Gran Colombia Gold Reports First Quarter 2019 Results; Record Quarterly Gold Production Leads …

TORONTO, Could 15, 2019 (GLOBE NEWSWIRE) — Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) introduced at present the discharge of its unaudited interim condensed consolidated monetary statements and accompanying administration’s dialogue and evaluation (MD&A) for the three months ended March 31, 2019. All monetary figures contained herein are expressed in U.S. (“USD”) except in any other case famous.

Serafino Iacono, Government Chairman of Gran Colombia, commenting on the Firm’s newest outcomes, stated, “Our beforehand reported document quarterly manufacturing has translated into some stable first quarter monetary outcomes which have began us off effectively in 2019. New quarterly highs have been achieved in income and adjusted EBITDA whereas Segovia’s quarterly money prices reached a historic low of $570 per ounce offered. Our money place on the finish of March 2019 was $40.2 million, up $four.6 million because the finish of 2018, and we continued to pay down our Gold Notes which presently have $78.5 million mixture principal quantity excellent. Our 2019 drilling marketing campaign at Segovia is transferring alongside effectively and might be given the supposed enhance within the second half of this 12 months with the web proceeds of the personal placement of convertible debentures accomplished in April. Our technical research on the Marmato Undertaking are gaining momentum and we stay on observe to finish a preliminary financial evaluation later this 12 months. With one other 20,472 ounces of gold produced in April, our second quarter is choosing up proper the place we left off in March.”

Chosen Monetary Info ” data-reactid=”28″>Chosen Monetary Info

  First Quarter
  2019 2018 Working information         Gold produced (ounces)   60,601   52,672 Gold offered (ounces)   59,zero45   49,610 Common realized gold worth ($/ouncessold) $ 1,298 $ 1,293 Complete money prices ($/ouncessold) (1)   621   670 All-in sustaining prices ($/ouncessold) (1)   832   920 All-in prices ($/ouncessold) (1)   843   920           Monetary information ($000’s, besides per share quantities)         Income $ 77,455 $ 64,786 Adjusted EBITDA (1)   35,275   27,443 Internet earnings (loss)   7,903   5,352 Per share – fundamental   zero.16   zero.25 Per share – diluted   zero.16   zero.12 Adjusted internet earnings (1)   12,933   9,846 Per share – fundamental   zero.27   zero.46 Per share – diluted   zero.24   zero.12 Internet money offered by working actions   19,818   12,727 Free money circulation (1)   11,277   four,530               March 31,
2019   December 31,
2018           Stability sheet ($000’s):         Money and money equivalents $ 40,170 $ 35,645 Gold Belief Account (2)   three,372   three,210 Gold Notes, together with present portion – principal quantity excellent (three)   83,375   88,250   Notes:
    (1) Confer with “Non-IFRS Measures” within the Firm’s MD&A.   (2) Represents bodily gold deposited by the Firm right into a belief account for use to fund the subsequent quarterly amortizing fee of the Gold Notes. At March 31, 2019 and December 31, 2018, there have been 2,600 ounces gathered within the Gold Belief Account.   (three) The Gold Notes are recorded within the Monetary Statements at truthful worth. At March 31, 2019 and December 31, 2018, the carrying quantity of the Gold Notes excellent was $72.four million and $74.1 million, respectively.

On the Segovia Operations, gold manufacturing within the first quarter of 2019 reached a brand new quarterly document of 54,386 ounces, up 17% over the primary quarter of 2018. The Firm processed a median of 1,112 tonnes per day at its Segovia Operations within the first quarter of 2019, up 19% from the primary quarter final 12 months, with a median head grade of 18.eight g/t, up from 16.1 g/t within the first quarter of 2018. The important thing driver was a 36% enhance in high-grade materials from the company-operated areas on the Providencia mine which contributed 21% of the overall tonnes processed within the first quarter of 2019 at a median head grade of 34.eight g/t, up from 25.four g/t within the first quarter final 12 months. The Firm’s mine improvement and mechanization within the Firm-operated areas of the El Silencio mine have additionally helped to extend each the tonnes mined and the typical head grades from this mine within the first quarter of 2019 in contrast with the primary quarter final 12 months. With one other 18,371 ounces of gold produced in April, this brings Segovia’s trailing 12-months’ complete gold manufacturing on the finish of April 2019 to 205,004 ounces, up 6% over 2018’s annual manufacturing.

