Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today
that it produced a total of 16,789 ounces of gold at its Segovia
Operations in June 2021 bringing the total gold production for the
second quarter of 2021 to 52,198 ounces compared with 44,377 ounces
from Segovia in the second quarter of 2020. The Company also
produced 54,573 ounces of silver at Segovia in the second quarter
of 2021, up from 41,342 ounces of silver in the second quarter last
year. For the first half of 2021, Segovia’s gold and silver
production totalled 101,256 ounces and 111,888 ounces,
respectively, up from 94,723 ounces of gold and 87,260 ounces of
silver in the first half of 2020.
Lombardo Paredes, Chief Executive Officer of
Gran Colombia, commenting on the Company’s latest results, said,
“We have continued to gain momentum in the second quarter of 2021.
With our trailing 12-months total gold production from Segovia at
the end of the second quarter amounting to 202,895 ounces, up 3%
over 2020, we remain on track to meet our production guidance at
Segovia for the full year of 200,000 to 220,000 ounces of gold. The
expansion of Maria Dama to 2,000 tpd is proceeding well and
commissioning of the new polymetallic plant at Segovia will
commence in the third quarter. Our use of cash is typically higher
in the second quarter each year as we complete the required
payments of income tax instalments in Colombia. In May 2021, we
also used $10.4 million of cash to complete an early optional
redemption of our Gold Notes ahead of schedule. At the end of June
2021, we had a cash position of approximately US$57 million and the
aggregate principal amounts of our Gold Notes and Convertible
Debentures outstanding were reduced to US$19.75 million and CA$18
million, respectively. We are very pleased with our progress
through the first half of 2021, including the successful completion
of our acquisition of the Toroparu Project in Guyana and the
recently announced high-grade drilling results from our ongoing
exploration programs at Segovia.”
The Segovia Operations processed an average of
1,581 tonnes per day (“tpd”) in the second quarter of 2021 with an
average head grade of 12.6 g/t compared with 1,211 tpd at an
average head grade of 13.9 g/t in the second quarter last year. It
should be noted that the second quarter 2020 production was
affected in the first half of April 2020 by the early stages of
adapting Segovia’s operations to the pandemic. For the first half
of 2021, the Segovia Operations processed an average of 1,526 tpd
with an average head grade of 12.7 g/t compared with 1,247 tpd at
an average head grade of 14.4 g/t in the first half last year.
Second Quarter 2021 Results
Webcast
Gran Colombia announced today that it will
release its 2021 second quarter and first half results after market
close on Thursday, August 12, 2021 and will host a conference call
and webcast on Friday, August 13, 2021 at 9:00 a.m. Eastern Time to
discuss the results.
Webcast and call-in details are as follows:
Live Event link: |
https://edge.media-server.com/mmc/p/8pi4h8ou |
Canada Toll / International: |
1 (514) 841-2157 |
North America Toll Free: |
1 (866) 215-5508 |
Colombia Toll Free: |
01 800 9 156 924 |
Conference ID: |
50186481 |
A replay of the webcast will be available at
www.grancolombiagold.com from Friday, August 13, 2021 until Friday,
September 10, 2021.
Quarterly Amortizing Payment of Gold
Notes on August 3, 2021
Gran Colombia announced today the details for
the forthcoming quarterly repayment of its 8.25% Senior Secured
Gold-Linked Notes due 2024 (the “Gold Notes”) (TSX: GCM.NT.U) as
follows:
Payment date: |
August 3, 2021 |
Record date: |
July 26, 2021 |
Cash payment amount: |
Approximately US$0.12881677 per US$1.00 principal amount of Gold
Notes issued and outstanding on the Record date representing an
amortization payment of the principal amount of approximately
US$0.08829114 per US$1.00 principal amount of Gold Notes and a gold
premium of approximately US$0.04052563 per US$1.00 principal amount
of Gold Notes. Based on the London P.M. Fix on July 15, 2021 of
US$1,823.75 per ounce, the aggregate amount of the cash payments on
the Payment Date will be US$2,544,131, of which US$1,743,750 will
be applied to reduce the aggregate principal amount of the Gold
Notes issued and outstanding and the balance represents the Gold
Premium. |
Principal amount issuedand outstanding: |
As of today’s date, there is a total of US$19,750,000 principal
amount of Gold Notes issued and outstanding. After this quarterly
repayment, the aggregate principal amount of the Gold Notes as of
August 3, 2021 will be reduced to US$18,006,250. |
Monthly Dividend
Declaration
Gran Colombia also announced today that its
Board of Directors has declared the next monthly dividend of
CA$0.015 per common share will be paid on August 16, 2021 to
shareholders of record as of the close of business on July 30,
2021.
About Gran Colombia Gold
Corp.
Gran Colombia is a mid-tier gold producer with a
proven track record of mine building and operating in Latin
America. In Colombia, the Company is currently the largest
underground gold and silver producer with several mines in
operation at its high-grade Segovia Operations. In Guyana, the
Company is advancing the Toroparu Project, one of the largest
undeveloped gold projects in the Americas. Gran Colombia also owns
an approximately 44% equity interest in Aris Gold Corporation (TSX:
ARIS) (Colombia – Marmato), an approximately 27% equity interest in
Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos;
Colombia – Guia Antigua and Zancudo) and an approximately 26%
equity interest in Western Atlas Resources Inc. (TSX-V: WA)
(Nunavut – Meadowbank).
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, the repayments of its Gold Notes,
payment of dividends and other 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
31, 2021 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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