Gran Colombia Gold announces third quarter 2012 results with production of 26,912 ounces of gold

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 12, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced today the release of its unaudited interim condensed\n consolidated financial statements for the third quarter ended September\n 30, 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\nThird Quarter 2012 Highlights\n\n\nGold production of 26,912 ounces in the third quarter of 2012\n represented a 24% improvement over the same quarter last year bringing\n total gold production for the first nine months of 2012 to 78,779\n ounces, up 22% over the first nine months of last year. The Company\n continued to make progress at its Segovia Operations, increasing mill\n throughput at Maria Dama to an average of 891 tonnes per day (\"tpd\") in\n the third quarter of 2012, a 61% increase compared with the first half\n of 2012. In September, the Company reached its objective as mill\n throughput averaged 1,066 tpd, including several days when it was\n stress tested with throughput greater than 1,300 tpd. Four new\n flotation cells have also been installed as part of the plant upgrade\n and the final two new flotation cells will be completed shortly.\n Capital development activities continued at the Providencia and Sandra\n K mines and the mine contractor continues de-watering to open up access\n to lower levels at the El Silencio mine. Segovia's gold production in\n the third quarter of 21,114 ounces was impacted by lower than normal\n grades due to the temporary depletion of higher grade zones in the\n levels being mined and the processing of lower grade stockpiles in the\n ramp up of the new mill. Grades are expected to return to historical\n levels at Segovia as the new mining areas are opened up in the fourth\n quarter. At Marmato Underground, grades improved in the third quarter\n as expected, resulting in gold production of 5,798 ounces for the\n quarter.\n\n\nRevenues for the third quarter of 2012 of $47.1 million, 21% higher than\n the third quarter last year, brought total revenues for the first nine\n months of 2012 to $130.5 million. The Company sold 77,241 ounces of\n gold at an average realized price of $1,647 per ounce in the first nine\n months of 2012.\n\n\nCash costs showed improvement at both Segovia and Marmato Underground in...

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