Segovia’s complete money prices decreased to a historic low of $570 per ounce within the first quarter of 2019, down from $616 per ounce within the first quarter final 12 months, benefitting from the elevated quantity of gold manufacturing this 12 months that helped to additional cut back its fastened manufacturing prices on a per ounce foundation. Segovia’s complete money prices per ounce within the first quarter of 2019 additionally benefitted from the beneficial impression of mining higher-grade materials within the Firm-operated space of the Providencia mine the place the incremental manufacturing prices related to the extra gold manufacturing attributable to the higher grades have been a lot decrease.

The Firm’s AISC of $832 per ounce for the primary quarter of 2019 included $7.2 million of sustaining capital expenditures attributable to the Segovia Operations, the key parts of which included (i) $2.1 million for drilling underneath the Firm’s ongoing exploration marketing campaign, (ii) $2.four million for ongoing mine improvement, (iii) $1.three million for the mines together with continuation of the air flow enhancements on the El Silencio mine, additional infrastructure upgrades on the Providencia mine, and underground tools and infrastructure enhancements on the Sandra Okay mine, (iv) $zero.7 million related to the growth of the Maria Dama plant to 1,500 tpd which must be accomplished within the second quarter this 12 months, along with prices related to the brand new filter press, (v) $zero.6 million for prices associated to the continued building actions on the new El Chocho tailings storage facility, and (vi) $zero.1 million related to the Segovia website amenities.

Story continues

On the Marmato Operations, gold manufacturing within the first quarter of 2019 mirrored the impression of some current improvement work which elevated tonnes processed in March 2019 to 1,090 tpd at a median head grade of two.5 g/t and raised the quarterly processing fee to a median of 1,zero15 tpd. This brings Marmato’s complete manufacturing for the primary quarter of 2019 to six,215 ounces, on par with the primary quarter of 2018. April’s gold manufacturing amounted to 2,101 ounces, bringing Marmato’s trailing 12-months’ complete gold manufacturing on the finish of April 2019 to 25,279 ounces, on par with 2018’s annual manufacturing.

Complete money prices per ounce averaged $1,128 per ounce within the first quarter of 2019 in contrast with $1,141 per ounce within the first quarter final 12 months. The Firm is constant its efforts to cut back the mine’s complete money value to under a median for the complete 12 months under $1,100 per ounce.

The Firm’s AISC of $832 per ounce for the primary quarter of 2019 included $zero.three million primarily associated to mine infrastructure enhancements. The Firm’s All-in prices of $843 per ounce within the first quarter of 2019 included $zero.6 million, equal to $11 per ounce offered, of non-sustaining capital expenditures on the Marmato Undertaking in reference to the completion of the 2018 drilling marketing campaign in mid-March and subsequent graduation of the 2019 drilling marketing campaign. The Firm stays on observe to finish a preliminary financial evaluation technical examine later this 12 months

By way of the primary 4 months of 2019, the Firm has produced a complete of 81,073 ounces of gold and its trailing 12-months’ complete gold manufacturing on the finish of April 2019 stands at 230,283 ounces, above the highest finish of its steerage vary for 2019 of 210,000 to 225,000 ounces of gold for the complete 12 months. The Firm will proceed to observe its working efficiency over the subsequent a number of months to evaluate whether or not a change in 2019’s manufacturing steerage is warranted.

