Gran Colombia Gold Provides May 2019 Gold Production Update
18 Juni 2019 - 1:00PM
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today
that it produced a total of 18,528 ounces of gold in May bringing
the total for the first five months of 2019 to 99,601 ounces, up
14% over the first five months of 2018. Gran Colombia’s trailing 12
months’ total gold production at the end of May 2019 of 230,136
ounces is up almost 6% over 2018’s annual production and remains
above the top end of the Company’s guidance range for 2019 of
between 210,000 and 225,000 ounces.
Lombardo Paredes, Chief Executive Officer of
Gran Colombia, commenting on the Company’s latest production
results, said, “We have gotten off to a stronger start in 2019 than
in other years, setting us up to potentially exceed production
guidance for the year. We will continue to monitor our operating
performance and reassess our guidance when we report our mid-year
production results. With our solid performance to-date and higher
spot gold prices, we have the opportunity to use a portion of our
free cash flow toward the recently announced NCIBs and have so far
have been actively using our daily limit to purchase warrants for
cancellation.”
The Segovia Operations continued to exceed
expectations in May with gold production of 16,363 ounces bringing
the total for the first five months of 2019 to 89,120 ounces, up
15% over the first five months of 2018. Gran Colombia processed an
average of 1,144 tonnes per day (“tpd”) in May at its Segovia
Operations, up slightly compared to the first four months of the
year, with an average head grade of 16 g/t. In May, the Company
began to see an expected increase in material from the small
contract miners operating within its title, which grew from an
average of 191 tpd in the first four months of 2019 to 267 tpd in
May with an average grade of approximately 7 g/t. This helped to
offset the impact on productivity in May at the Company’s mines
following the accident at the Providencia mine which resulted in a
temporary decline in tonnes processed from the Company mines in the
month. The resultant shift in the mix of material processed in May
with a greater contribution coming from the lower grade small
contract miners resulted in the lower overall average grade
reported for the month for the Segovia Operations. The Company
expects to see performance at its own mines return to normal in
June and continuation of the increased level of material sourced
from the small contract miners going forward. Segovia’s trailing 12
months’ total gold production at the end of May 2019 stood at
204,713 ounces, up 6% over 2018’s annual production.
At the Marmato Operations, May’s gold production
of 2,165 ounces brings total production for the first five months
of 2019 to 10,481 ounces, up 5% over the first five months of 2018
driven by an increase in tonnes processed this year, and its
trailing 12 months’ total gold production at the end of May 2019 to
25,423 ounces, up 2% over 2018’s annual production.
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 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 production guidance and 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 DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
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