07/11/2019 | Press release | Distributed by Public on 07/11/2019 05:47
TORONTO, July 11, 2019 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 18,882 ounces of gold in June bringing the total for the second quarter of 2019 to 57,882 ounces, up 9% over the second quarter of 2018. For the first half of 2019, the Company produced a total of 118,483 ounces of gold, up 12% over the first half last year. This brings the trailing 12 months' total gold production at the end of June 2019 to 230,906 ounces, up 6% over 2018's annual production and above the top end of Gran Colombia's initial guidance range for 2019 of between 210,000 and 225,000 ounces.
Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company's latest production results, said, 'We turned in another strong quarter of operating performance in the second quarter of 2019 led by our flagship Segovia Operations. The final phase of the expansion of the Maria Dama plant to 1,500 tonnes per day ('tpd') was completed earlier this month, giving us the additional capacity required to handle our expected near term growth. In light of our first half results, we now feel confident in raising our annual production guidance for 2019 to between 225,000 and 240,000 ounces of gold.'
The Segovia Operations produced 16,891 ounces of gold in June bringing the total for the second quarter of 2019 to 51,625 ounces, up 10% over the second quarter of 2018. Gran Colombia processed an average of 1,173 tpd at its Segovia Operations in the second quarter of 2019, up 16% compared with the second quarter last year. After receiving a boost from a high-grade area at the Providencia mine in the first quarter this year, Segovia's overall head grade returned to an average of 16.8 g/t in the second quarter of 2019 compared with 17.3 g/t in the second quarter last year. For the first half of 2019, the Segovia Operations produced a total of 106,011 ounces of gold, up 13% over the first half last year. Overall, the Company processed an average of 1,143 tpd in the first half of 2019, up 18% over the first half last year, at an average head grade of 17.8 g/t, up from 16.7 g/t in the first half last year. Segovia's trailing 12 months' total gold production at the end of June 2019 has increased to 205,518 ounces, up 6% over 2018's annual production. As such, the Company is raising its 2019 annual production guidance for Segovia to a range between 201,000 and 214,000 ounces of gold.
At the Marmato Operations, June's gold production of 1,991 ounces brings its total production for the second quarter of 2019 to 6,257 ounces, up 7% compared with the second quarter of 2018. For the first half of 2019, Marmato produced a total of 12,472 ounces of gold, up 4% over the first half last year. With Marmato's trailing 12 months' total gold production at the end of June 2019 amounting to 25,388 ounces, the Company is maintaining its 2019 annual production guidance for this operation of between 24,000 and 26,000 ounces of gold.
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, 2019 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.
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Source: Gran Colombia Gold