Gran Colombia Gold Announces 2011 Year End Results, Growing Production to over 91,000 Ounces of Gold

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 30, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced today the release of its audited consolidated financial\n results for 2011 fiscal year. All financial figures contained herein\n are expressed in U.S. dollars unless otherwise noted.\n\n\nFourth Quarter 2011 Highlights\n\n\nGold production of 26,979 ounces, a 24% increase from 21,737 ounces in\n the third quarter of 2011.\n\n\nRevenues of $50.4 million, an increase of 30% over the third quarter of\n 2011.\n\n\nCash margin increased to $574 per ounce of gold sold in the quarter.\n\n\nGross margin of $13.2 million, reflecting the benefit of the first full\n quarter of cost savings at the Segovia Operations after its workforce\n reduction in September and reduction in its cash cost per ounce to\n $1,128.\n\n\nNet income of $1.7 million, the first quarterly profit in the Company's\n history.\n\n\nFull Year 2011 Highlights\n\n\nGold production of 91,419 ounces, meeting guidance.\n\n\nRevenue of $137.7 million from the sale of 83,809 ounces of gold at an\n average realized price of $1,596 per ounce.\n\n\nGross margin of $11.5 million, a $14.4 million improvement over 2010.\n\n\nNet loss of $34.8 million, $0.11 per share, including $22.8 million of\n one-time charges related to the Colombian equity tax, Medoro\n acquisition costs and silver-notes issuance costs.\n\n\nCash position of $20.3 million as at December 31, 2011.\n\n\nGold resources (measured and indicated), for the Segovia Operations and\n Marmato Project increased by 76% and 51%, respectively in 2011.\n\n\nCommenting on the Company's performance in 2011, Maria Consuelo Araujo,\n Chief Executive Officer of the Company, said: \"2011 was a very\n important year for the Company. We ended the year as the largest gold\n producer in Colombia. Our efforts at our Segovia Operations have\n yielded significant cost savings and production growth. With our\n investment to increase our capacity at the Maria Dama plant in the\n second quarter of 2012, we expect to almost double our gold production\n in 2012.\"\n\n\nFinancial and Operating Summary\n\n\nA summary of the financial and operating results for the fourth quarter\n and full year ended December 31, 2011 is as follows:\n\n\n \n\n\nFourth Quarter\n\n\nFull Year\n\n\n \n\n\n2011\n\n\n2010\n\n\n2011\n\n\n2010(1)\n\nOperating data\n\n\n...

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