Gran Colombia Gold Corporation - (GCM)

[Tommy]

$TPRFF - $GCM.TO - Gran Colombia Gold announces year end 2012 results and Segovia operations processing 1,000 tonnes per day in March 2013

http://grancolombiagold.com/investors/press-Releases/press-releases-details/2013/Gran-Colombia-Gold-announces-year-end-2012-results-and-Segovia-operations-processing-1000-tonnes-per-day-in-March-2013/default.aspx

... " 2013 Highlights

Gold production of 100,895 ounces in 2012 represented a 10 percent increase over 2011. Fourth quarter production of 22,116 ounces of gold was adversely impacted by power disruptions at Segovia. Gran Colombia has taken steps to mitigate the power issues and gold production in 2013 has shown improvement over the fourth quarter and no further power interruptions have been experienced in 2013.
Revenues of $168.2 million in 2012 represented growth of 22 percent compared to 2011, primary resulting from production growth, an increase in realized gold prices to an average of $1,664 per ounce for the year and having a full year of operations in 2012 at the Marmato underground mine.
Total cash costs averaged $1,317 per ounce of gold in 2012, up from $1,254 per ounce in the prior year. Segovia's cash cost, averaging $1,341 per ounce in 2012, reflected the impact on artisanal mining costs of higher gold prices in 2012, the numerous challenges encountered during a year of extensive activity to double the Maria Dama plant's milling capacity, power disruptions in the fourth quarter and temporary lower grades in the second half of the year.
Gross Margin of $18.2 million in 2012, improved by $6.7 million, compared to $11.5 million last year.
General and administrative expenses (G&A) of $16.5 million in 2012, up from $15.6 million in 2011 (although 2011 did not include Medoro Resources' G&A prior to the June 2011 merger). In early 2013, the company has taken steps to cut G&A spending by $150,000 per month, a significant contributor in the expected reduction in G&A to a level of $14.5 million in 2013.
Net loss attributed to shareholders of $36.2 million, or $0.09 per share, in 2012 included $7.7 million in transaction costs related to the gold-linked notes financing, $7.2 million loss on the market-to-market of financial instruments, $4.1 million impairment of assets, $3.8 million foreign exchange losses and $3.1 million of acquisition costs.
Exploration highlights included the successful completion of exploration campaigns at Segovia and Marmato that increased total measured, indicated and inferred resources in early 2012 to 1.9 million ounces, 10.2 million ounces and 3.7 million ounces, respectively, and the discovery of a new deep zone mineralization at Marmato. The company commenced a 20,000 meters drilling campaign in October 2012 to upgrade and expand its resources at Segovia. This program is expected to be completed in the second quarter of 2013.
On October 30, 2012, the company closed a $100 million, senior secured 10 percent gold-linked notes financing to fund its Pampa Verde project to reduce costs and increase production at its Segovia Operations." ...