03/14/2019 | Press release | Distributed by Public on 03/14/2019 05:11
TORONTO, March 14, 2019 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a new monthly record total of 21,335 ounces of gold in February, bringing the total for the first two months of 2019 to 39,276 ounces and the trailing 12 months' total gold production at the end of February 2019 to 223,237 ounces, up 2% over 2018's annual production and near the top end of Gran Colombia's guidance range for 2019 of between 210,000 and 225,000 ounces.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on the Company's latest production results, said, 'Our investment in our Segovia Operations continues to pay dividends. Our development reached a very high grade area in our Providencia mine in February where we mined material with between one and two ounces of gold per tonne. This gave us an unexpected boost in production resulting in a new monthly record and bringing Segovia's trailing 12 months' total gold production closer toward the 200,000 ounces level.'
The Segovia Operations set a new monthly record with 19,160 ounces of gold in February 2019, 12% higher than its previous best month of 17,164 ounces in July 2018. Gran Colombia processed an average of 1,110 tonnes per day ('tpd') in February at its Segovia Operations with an average head grade of 21.4 g/t, up from 16.5 g/t last month, driven by high-grade material from the company-operated areas at the Providencia mine which contributed 21% of the total tonnes processed in the month at an average head grade of 44.0 g/t, up from 26.3 g/t last month. The Company's mine development and mechanization in the Company-operated areas of the El Silencio mine have also helped to increase both the tonnes mined and the average head grades from this mine in 2019 compared with last year. This brings Segovia's total production for the first two months of 2019 to 35,416 ounces, up 19% over the first two months last year, and Segovia's trailing 12 months' total gold production at the end of February 2019 has now reached 198,604 ounces, up 3% over 2018's annual production.
At the Marmato Operations, February's gold production reflected an improvement in head grades to an average of 2.85 g/t in the month, up from 2.01 g/t last month. Operations remained steady with an average of 974 tpd processed in February resulting in gold production for the month of 2,175 ounces. This brings Marmato's total production for the first two months of 2019 to 3,860 ounces and its trailing 12 months' total gold production at the end of February 2019 to 24,633 ounces.
Fourth Quarter and Year End 2018 Results Webcast
Gran Colombia also announced today that it will release its financial results for the fourth quarter and full year 2018 after market close on Wednesday, March 27, 2019 and will host a conference call and webcast on Thursday, March 28, 2019 at 9:30 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
A replay of the webcast will be available at www.grancolombiagold.com from Thursday, March 28, 2019 until Friday, April 26, 2019.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several 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 27, 2018 and Management's Discussion and Analysis dated as of November 13, 2018, both of which are 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
Source: Gran Colombia Gold