Gran Colombia announces Phase III additional cost reduction and extension of the Providencia ore shoot in latest drill results at its high grade Segovia Project

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[{"type":"text","content":"\n\n\nTORONTO, Aug. 12, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,\n OTCQX: TPRFF) announced today that it has recently taken steps in Phase\n III of its continuing program to reduce operating costs at its Segovia\n Operations, cutting $400,000 per month, approximately $53 per ounce,\n through a workforce reduction. Taking employee severances into account,\n the net impact of this action will begin to benefit the company's\n all-in sustaining cash cost, currently approximately $1,200 per ounce,\n at the beginning of October 2013.\n\n\nThe company also announced additional drilling results from the\n Providencia vein system at its high grade Segovia Project in Antioquia,\n Colombia.  An exploration program of four holes totaling approximately\n 1,000 metres is currently being drilled subsequent to the results of a\n National Instrument 43-101 that was announced in the company's August\n 1, 2013 press release.\n\n\nWith the results of the first hole (ZC-003), drilling at Providencia\n continues to intersect high grade gold veins with visible gold. Hole\n ZC-003 returned 5.34 metres @ 19.41 grams per tonne (g/t).\n\n\nThese results confirmed the extension of the associated with holes\n DS-0089 (includes 0.42 meters at 663.3 g/t) and DS-0126 (includes 2.60\n metres at 42.31 g/t)1.  Based on the continued success of the exploration program, another\n hole is currently in progress to extend the high-grade ore-shoot to the\n west and two more holes have been designed to test the down-plunge\n extension of the main ore-shoot.\n\n\n\"Our exploration at Segovia continues to identify incremental, very high\n grade resources to support our Pampa Verde project at Segovia\", said\n Serafino Iacono, Executive Co-Chairman of Gran Colombia.  \"With the\n completion of our new processing plant and underground mining operation\n in 2014, Segovia will be Colombia's first modern, mechanized\n underground gold mining operation.\"\n\n\nSignificant results are summarized below:\n\n\n\n\n\nDrill Hole\n\n\nFrom (m)\n\n\nTo (m)\n\n\nLength (m)\n\n\nGold  (g/t)\n\n\nSilver (g/t)\n\n\nVein\n\n\nZC-003\n\n\n541.86\n\n\n547.20\n\n\n5.34\n\n\n19.51\n\n\n8.07\n\n\nProvidencia\n\n\n\n\n\n*\n\n\nSample grades over 6.0 g/t Au reported. Grades are for single samples\n and for length-weighted composites calculated with a cut-off grade of\n ...

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