Gran Colombia Gold announces first quarter 2012 results with production of 26,260 ounces of gold and best ever drill results at Marmato, extending the deep zone mineralization

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 14, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced today the release of its unaudited interim consolidated\n financial results for the first quarter ended March 31, 2012 and\n related management's discussion and analysis, an update on the Maria\n Dama mill expansion, and the results of its ongoing exploration at its\n Marmato Project. All financial figures contained herein are expressed\n in U.S. dollars unless otherwise noted.\n\n\nFirst Quarter 2012 Highlights\n\n\nProduction of 26,260 ounces of gold in the first quarter of 2012, in\n line with the fourth quarter of 2011 and 76% higher than the first\n quarter a year ago. Gold production for the first quarter of 2012 was\n in line with management's expectations.\n\n\nRevenues of $42.7 million, more than double compared with the first\n quarter last year, and 15% lower than the fourth quarter of 2011 due to\n timing of gold sales.  The Company sold 24,814 ounces of gold in the\n first quarter of 2012 at an average realized gold price of $1,676 per\n ounce.\n\n\nThe new mill in Maria Dama is currently being commissioned and on May 13th, 2012 the ramped-up production was 800 tonnes per day. In addition to\n the daily mine production, the mine has stockpiled 20,000 tonnes of ore\n to meet the anticipated increase in production.\n\n\nConsolidated cash cost of $1,199 per ounce of gold sold, up $86 from\n $1,113 in the fourth quarter of 2011, primarily due to the\n strengthening of the Colombian peso relative to the U.S. dollar in the\n first quarter and the Company temporarily mining through some lower\n grade ore zones at the Segovia Operations in March 2012 due to capital\n development work being undertaken to improve mine access between levels\n at the Company-operated mines to support the ramp up of production in\n 2012.\n\n\nGeneral and administrative costs of $3.5 million in the first quarter of\n 2012, a 35% reduction from the fourth quarter of 2011, were in line\n with management's expectations for a 2012 quarterly run rate.\n\n\nNet loss attributable to shareholders of $2.7 million, or $0.01 per\n share, in the first quarter of 2012, includes $4.6 million of\n mark-to-market losses on financial instruments. This compares to net\n income of $1.7 million or $0.00 per share in the fourth quarter of 2011\n and a net loss for the first...

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