Gran Colombia Gold announces an 11 percent increase in average daily gold production in April and May 2013 and further improvement in cash costs at the company's Segovia Operations

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[{"type":"text","content":"\n\n\nTORONTO, June 24, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced total gold production at its Segovia Operations in April and\n May 2013 of 14,367 ounces, or 235 ounces per day, an increase of 11\n percent over average gold production of 212 ounces per day in the first\n quarter of 2013.\n\n\nThe month of May also reflected positive results from the company's cost\n cutting initiatives, with cash costs at the company's Segovia\n Operations improving to $1,073 per ounce, down from $1,315 per ounce in\n the first quarter of 2013.\n\n\n\"In May, we achieved the highest monthly production in the company's\n history at our Segovia Operations\", said Serafino Iacono, Executive\n Co-Chairman of Gran Colombia.  Mr. Iacono further noted that, \"I am\n pleased to announce that we continue to progress towards meeting our\n annual production target for 2013, and that the cost cutting\n initiatives identified and implemented across all aspects of our\n business are resulting in significant reductions in our cost structure\n that will allow the company to meet its 2013 cash flow targets in the\n current gold price environment\".\n\n\nProduction improvements in April and May were driven by continued\n improvement at the company's Segovia Operations, with the daily average\n mill rate at the Maria Dama plant processing more than 1,000 tonnes of\n ore per day for the third consecutive month. The Marmato Underground\n operations remained steady in April and May, producing a total of 3,342\n ounces of gold, or 55 ounces per day.  This resulted in total gold\n production for the company in April and May of 17,709 ounces of gold,\n or 235 ounces per day, a 7 percent improvement from the first quarter\n of 2013.\n\n\nIn May 2013, Segovia Operation's cash cost decreased to $1,073 per ounce\n of gold due to the cost reduction initiatives implemented by the\n company in 2013, the impact on fixed costs per ounce of the higher\n production rate, the impact on artisanal mining costs of lower gold\n prices and weakening of the Colombian Peso against the U.S. dollar.  In\n 2013, management embarked on a comprehensive review of its operations,\n identifying and implementing $16.2 million in annualized cost savings.\n This program resulted in $850,000 per month of savings starting in\n February 2013, and further actions were ...

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