating within the Company’s RPP-140 mining title at Segovia amounted to 11,320 ounces for the full year in 2017, almost on par with the previous year. The Company expects that gold production from the Segovia Operations in 2018 will range between 158,000 and 167,000 ounces driven by the continued development of the Company-operated areas within its mines and additional high-grade material sourced from the contract miners at Providencia and El Silencio. 

Total cash costs per ounce at the Segovia Operations (which represented approximately 86% of total gold sales in 2017) averaged $664 per ounce in 2017 compared with an average of $655 per ounce in 2016. Segovia’s production costs were adversely impacted by the 42-day civil disruption which occurred during the third quarter of 2017. Although certain operating costs are variable in nature, such as the amounts paid to contract miners based on gold production and production taxes, other costs associated with the operation and maintenance of the mines are more fixed in nature and could not be fully reduced to offset the impact on production of the civil disruption. In addition, in the latter part of 2017, the Company started receiving additional, higher cost high-grade material from the contract miners operating in the Providencia and El Silencio mines which raised Segovia’s total cash cost per ounce in the fourth quarter of 2017, offset partially by the positive impact of the increased production level on reducing fixed costs on a per ounce basis. The Company expects that Segovia’s total cash costs will remain below $700 per ounce in 2018. 

Gran Colombia’s AISC for 2017 included $26.1 million of sustaining capital expenditures, equivalent to $150 per ounce sold and $54 per ounce higher than 2016 due to the increased level of exploration, development and capital investment in the Segovia Operations this year including (i) $9.8 million for exploration and mine development, including the 2017 drilling program of 17,500 meters, (ii) $9.3 million for the mines including completion of a ventilation shaft at the Providencia mine, commencement of ventilation improvements at the El Silencio mine, installation of mine refuge stations, mine equipment and other infrastructure upgrades, (iii) $3.3 million for further upgrades of equipment in the Maria Dama plant and laboratory, including initiation of the project to expand the tailings storage facility, and (iv) $1.5 million related to the installation of a water treatment plant as part of the Company’s plan to improve the quality of water being discharged into the environment from dewatering of the mines and tailings ponds. It should also be noted that the Company completed a number of initiatives in the third quarter of 2017 that have eliminated the discharge of excess operational waters to the environment, thereby reducing future environmental discharge fees. 

Segovia Mineral Resource Estimate Update Effective December 31, 2017 

Gran Colombia announced today that it has completed an updated Mineral Resource estimate for its Segovia Operations prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”) with an effective date of December 31, 2017. 

Highlights of December 31, 2017 Mineral Resource Estimate 

  • Total Measured & Indicated Resources increased to 3.4 million tonnes at a grade of 11.4 g/t totalling 1.2 million ounces of gold, up 13% compared to the Mineral Resource estimate as of March 15, 2017. Infill drilling in 2017 contributed to the increase in the Measured & Indicated categories of Segovia’s Mineral Resource estimate with the largest gains at El Silencio focused in the Veta National area at depth.
  • The updated Mineral Resource estimate reaffirms the high grade nature of the gold deposits at Segovia with the grade of the Measured & Indicated Mineral Resources averaging 11.4 g/t. By comparison, the head grade of the material mined in the Company-operated areas at Segovia averaged 10.4 g/t during the year ended December 31, 2017.
  • The Company added 129,000 ounces of gold to the Inferred category of the updated Mineral Resource estimate compared to the Mineral Resource estimate as of March 15, 2017, with the largest gains at El Silencio, mainly at the Veta National area at depth and due to improved geological understanding and relogging the vein in one fault area from Veta Manto to Veta National. After the upgrade of material to the Measured & Indicated categories as noted above, Inferred Mineral Resources reflect a total of 3.4 million tonnes at an average grade of 10.1 g/t representing 1.1 million ounces of gold.
  • The Mineral Resource estimates for Las Verticales and Carla have not been updated as no new information is currently available and the previous estimates for these projects remain valid. 

