Gran Colombia Gold Announces Second Quarter and First Half 2015 Results; Reports Production Improvement and Further Reduction in AISC to $904 per Ounce

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[{"type":"text","content":"\n\nTORONTO, Aug. 13, 2015 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, OTC: TPRFF) announced today the release of its unaudited condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2015. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.\n\nSecond Quarter and First Half 2015 Highlights\n\n\nIn the second quarter of 2015, the Company continued the implementation of the optimized mine plan developed earlier this year for its Segovia Operations that is expected to increase Segovia's annual gold production for 2015 to a range of 90,000 to 110,000 ounces and total Company production to a range of 114,000 to 136,000 ounces. Total gold production in the second quarter of 2015 increased by 19% over the first quarter this year to 28,495 ounces, bringing the first half 2015 total gold production to 52,468 ounces. Total gold production in July 2015 amounted to 11,417 ounces, including 9,362 ounces from the Segovia Operations. \nRevenue of $31.3 million in the second quarter of 2015 brought the first half total to $61.9 million, up 6% from the first half last year reflecting the increased gold production, offset partially by the impact on realized gold prices, averaging $1,177 per ounce, of 7% lower spot gold prices in 2015. \nTotal cash costs decreased 29% to $779 per ounce in the second quarter of 2015 compared with $1,103 in the second quarter last year, bringing all-in sustaining costs (\"AISC\") down 25% to $904 per ounce in the second quarter of 2015 compared with $1,203 in the second quarter last year. See the Company's MD&A for the computation of these non-IFRS measures. The second quarter 2015 cost reductions were fuelled by the impact of further devaluation of the Colombian peso, improved production reducing fixed costs on a per ounce basis and cost savings achieved through a contract amendment with the primary contract miner at the Segovia Operations in the first quarter of 2015. \nThe Company continued to control its general and administrative (\"G&A\") expenses, which are running below the expected $1.5 million quarterly run rate in the first half of 2015. \nThe Company reported adjusted net income attributable to shareholders of $1.8 million, or $0.08 per share, in the secon...

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