Wednesday, January 16, 2019 11:42:41 AM
Announces Details for the Forthcoming Quarterly Repayment of Its Gold Notes On January 31, 2019
January 16, 2019
TORONTO, Jan. 16, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today
that it produced a total of 55,260 ounces of gold in the fourth quarter
of 2018, up 7% over the fourth quarter of 2017.
This brings the total annual gold production for 2018 to
218,001 ounces, up 25% over 2017 and surpassing the Company’s initial
guidance for 2018.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commenting on
the Company’s latest production results, said, “We are very pleased to
report another strong year of operating performance for 2018.
Our exploration, mine development and capital investment programs at
our high-grade Segovia Operations are continuing to pay dividends.
We have established a solid foundation of internally-generated
operating cash flow to fund our ongoing programs, including another
20,000 meters of exploration currently planned for 2019 at Segovia.
The 2019 campaign will focus more on step-out drilling at
El Silencio, Providencia and Sandra K along with brownfield drilling
on the Cogote vein system as we increasingly shift our attention toward
the blue-sky potential within our Segovia mining title.
At this level of production, we are also comfortably meeting our
obligations with respect to servicing the Gold Notes, with the
aggregate principal amount outstanding decreasing to US$83.4 million
following the quarterly payment coming up at the end of January.
In addition, we have continued to strengthen our cash position, which
stood at US$33.0 million at December 31, 2018.
For 2019, we are expecting another solid year with total annual gold
production ranging between 210,000 and 225,000 ounces.”
The Segovia Operations continued to be the key catalyst for growth in
Gran Colombia’s gold production with 48,809 ounces of gold produced in
the fourth quarter of 2018, up 7% over the fourth quarter of 2017.
In 2018, Gran Colombia processed an average of 1,015 tonnes per day
(“tpd”) (2017 average was 762 tpd) with an overall average head grade
of 17.1 g/t (2017 average was 16.2 g/t), benefitting from an increase
in tonnes mined in 2018 from its high-grade Providencia mine.
This brings the total gold production for the Segovia Operations for
2018 to 193,050 ounces, up 30% over 2017 and above initial guidance
for 2018.
For 2019, Gran Colombia expects total gold production for the year from
the Segovia Operations will range between 186,000 and 199,000 ounces.
At the Marmato Operations, gold production in the fourth quarter of 2018
amounted to 6,451 ounces, up 6% over the fourth quarter of 2017.
This brings the full year total for 2018 to 24,951 ounces, almost on
par with total production in 2017 and within its guidance range for
2018.
For 2019, Gran Colombia expects total gold production for the year from
the Marmato Operations will range between 24,000 and 26,000 ounces.
Gran Colombia expects to release its 2018 fourth quarter and annual
financial results on or about March 27, 2019.
Quarterly Gold Note Repayment on January 31, 2019
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) also announced today
the details for the forthcoming quarterly repayment of its 8.25% Senior
Secured Gold-Linked Notes due 2024 (the “Gold Notes”) (TSX: GCM.NT.U)
as follows:
Payment date: January 31, 2019
Record date: January 24, 2019
Cash payment amount: Approximately US$0.0571985 per US$1.00 principal
amount of Gold Notes representing an amortization payment of the
principal amount issued and outstanding of approximately US$0.0552407
per US$1.00 principal amount of Gold Notes and a gold premium of
approximately US$0.0019578 per US$1.00 principal amount of Gold Notes.
The aggregate amount of the cash payments on the Payment Date will be
US$5,047,770, of which US$4,875,000 will be applied to reduce the
aggregate principal amount of the Gold Notes issued and outstanding.
The Company sold the 3,900 ounces accumulated in the gold trust account
during the past quarter at the London P.M. Fix on January 15, 2019 of
US$1,294.30 per ounce to realize the proceeds required for this cash
payment.
Principal amount issued and outstanding: As of today’s date,
there is a total of US$88,250,000 principal amount of Gold Notes issued
and outstanding.
After this quarterly repayment, the aggregate principal amount of the
Gold Notes will be reduced to US$83,375,000.
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.
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", which may
include, but is not limited to, statements ----the reader is cautioned
not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2019/Gran-Colombia-Golds-2018-Annual-Production-Reaches-218001-Ounces-Up-25-Over-2017-Announces-Details-for-the-Forthcoming-Quarterly-Repayment-of-Its-Gold-Notes-On-January-31-2019/default.aspx
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