Gran Colombia Gold Announces Updated Mineral Resource Estimate and Preliminary Economic Assessment for Its Marmato Project October 15, 2019 TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has completed an updated Mineral Resource estimate for its Marmato Project prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”) with an effective date of July 31, 2019.
Gran Colombia also announced today that SRK Consulting (U.S.), Inc. (“SRK”) has completed preliminary results of a Preliminary Economic Assessment (“PEA”) for the Marmato Project, focused on the Zona Baja mining operations, effective July 31, 2019, and is currently finalizing the technical report to be filed on SEDAR and the Company’s website by the end of November 2019.
Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the preliminary results of the Marmato technical study, said, “We are very pleased to have reached the point at which we can see a path forward to significantly expand production from our Marmato Project and, through the recently announced spin out, create value for our shareholders while protecting our capital structure and balance sheet.
The PEA charts a course whereby the immediate implementation of an optimized mine plan in the upper existing mine at Marmato, much like we did a few years ago at Segovia, will increase production and free cash flow starting in 2020.
Concurrently, we will commence the development and construction activities in the new Deep Zone, which should come on stream in 2023, further increasing total gold production which reaches more than 150,000 ounces annually from 2024 through 2027 and then averages more than 100,000 ounces annually over the next nine years of operation.
We expect to complete the transaction with Bluenose and the equity private placement in December and we are proceeding with the prefeasibility study to be finalized by mid-2020.”
On October 7, 2019, Gran Colombia announced that it had entered into a letter of intent with Bluenose Gold Corp. (TSX-V: BN.H) (“Bluenose”) in respect of the proposed acquisition by Bluenose of certain mining assets (the “Mining Assets”) at the Company’s Marmato Project located in the Department of Caldas, Colombia.
The Mining Assets principally comprise the existing producing underground gold mine, including the right to mine in the lower portion of the Echandia license area, the existing 1,200 tonnes per day (“tpd”) processing plant and the area encompassing the Deep Zone mineralization, all located within the mining license area referred to as Zona Baja. Gran Colombia will retain its existing ownership of the mining licenses in the areas known as Zona Alta and Echandia.
Gran Colombia Gold Announces $15 Million Strategic Investment by Eric Sprott TORONTO, Oct. 30, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) is pleased to announce that Eric Sprott has agreed to purchase 3,260,870 Units of the Company in a non-brokered private placement (the “Private Placement”) at a price of C$4.60 per Unit, representing a 4% discount to the five-day volume weighted average price of $4.79 for the period ended October 29, 2019, for a total investment of $15 million. The proceeds of the Private Placement will be used for general working capital and corporate purposes. Closing of the Private Placement is subject to the receipt of regulatory approvals, including the Toronto Stock Exchange, and is expected to close two business days following receipt of such approval. Each Unit consists of one common share and one common share purchase warrant exercisable into a full common share at $5.40 per share for a period of four years from the date of issuance.
Serafino Iacono, Executive Chairman of Gran Colombia, stated, “On behalf of the Board and Management of Gran Colombia, I am pleased to welcome Mr. Eric Sprott as a major investor in our Company. Our success in the turnaround of Gran Colombia has led to an increase in gold production, earnings and free cash flow and has strengthened the Company’s financial position. In September, we were recognized in the inaugural TSX30 based on the increase in our share price over the last three years. We see the investment by Mr. Sprott, a well-known gold investor, as solid endorsement of the potential for further appreciation in Gran Colombia’s shares. We are about to ramp up our near-mine and regional exploration programs at our high-grade Segovia Operations with approximately 70,000 meters of drilling over the next 18 months and we are unlocking value in our Marmato Project through a spin out to a separate-listed vehicle, in which we will maintain a control position, to fund a major underground mine expansion. We look forward to the relationship with Mr. Sprott as we continue to execute our strategy.”
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 and, through a spin out transaction with Bluenose Gold Corp. announced on October 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato Project.
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.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, 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
Gran Colombia has significant leverage to the gold price but trades at a significant discount to peers. We believe that with ongoing exploration and operating success it should re-rate to our fair value estimate of C$10/sh. by Method
Gran Colombia Gold Files National Instrument 43-101 Technical Report for Its Marmato Project (US:TPRFF) (T.GCM) TORONTO, Nov. 28, 2019 (GLOBENEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has filed a preliminary economic assessment (“PEA”) technical report on its Marmato Project (the “Technical Report”) pursuant to National Instrument 43101 - Standards of Disclosure for Mineral Projects (“NI 43101"). The Technical Report supports the disclosure made by the Company in its October 15, 2019 news release and is based on the updated Mineral Resource estimate for the Marmato Project with an effective date of July 31, 2019.
The Technical Report, with a report date of November 27, 2019 and an effective date of July 31, 2019, was prepared by SRK Consulting (U.S.), Inc. and is entitled "NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project Colombia". The “qualified persons” for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP) – Principal Consultant (Resource Geologist); Cristian Pereira Farias, SME-RM – Senior Consultant (Hydrogeologist); David Bird, PG, SME-RM – Associate Principal Consultant (Geochemistry); David Hoekstra, Bs, PE, NCEES, SME-RM – Principal Consultant (Water Resource Engineering); Eric Olin, MSc, Metallurgy, MBA, SME-RM, MAusIMM – Principal Consultant (Metallurgy); Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP – Principal Consultant (Mining Engineer); Jeff Osborn, BEng, Mining, MMSAQP – Principal Consultant (Mining Engineer); Joanna Poeck, BEng Mining, SME-RM, MMSAQP – Principal Consultant (Mining Engineer); John Tinucci, PhD, PE, ISRM – Principal Consultant (Geotechnical Engineer); Mark Allan Willow, MSc, CEM, SME-RM – Principal Consultant (Environmental); and Joshua Sames, BSc Civil, PE – Senior Consultant (Civil Engineering).
The report is available on the Company’s website at http://www.grancolombiagold.com and under the Company’s profile on SEDAR at www.sedar.com.
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 and, through a spin out transaction with Bluenose Gold Corp. announced on October 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato Project.
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