Gran Colombia Gold Corporation - (GCM)

[Tommy]

$TPRFF - $GCM.TO - Gran Colombia Gold announces improvement in Segovia's cash cost to $1,164 per ounce in March 2013 and production of 24,350 ounces of gold in first quarter of 2013

http://grancolombiagold.com/investors/press-Releases/press-releases-details/2013/Gran-Colombia-Gold-announces-improvement-in-Segovias-cash-cost-to-1164-per-ounce-in-March-2013-and-production-of-24350-ounces-of-gold-in-first-quarter-of-2013/default.aspx

... " TORONTO, April 16, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM) announced today that the cost reduction program initiated in January at its Segovia Operations is already having a positive impact on its all-in sustaining cost per ounce. Cash cost, the primary component of the company's all-in sustaining cost, at the Segovia Operations decreased to an average of $1,337 per ounce for the first quarter of 2013, down from $1,604 per ounce in the fourth quarter of 2012. The company's cost reduction program resulted in $850,000 per month of savings starting in February, with approximately $700,000 directly related to operating costs and the balance to general and administrative expenses. As a result of the realized cost reductions and the improvement in gold production, Segovia's cash cost decreased to $1,164 per ounce in the month of March.

"We are pleased to report a significant improvement in our first quarter cash cost results at Segovia," said Serafino Iacono, Executive Co-Chairman of Gran Colombia. "The actions that we have taken to reduce our cash costs are an important first step in improving our cash margins and we are continuing to identify opportunities for further cost reductions while the Pampa Verde project, that is now underway, will be the foundation of our low cost, modern mining operations in Segovia."" ...