Gran Colombia Gold posts record results Gran Colombia Gold has continued to set new production records, reporting output of 60,601 ounces for the first three months of 2019.
The result was up 15% on the first quarter of 2018 as head grades improved to an average of 18.8 grams per tonne and the company processed 19% more tonnes this year.
Gran Colombia produced 54,386oz during the 2019 first quarter from its Segovia operations, up 17% over the first quarter last year. Its trailing 12-months' gold production to the end of April stands at 230,283oz, above its 210,000-225,000oz guidance range for 2019.
"Our previously reported record quarterly production has translated into some solid first quarter financial results which have started us off well in 2019," said executive chairman Serafino Iacono in a statement.
Revenue for the quarter increased 20% to US$77.5 million. The company said it benefitted from lower charges in a new refining contract entered into in January, saving $20/oz sold. Segovia's quarterly cash costs reached an historical low of $570/oz sold, while all-in sustaining costs were $832/oz, down from $920/oz in the prior year period, helping grow the company's cash balance to $40.2 million at the end of March.
Net cash from operations increased 56% to $19.8 million and free cash flow jumped to $11.3 million from $4.5 million in the first quarter last year, while net income was $7.9 million compared with $5.4 million a year ago.
Gran Colombia continued to pay down its gold notes which currently have $78.5 million aggregate principal amount outstanding from $88.3 million at the end of 2018.
At Segovia, Gran Colombia has commenced a 20,000m drilling campaign focused on step-out drilling at Providencia and Sandra K, deep zone drilling to extend El Silencio another 200m below its currently delineated mineral resource and brownfield drilling on the Cogote vein system. The objective is to increase mineral reserves for future production growth and to extend the mine life of the Segovia Operations.
Shares in Gran Colombia Gold (TSX:GCM) opened up 10% Thursday at C$3.62, valuing the company at $164 million. Its share price has increased almost 23% so far this year.
The result was up 15% on the first quarter of 2018 as head grades improved to an average of 18.8 grams per tonne and the company processed 19% more tonnes this year.
Gran Colombia produced 54,386oz during the 2019 first quarter from its Segovia operations, up 17% over the first quarter last year. Its trailing 12-months' gold production to the end of April stands at 230,283oz, above its 210,000-225,000oz guidance range for 2019.
"Our previously reported record quarterly production has translated into some solid first quarter financial results which have started us off well in 2019," said executive chairman Serafino Iacono in a statement.
Revenue for the quarter increased 20% to US$77.5 million. The company said it benefitted from lower charges in a new refining contract entered into in January, saving $20/oz sold. Segovia's quarterly cash costs reached an historical low of $570/oz sold, while all-in sustaining costs were $832/oz, down from $920/oz in the prior year period, helping grow the company's cash balance to $40.2 million at the end of March.
Net cash from operations increased 56% to $19.8 million and free cash flow jumped to $11.3 million from $4.5 million in the first quarter last year, while net income was $7.9 million compared with $5.4 million a year ago.
Gran Colombia continued to pay down its gold notes which currently have $78.5 million aggregate principal amount outstanding from $88.3 million at the end of 2018.
At Segovia, Gran Colombia has commenced a 20,000m drilling campaign focused on step-out drilling at Providencia and Sandra K, deep zone drilling to extend El Silencio another 200m below its currently delineated mineral resource and brownfield drilling on the Cogote vein system. The objective is to increase mineral reserves for future production growth and to extend the mine life of the Segovia Operations.
Shares in Gran Colombia Gold (TSX:GCM) opened up 10% Thursday at C$3.62, valuing the company at $164 million. Its share price has increased almost 23% so far this year.
Gran Colombia Gold posts record results Gran Colombia Gold has continued to set new production records, reporting output of 60,601 ounces for the first three months of 2019.
Gran Colombia Gold posts record results Gran Colombia Gold has continued to set new production records, reporting output of 60,601 ounces for the first three months of 2019.
Gran Colombia Gold posts record results Gran Colombia Gold has continued to set new production records, reporting output of 60,601 ounces for the first three months of 2019.
Gran Columbia Gold (TSX: GCM) Interview with Serafino Iacono, Executive Chairman of Gran Colombia Gold. CRUX Investor Published on 25 May 2019 Interview with Serafino Iacono, Executive Chairman of Gran Colombia Gold.
Gold Prices Could Hit $5,000 Says Billionaire Thomas Kaplan - Bloomberg Interview -
Kaplan said, that the yellow metal was on the cusp of a new decade long bull market capable of lifting it ultimately to between $3000 and $5000 per ounce.
Gran Columbia Gold (TSX: GCM) Interview with Serafino Iacono, Executive Chairman of Gran Colombia Gold. CRUX Investor Published on 25 May 2019
“Gold is money – a rather rock-steady type of money, at that – and it cannot be - debased by central banks’ money printing. Thus it stands in sharp contrast to bank deposits and short-term debt.
Gold also does not carry any default or credit risk. It cannot go bankrupt, so to speak. For thousands of years, gold has already served as ‘premium money’.
It would be surprising if gold were not to withstand the ‘Sword of Damocles’ (in the form of unbacked paper money) that central banks have hung over the economies.” –
Gran Colombia Gold posts record results - Gran Colombia Gold has continued to set new production records - reporting output of 60,601 ounces for the first three months of 2019 -
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