GREAT NEWS!! Gran Colombia Gold Announces Resumption of Normal Operations at Segovia
TORONTO, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (the “Company”) (TSX:GCM) announced today that operations at its mines and plant in Segovia have returned to normal over this past weekend with the 42-day civil disruption having come to a conclusion on September 1, 2017.
Commenting on the news, Lombardo Paredes, Chief Executive Officer of the Company said, “We are pleased to see the civil strike in Segovia and Remedios has been lifted and we can get back on track with our 2017 operating and capital plan. We appreciate the support we have received from the various levels of government and from our employees during this period. Through our commitment to economic development in Segovia and Remedios, we will incorporate additional small mining collectives into our contract mining model which will allow continued operation of ancestral mining within our title in accordance with the government’s requirements for health, safety and environmental responsibility. Although our production in August was below normal, we continue to expect that we will meet our annual production guidance for 2017 of 150,000 to 160,000 ounces of gold.”
During the course of the civil disruption, the Company continued its discussions regarding the financial and operating parameters that would enable it to bring additional mining collectives operating within its title into its contract mining model, under which over 2,500 miners in Segovia and Remedios are currently working with the Company. Over the next few months, the Company will negotiate specific operating contracts with each of the mining collectives based on general terms agreed to last Friday between the Ministry of Mines, the Governor of Antioquia, the Mayors of Segovia and Remedios, the Mesa Minera and the Company. The monetary compensation under these new operating contracts will be established for each mining collective individually with the Company retaining between 10% and 60% of the spot price for each ounce of gold produced. The contracts will also require that all ore is to be processed at the Company’s Maria Dama plant.
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 in the midst of an expansion and modernization project at its Segovia Operations.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
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