Thursday, October 12, 2017 3:24:27 PM
and Remains on Track With 2017 Annual Production Guidance
October 11, 2017
TORONTO, Oct. 11, 2017 (GLOBE NEWSWIRE) --
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Sets-New-Monthly-Gold-Production-Record-in-September-2017-and-Remains-on-Track-With-2017-Annual-Production-Guidance/default.aspx
Gran Colombia Gold Corp. (TSX:GCM)
announced today that it produced a total of 16,664 ounces of gold in
the month of September, surpassing the previous monthly production
record established earlier this year and bringing the total for the
third quarter of 2017 to 37,039 ounces, only 5% below the third quarter
last year despite the adverse impact of a 42-day civil disruption at
its Segovia Operations that ended on September 1, 2017.
For the first nine months of 2017, gold production increased by
12% over the first nine months last year to a total of 122,122 ounces.
The trailing 12 months’ total gold production as of the end of
September 2017 now stands at 163,001 ounces, up 9% over 2016’s annual
gold production and above the Company’s production guidance for the
2017 calendar year of a total of 150,000 to 160,000 ounces.
Commenting on the 2017 production update, Serafino Iacono, Executive Co-
Chairman of Gran Colombia, said, “we were very pleased to get quickly
back up to speed following the resumption of normal operations at
Segovia at the beginning of September.
With continued solid head grades coming out of our Company-operated
areas at the Providencia mine and additional contract miner material at
Segovia in the third quarter, we remain on track with our
2017 production guidance and are confident we can meet our
financial objectives for this year.”
At the Segovia Operations, tonnes processed dipped as a result of the
civil disruption to an average of 490 tpd in the third quarter of 2017
compared with 790 tpd in the third quarter last year.
Head grades in the Company-operated mining areas improved to an average
of 17.5 g/t in the third quarter of 2017, up from an average of 3.7 g/t
in the third quarter last year, as a result of continuing to mine
higher grade stopes in the Providencia mine this year.
This brought the overall head grade for the Segovia Operations to an
average of 20.7 g/t in the third quarter of 2017 compared with 14.5 g/t
in the third quarter last year.
Segovia’s gold production of 14,420 ounces in the month of September,
also a new monthly record, brought the total for the third quarter of
2017 to 30,075 ounces and for the first nine months of 2017 to 103,071
ounces, up 13% over the first nine months last year. The trailing
12 months’ total gold production as of the end of September 2017 at
Segovia was 137,897 ounces, up 9% over 2016’s annual gold production
and above the Company’s production gu idance range for the 2017
calendar year at Segovia of 126,000 to 134,000 ounces.
At the Marmato Operations, gold production showed improvement in the
third quarter of 2017 led by a 14% increase in tonnes processed,
compared with the first half of 2017, to an average of 1,100 tpd.
Gold production in the month of September amounted to 2,244 ounces,
bringing the total for the third quarter to 6,964 ounces, up 25% over
the third quarter last year, and the total for the first nine months of
2017 to 19,051 ounces, up 10% over the same period last year.
This brings Marmato’s trailing 12 months’ gold production at the end of
September 2017 to 25,104 ounces, up 7% over its 2016 annual production.
The Company continues to expect Marmato’s annual gold production for 2017 will range
between 24,000 and 26,000 ounces.
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 expansion and modernization activities
at its high-grade Segovia Operations.
Additional information on Gran Colombia can be found on its website at
http://www.grancolombiagold.com
and by reviewing its profile on
SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", ----
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
investorrelations@grancolombiagold.com
Source: Gran Colombia Gold
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