Gran Colombia Gold announces second quarter 2014 results; Reports 34% improvement in gold production over first quarter and continuation of positive trend in all-in sustaining costs

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[{"type":"text","content":"\n\n\nTORONTO, Aug. 13, 2014 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, OTC:\n TPRFF) announced today the release of its unaudited condensed\n consolidated financial statements and accompanying management's\n discussion and analysis (MD&A) for the three and six months ended June\n 30, 2014.  All financial figures contained herein are expressed in U.S.\n dollars unless otherwise noted.\n\n\nSecond Quarter 2014 Highlights\n\n\n\nThe Company is maintaining its 2014 gold production guidance of 102,000 to 122,000 ounces. Total gold production in the\n second quarter of 2014 improved by 34% over the first quarter to 25,713\n ounces reflecting the expected improvement in head grades at its\n Segovia Operations as development activities provided access to higher\n grade mining areas. In the second half of 2014, the continuation of\n mine development at the Segovia Operations through the Pampa Verde\n expansion project is expected to facilitate expansion of production\n through increased tonnages and further head grade improvement as the\n year progresses.\n\n\nRevenue of $32.8 million in the second quarter of 2014, up approximately 28%\n from the first quarter, benefitted from the production improvement but\n was still 22% below the second quarter a year ago when realized gold\n prices were $186 per ounce higher. The Company's continued focus on\n lowering its all-in sustaining costs over the last year has made a\n significant contribution to protecting its cash flow in the lower gold\n price environment while it completes the Pampa Verde project at the\n Segovia Operations.\n\n\nThe Company's focus on reducing its costs over the last year and a half,\n including a significant reduction in its workforce at Segovia in the\n first quarter this year, combined with improving head grades, has\n resulted in a decrease in total cash costs to $1,103 per ounce in the second quarter of 2014. All-in sustaining costs continued to show improvement compared to last year, decreasing to\n $1,203 per ounce (see the Company's MD&A for the computation of this\n non-IFRS measure) in the second quarter of 2014. Excluding a $1.9\n million provision for settlement of a long-term supplier contract at\n Segovia, total cash costs and all-in sustaining costs in the second\n quarter of 2014 would have reached all-time lows of $1,028 per ounce\n and $...

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