The following table summarizes the Mineral Resource estimate for the Segovia Operations as of December 31, 2017 and changes by category in tonnes, grade and ounces of gold compared with the total Mineral Resource estimate as of March 15, 2017: 

Project Deposit Type Measured Indicated Measured & Indicated Inferred
Au Metal
Au Metal
Au Metal
Au Metal
Segovia Providencia LTR 122 24.2 95 327 14.0 147 449 16.8 242 179 9.4 54
Pillars 91 17.3 51 110 10.4 37 202 13.5 88 378 19.8 241
Sandra K LTR       288 9.3 86 288 9.3 86 313 8.4 85
Pillars       111 10.8 39 111 10.8 39 2 9.6 1
El Silencio LTR       782 11.0 276 782 11.0 276 1,203 8.8 339
Pillars       1,416 10.3 468 1,416 10.3 468 396 12.5 159
Verticales LTR                   771 7.1 176
Subtotal Segovia Project LTR 122 24.2 95 1,397 11.3 508 1,519 12.4 603 2,466 8.3 654
Pillars 91 17.3 51 1,638 10.3 544 1,729 10.7 594 776 16.1 400
Carla Subtotal Carla Project LTR       154 9.7 48 154 9.7 48 178 9.3 53
December 31, 2017 (1)   213 21.3 146 3,189 10.7 1,100 3,402 11.4 1,245 3,420 10.1 1,107
March 15, 2017 (2)   189 19.1 116 2,673 11.4 984 2,861 12.0 1,100 3,073 9.9 978
% Change vs previous   13% 12% 26% 19% -6% 12% 19% -5% 13% 11% 2% 13%
  1. The Mineral Resources are reported at an in situ cut-off grade of 3.0 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,400 per ounce and projected mining, processing and minesite overhead costs, using actual mine data, which have been benchmarked for underground mining and conventional gold mineralised material processing. Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
  2. Derived from the NI 43-101 Technical Report on a Mineral Resource Estimate on the Segovia Project, Colombia, dated June 5, 2017, prepared by SRK Consulting (US) Inc.

About the Mineral Resource Estimate 

During 2017, Gran Colombia continued its routine infill underground drilling programs designed to confirm and increase the confidence in the grade distribution at its mines. The updated Mineral Resource estimate for the Segovia Project incorporates assay results from 157 diamond drillholes totalling 20,509 meters of additional sampling information in the databases compared to the previous model, including some drillholes from the 2016 drilling program not previously included. All diamond core has been logged and sent for preparation at the SGS laboratories in Medellin. In addition to the drilling, a total of 5,894 channel samples totalling some 5,931 meters in length have been completed. The Mineral Resource estimate was prepared using a block model constrained with 3D wireframes of the principal veins, which have been sub-domained using high-grade mineralisation wireframes to constrain the influence of higher grade material. Assays are capped prior to compositing. Values were interpolated using ordinary kriging and inverse distance squared. All models have been depleted using projections of the mining faces through the entire width of the veins. Classification has been applied based on a combination of data quality, confidence in the spatial location, and confidence in the mining depletion shapes. Only material reporting above a cut-off of 3.0 g/t over a minimum stope width of 1.0 m has been included in the Mineral Resource estimate. 

Qualified Person 

Ben Parsons, Principal Consultant (Resource Geology) with SRK Consulting (U.S.), Inc. (“SRK”), prepared the Segovia Mineral Resource estimate according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Parsons is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineral resources. 

Segovia Life-of-Mine (“LoM”) Mineable Gold Reserves of 660,000 Contained Ounces Effective December 31, 2017 

Gran Colombia also announced today that SRK has completed preliminary results of a Preliminary Feasibility Study (“PFS”) for the Segovia Operations effective December 31, 2017 and is currently finalizing the technical report. The PFS has provided Segovia’s first reported Mineral Reserve of 660,000 probable ounces of gold based on 1.7 million tonnes of material at an average head grade of 12.4 g/t. 

For this PFS, SRK included the geological and resource modelling of the various deposits and mining areas that comprise the operating mine site of the Segovia Operations. The following table shows a breakdown of the Mineral Reserve as of December 31, 2017 by area: 

Area   Category   Tonnes
  Au Metal
Providencia   Probable   190   25.5   156
Sandra K   Probable   187   8.3   50
El Silencio   Probable   1,148   11.3   417
Carla   Probable   135   8.6   37
Total   Probable   1,660   12.4   660
  1. Ore reserves are reported using a gold cutoff grade ranging from 3.5 to 4.6g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,250.50/oz Au price, 90.5% metallurgical recovery, $24/oz smelting and refining charges, $25/t G&A, $24/t Processing cost, and projected LoM mining costs ranging from $71/t to 110/t. Note that current mining costs are higher than that projected for the life of mine. The reserves are valid as of December 31, 2017. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model. The Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.

A mining study and schedule was prepared by both SRK’s and the Company’s technical professionals to create a LoM production schedule, including both Company-operated areas and contractor-operated areas within the Company’s Providencia, El Silencio, Sandra K and Carla mines. The PFS production schedule includes only Probable Reserves, and as such, the projected mine life for the PFS will be shorter than the Company’s current expectations due to the exclusion of Inferred Resources which the Company currently mines and intends to mine in the future. The contract miner material processed at the Company’s Maria Dama plant from the small mines located in the Company’s mining title is also not included in the LoM production schedule in the PFS as it falls outside the Company’s mines and Mineral Resource estimate. 