The Firm has already commenced a 20,000 meters drilling marketing campaign in 2019 at its Segovia Operations targeted on step-out drilling at Providencia and Sandra Okay, deep zone drilling to increase El Silencio one other 200 meters under its presently delineated mineral useful resource, and brownfield drilling on the Cogote vein system. Utilizing the web proceeds from the personal placement, the Firm will speed up its ongoing exploration applications at Segovia, together with technical and different research to be carried out over the subsequent roughly six months to determine and prioritize drilling targets adopted by a drilling marketing campaign, over and above what’s already deliberate by the Firm in 2019 and 2020. The target of the drilling program is to extend mineral reserves for future manufacturing progress and to increase the mine lifetime of the Segovia Operations.

The Firm’s complete money value within the first quarter of 2019 of $621 per ounce offered was higher than anticipated, benefitting from the document gold manufacturing on the Segovia Operations. For the complete 12 months, the Firm is sustaining its preliminary steerage that complete money prices will common lower than $720 per ounce offered for the complete 12 months. The Firm additionally expects that with its deliberate capital funding program in 2019, together with the continued exploration actions at Segovia, its AISC for the complete 12 months will stay under $950 per ounce. Just like manufacturing, the Firm will monitor value efficiency over the subsequent a number of months to evaluate whether or not a change in 2019’s steerage is warranted.

As a reminder, Gran Colombia will host a convention name and webcast on Thursday, Could 16, 2019 at 9:30 a.m. Japanese Time to debate the outcomes. Webcast and call-in particulars are as follows:

www.grancolombiagold.com from Thursday, Could 16, 2019 till Friday, June 14, 2019.
” data-reactid=”54″>A replay of the webcast might be obtainable at www.grancolombiagold.com from Thursday, Could 16, 2019 till Friday, June 14, 2019.

Gran Colombia is a Canadian-based mid-tier gold producer with its major focus in Colombia the place it’s presently the biggest underground gold and silver producer with a number of mines in operation at its Segovia and Marmato Operations. Gran Colombia is constant to concentrate on exploration, growth and modernization actions at its high-grade Segovia Operations.

www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.” data-reactid=”57″>Further info on Gran Colombia might be discovered on its web site at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

This information launch incorporates “forward-looking info”, which can embrace, however is just not restricted to, statements with respect to manufacturing steerage and anticipated enterprise plans or methods. Usually, however not all the time, forward-looking statements might be recognized by way of phrases similar to “plans”, “expects”, “is anticipated”, “funds”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (together with damaging variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “might”, “may”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of Gran Colombia to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Elements that would trigger precise outcomes to vary materially from these anticipated in these forward-looking statements are described underneath the caption “Threat Elements” within the Firm’s Annual Info Type dated as of March 27, 2019 which is obtainable for view on SEDAR at www.sedar.com. Ahead-looking statements contained herein are made as of the date of this press launch and Gran Colombia disclaims, aside from as required by regulation, any obligation to replace any forward-looking statements whether or not on account of new info, outcomes, future occasions, circumstances, or if administration’s estimates or opinions ought to change, or in any other case. There might be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements.” data-reactid=”59″>This information launch incorporates “forward-looking info”, which can embrace, however is just not restricted to, statements with respect to manufacturing steerage and anticipated enterprise plans or methods. Usually, however not all the time, forward-looking statements might be recognized by way of phrases similar to “plans”, “expects”, “is anticipated”, “funds”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (together with damaging variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “might”, “may”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of Gran Colombia to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Elements that would trigger precise outcomes to vary materially from these anticipated in these forward-looking statements are described underneath the caption “Threat Elements” within the Firm’s Annual Info Type dated as of March 27, 2019 which is obtainable for view on SEDAR at www.sedar.com. Ahead-looking statements contained herein are made as of the date of this press launch and Gran Colombia disclaims, aside from as required by regulation, any obligation to replace any forward-looking statements whether or not on account of new info, outcomes, future occasions, circumstances, or if administration’s estimates or opinions ought to change, or in any other case. There might be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements.

investorrelations@grancolombiagold.com” data-reactid=”60″>For Additional Info, Contact:
Mike Davies
Chief Monetary Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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