ENP Newswire -
Release date- 14052014 -
All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.
First Quarter 2014 Highlights
The Company is maintaining its 2014 gold production guidance of 102,000 to 122,000 ounces. Total gold production was 19,200 ounces in the first quarter of 2014, reflecting an expected short-term continuation of lower head grades at the Segovia Operations while mine development progressed to open access to higher grade mining areas for the second quarter. In
The Company's aggressive cost savings program in 2013 and the first quarter of 2014, including a significant reduction in its workforce at
The Company expects that the full year impact of its 2013 savings initiatives, coupled with additional workforce reductions at
G&A expenses decreased as expected by 37% to
Results: The Company reported an adjusted net loss of
Development: The Company's Pampa Verde expansion project at the Segovia Operations continues to advance with excavations at the plant site nearing completion and construction set to begin in the second quarter. The new 2,500 tpd plant will be ready for testing in the first quarter of 2015 and commence full production by mid-2015. Development activities are progressing at all mines at
At the Segovia Operations, gold production totaled 13,541 ounces in the first quarter of 2014, down from 19,052 ounces in the first quarter last year, due to more stringent application of cut-off grades at the Company-operated areas in this year's lower gold price environment, the impact on mining activities of the transition of the Company's workforce to contractor mining and temporarily lower head grades in certain areas operated by the contract miners.
The continuation of mine development activities at the Company-operated areas in the
Gold production from the contract miners at
At the Marmato Underground mine, operations remained steady in the first quarter of 2014, processing an average of 807 tpd resulting in gold production of 5,659 ounces with total cash costs of
As a reminder, the Company will host a conference call and webcast on
Colombia Toll Free: 01 800 9 156 924
Conference ID: 37214665
A replay of the webcast will be available at www.grancolombiagold.com from
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 the future financial or operating performance of the Company and its projects and, specifically, statements concerning anticipated growth in annual gold production and reduction of cash costs.
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
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.
Chief Financial Officer
Tel: (416) 360-4653
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