The PFS LoM production schedule foresees the total 1.7 million tonnes of material being processed over a six-year mine life resulting in a total of 610,000 ounces of gold produced at an average LoM total cash cost of $669 per ounce and an AISC (excluding corporate G&A) of $915 per ounce. At an expected long-term gold price of $1,300 per ounce, total LoM undiscounted after-tax free cash flow from mining operations amounts to $142 million. 

Qualified Person 

Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP Practice Leader/Principal Consultant (Mining Engineer) with SRK, prepared the Segovia Mineable Reserve according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Rodrigues is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineable reserve. 

Marmato Operations 

At the Marmato Operations, gold production in the fourth quarter of 2017 amounted to 6,111 ounces, comparable to the fourth quarter last year. This brings the full year total to 25,162 ounces, up 7% over its 2016 annual production and within its guidance range for the current year. The Company expects Marmato’s annual gold production in 2018 will range between 24,000 and 26,000 ounces. 

Total cash costs at the Marmato Operations (which represented approximately 14% of total gold sales in 2017) increased from $981 per ounce in 2016 to $1,049 per ounce in 2017 reflecting an increased level of production costs on a per ounce basis. The Company expects that Marmato’s total cash costs per ounce in 2018 will remain below 2017’s annual average. 


The Company started off 2018 with a total of 34,039 ounces of gold production in the first two months and expects to produce a total of 182,000 to 193,000 ounces of gold for the full year compared with the 173,821 ounces produced in 2017. Production growth will continue to be fuelled by the Company mines at its high-grade Segovia Operations which is expected to produce between 158,000 and 167,000 ounces in 2018. 

In 2018, the Company plans to execute a 20,000 meters drilling campaign to continue its efforts to upgrade and extend its mineral resources at the Segovia Operations, of which a total of 5,372 meters or approximately 27% of the program has been completed thus far. Capital investment in 2018 at the Segovia Operations will continue to focus on ongoing mine development at its Providencia and El Silencio mines, and commence mine development at its Sandra K mine, along with ongoing investments in mine infrastructure upgrades, ventilation, health, safety and environmental initiatives, mine equipment and expansion of tailings storage facilities. 

At Marmato, the Company completed a conceptual study in 2017 to consider the potential for underground mining operations combining the existing operating mine with the Deeps mineralization. In 2018, the Company will follow up with further technical studies and up to 10,000 meters of drilling leading toward the expected completion of a preliminary economic assessment by the end of the year. 

The Company’s total cash cost averaged $720 per ounce sold in 2017. In 2018, the Company expects that its total cash cost will increase slightly, averaging less than $735 per ounce sold for the full year, as a result of entering contracts in the latter half of 2017 for additional higher cost, high-grade material from the contract miners operating within its Providencia and El Silencio mines. The Company also expects that with its capital investment program in 2018, including the ongoing exploration activities at Segovia and execution of the drilling program and technical studies at Marmato, its AISC for the full year will increase from 2017’s full year AISC average of $918 per ounce but will remain below $950 per ounce. 

As announced on March 22, 2018, the Company is pursuing the opportunity to refinance its 2020 Debentures and 2024 Debentures to implement new senior secured gold-linked notes with a continuing disciplined approach to reducing debt, providing the Company with access to its internally generated free cash flow to explore, expand and modernize its mining operations, and significantly reducing the potential dilution to the Company’s shareholders compared with the current capital structure. The Company has also made a concurrent offer to holders of its 2018 Debentures to voluntarily settle their debt prior to maturity with a combination of cash and common shares. The Company continues to expect that it will use its option to settle its remaining 2018 Debentures at maturity in August with common shares to the maximum extent possible. 


As a reminder, Gran Colombia will host a conference call and webcast on Wednesday, March 28, 2018 at 9:30 a.m. Eastern Time to discuss the results. 

Webcast and call-in details are as follows: 

Live Event link:
International:   1 (514) 841-2157
North America Toll Free:   1 (866) 215-5508
Colombia Toll Free:   01 800 9 156 924
Conference ID:   46672412

A replay of the webcast will be available at from Wednesday, March 28, 2018 until Friday, April 27, 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 its exploration, expansion and modernization activities at its high-grade Segovia Operations. 

Additional information on Gran Colombia can be found on its website at and by reviewing its profile on SEDAR at . 

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 27, 2018, which is available for view on SEDAR at 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, Please Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653

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Source: Gran Colombia Gold


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