Gran Colombia Gold Reports Third Quarter 2018 Gold Production; Trailing 12-Months’ Gold Production Reaches 214,439 Ounces, Up 23% Over 2017 TORONTO, Oct. 15, 2018 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today that it produced a total 19,120 ounces of gold in September bringing the total for the third quarter of 2018 to 57,163 ounces, up 54% compared to the third quarter of 2017. For the first nine months of 2018, total gold production amounted to 162,741 ounces, up 33% over the first nine months of 2017. This brings the Company’s trailing 12-months’ total gold production as of September 2018 to 214,439 ounces, up 23% from 2017’s annual production of 173,821 ounces. The Company continues to expect that it will produce between 210,000 and 220,000 ounces in 2018.
Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented, “This was not only our fourth consecutive quarter with over 50,000 ounces of total gold production for the Company, it was our first quarter producing over 50,000 ounces of gold at Segovia alone. We continue to be encouraged by the execution of the development and modernization programs within our high-grade Segovia Operations which are fuelling our production and EBITDA growth.”
At the Segovia Operations, gold production in September amounted to 17,140 ounces, bringing the total for the third quarter of 2018 to 50,968 ounces and for the first nine months of 2018 to 144,241 ounces, up 40% compared to the first nine months of 2017 which included the adverse impact of the civil disruption on operations in August last year. The Company has processed an average of 994 tonnes per day (“tpd”) in the first nine months of 2018 with an overall average head grade of 17.1 g/t, continuing to benefit from growth in production in 2018 from its high-grade Providencia mine. This brings Segovia’s trailing 12-months’ total gold production as of September 2018 to 189,828 ounces, up 28% from 2017. The Company continues to expect that the Segovia Operations' will produce between 185,000 and 195,000 ounces of gold in 2018.
The Company’s Marmato mine produced 1,980 ounces of gold in September, bringing the total for the third quarter of 2018 to 6,465 ounces and for the first nine months of 2018 to 18,500 ounces, about 3% lower than the first nine months of 2017. This brings Marmato’s trailing 12-months’ total gold production as of September 2018 to 24,611 ounces, about 2% below 2017’s annual production and within the Company’s expectation for 2018 of between 24,000 and 26,000 ounces.
The Company will be releasing its financial results for the third quarter and first nine months of 2018 on or about November 13, 2018.
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 ----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
Often forgotten, or in some quarters deliberately ignored, gold performed extraordinarily well in the disinflationary aftermath of the 2007-2008 financial crisis appreciating from $650 per ounce in January, 2007 to over $1800 in August, 2011. The consumer price index, on the other hand, was bumping along either side of zero and had the potential to evolve to a full deflationary spiral. Inflation, in short, was not an issue. Though gold is generally considered an historically-proven inflation hedge, it is also an historically-proven disinflation hedge as the post 2007-2008 example demonstrates. Investors from 2007 on were interested in gold for its safe-haven characteristics and as a refuge from a potential full-out financial system breakdown. One of the great advantages of being a gold owner is that it is an investment for all seasons protecting its owners against inflation, disinflation, deflation or hyperinflation.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
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