Monday, April 03, 2017 12:29:46 PM
By Prophet Dan Ban -
https://www.youtube.com/watch?v=80wBU4b6n9Y -
Fiat Empire -- Why the Federal Reserve Violates the U.S. Constitution -
https://www.youtube.com/watch?v=WK76Dl18uAU
Bob we have one of the lowest AISC for gold out there.
geodan thank you -
AND operations have been exceptional for over a year a sign of good
management, me thinkst someone will buy us.
-- TORONTO, ON--(Marketwired - March 30, 2017) -
Gran Colombia Gold Corp. (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, 2016.
All financial figures contained herein are expressed in U.S. dollars
unless otherwise noted.
Lombardo Paredes Arenas, Chief Executive Officer of Gran Colombia,
commenting on the Company's results for 2016, said,
"We are pleased with the progress we have made in 2016 on a number of
our strategic plan initiatives.
We improved our balance sheet through the completion of the debt
restructuring and subsequent debt conversions and repurchases.
We also used the increased level of operating cash flow we are
generating to improve our balance sheet through reductions in our
working capital deficit, bringing the accounts of the local suppliers
in the communities where we operate back to normal trade terms and
eliminating amounts in arrears for equity and wealth taxes in
Colombia.
We reported our best year of gold production since the Company was formed, reaching almost 150,000 ounces, and we continued to control our costs with our AISC averaging $850 per ounce. We recently announced some encouraging drilling results at both properties and expect to have new mineral resource estimates available for Segovia and Marmato Underground in the second quarter this year. As we look ahead to 2017, we see another year of steady performance with gold production expected to be between 150,000 and 160,000 ounces and our AISC average for the year will remain below $900 per ounce. We expect to generate excess cash flow in 2017 equal to about 10% of the principal amount of our Senior Debentures and recently, we announced two proposals that we believe will improve our capital structure. We take this opportunity to thank our various stakeholders for their support through the past year."
Fourth Quarter and Full Year 2016 Highlights
Gran Colombia's adjusted EBITDA of $16.4 million in the fourth quarter of 2016 brought the total adjusted EBITDA for the full year 2016 to $66.0 million, a 72% increase over 2015. See the Company's MD&A for the computation of this non-IFRS measure. The increased annual adjusted EBITDA in 2016 led to improved operating cash flow which in turn enabled the Company to meet its objective to reduce its working capital deficit, which decreased in 2016 by $14.2 million to $11.3 million as of the end of the year. The 2016 working capital deficit reduction included an $8.7 million decrease in accounts payable to suppliers, including bringing the aging of accounts payable back to normal trade terms, and a $5.5 million decrease in equity and wealth taxes in Colombia which were in arrears and are now fully settled.
Gran Colombia also generated $2.9 million of excess cash flow in 2016 that was deposited into the sinking funds for the 2020 Debentures and the 2018 Debentures (collectively, the "Senior Debentures"). The Company expects to increase its excess cash flow and sinking fund deposits in 2017 to approximately 10% of its total Senior Debentures currently issued and outstanding. Excess cash flow is as defined in the indentures for the Senior Debentures and is outlined in the Company's MD&A.
Gold production in the fourth quarter of 2016 totalled 40,879 ounces,
up 36% from the fourth quarter of 2015, bringing
the total for the full year 2016 to a new
Company record of 149,708 ounces, a 28% improvement over 2015
led by strong performance at its Segovia Operations.
For 2017, the Company expects to produce a
total of 150,000 to 160,000 ounces of gold.
In GOD We Trust -
Gold & Silver is the only REAL Legal Tender -
Anyting else is counterfit and worthless -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
http://www.kitconet.com/images/live/au0001wb.gif
- God Bless -
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