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Gran Colombia Reports First Quarter 2021 Gold Production

Nachrichtenquelle: globenewswire
13.04.2021, 13:00  |  163   |   |   

TORONTO, April 13, 2021 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 18,643 ounces of gold at its Segovia Operations in March 2021 bringing the total gold production for the first quarter of 2021 to 49,058 ounces compared with 50,346 ounces in the first quarter of 2020. The Company also produced 57,315 ounces of silver in the first quarter of 2021, up from 45,918 ounces of silver in the first quarter last year.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s latest results, said, “We had a solid month in March, our second consecutive month above the 1,500 tpd level at our Maria Dama processing plant at our Segovia Operations. Based on our plan for the balance of the year, we remain on track to meet our production guidance 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. This expansion includes a new blending yard and crushing system, a new Merrill Crowe system, additional thickeners and a second filter press at the El Chocho tailings storage facility, all of which are being added to the operation in stages over the balance of the year. In addition, the construction of the new polymetallic plant for recovery of zinc, lead, gold and silver from the tailings into concentrate at Segovia should be completed by mid-year and we expect to commence commissioning shortly thereafter.”

“In the first quarter of 2021, we used a portion of our free cash flow to fund the $7 million upfront cost related to the construction of the polymetallic plant at Segovia and another CA$10 million to maintain our equity interest in Denarius Silver Corp. at approximately 27% by participating in Denarius’ private placement to finance its acquisition and exploration of the Lomero Project in Spain. We also used approximately CA$4 million to fund the repurchases of 702,000 common shares under our NCIB in March for cancellation and a total of CA$2.8 million to pay our continuing monthly dividends to our shareholders. In the first quarter of 2021, we made the first of our income tax instalments in Colombia in the amount of approximately $8 million and we used approximately US$5 million toward our debt service on the Gold Notes and Convertible Debentures. At the end of March 2021, we had a cash position of approximately US$73.6 million and the aggregate principal amounts of our Gold Notes and Convertible Debentures outstanding were US$32.6 million and CA$20 million, respectively.”

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Gran Colombia Reports First Quarter 2021 Gold Production TORONTO, April 13, 2021 (GLOBE NEWSWIRE) - Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 18,643 ounces of gold at its Segovia Operations in March 2021 bringing the total gold production for the first …

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