Gran Colombia Gold Announces Second Quarter 2012 Results with Production of 25,607 Ounces of Gold

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 14, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced today the release of its unaudited interim condensed\n consolidated financial statements for the second quarter ended June 30,\n 2012 and accompanying management's discussion and analysis. All\n financial figures contained herein are expressed in U.S. dollars unless\n otherwise noted.\n\n\nSecond Quarter 2012 Highlights\n\n\nGold production of 25,607 ounces in the second quarter of 2012\n represented a 15 percent improvement over the same quarter last year\n bringing total gold production for the first half of 2012 to 51,867\n ounces, up 21 percent over the first half of last year. After\n experiencing some delays in the second quarter, the new ball mill at\n Maria Dama came on-line in mid-May. Mill throughput subsequently\n increased, reaching an average of 737 tpd in the month of June, a 45\n percent increase compared with the first quarter of 2012. Testing of\n the new ball mill has proved that it can handle loads of 1,000 tonnes\n of ore per day (\"tpd\"). New flotation cells being installed in the\n third quarter as part of the plant upgrade will address the issues that\n impacted mill recovery rates in the second quarter, enabling the plant\n to handle the increased volumes combined with the much higher grade ore\n delivered by the artisanal miners.\n\n\nRevenues of $40.7 million, 47 percent higher than the second quarter of\n 2011, brought total revenues for the first half of 2012 to $83.4\n million. In the first half of 2012, the Company sold 49,232 ounces of\n gold at an average realized price of $1,650 per ounce.\n\n\nConsolidated cash cost of $1,313 per ounce of gold sold increased 10\n percent from the first quarter of 2012, primarily due to a 10 percent\n decrease in the mill recovery rate at Maria Dama at Segovia.  Actions\n are being taken by management to improve operations at Maria Dama in\n the third quarter and to increase production in the second half of the\n year at Segovia, which are expected to reduce consolidated cash costs\n below $1,100 per ounce by the end of 2012.\n\n\nGeneral and administrative (\"G&A\") expenses, which include $0.3 million\n of one-time advisory fees that helped the Company to begin recovering\n overdue VAT claims in Colombia, amounted to $4.2 million and $7.8\n million, for the seco...

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