Gran Colombia Gold announces third quarter 2013 results with a further reduction in all-in sustaining costs

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[{"type":"text","content":"\n\n\nTORONTO, Nov. 14, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM),\n (OTC: 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 third quarter of 2013.  All\n financial figures contained herein are expressed in U.S. dollars unless\n otherwise noted.\n\n\nThird Quarter Highlights\n\n\nTotal gold production of 29,186 ounces for the third quarter of 2013, an\n 8.4 percent increase compared to the third quarter of 2012.  For the\n first nine months of 2013, the company produced a total of 80,687\n ounces of gold and 118,087 ounces of silver, up 2.4 percent and 29.7\n percent respectively, over the same period in 2012. With October 2013\n gold production of 8,152 ounces, the company is trending toward total\n gold production of 106,000 to 108,000 ounces in 2013. This gold\n production update for 2013 takes into account the impact of lower head\n grades from the contract miners at Segovia in October.\n\n\nRevenue of $40.1 million in the third quarter of 2013 reflected the sale\n of 30,125 ounces of gold at an average realized price of $1,299 per\n ounce and 39,320 ounces of silver at an average realized price of $21\n per ounce.\n\n\nCost reduction initiatives this year have resulted in a 12 percent\n decrease in total cash costs to $1,127 per ounce of gold in the third\n quarter of 2013 and a 20.6 percent decrease in all-in sustaining costs1 (AISC) over the same period to $1,226 per ounce in the third quarter of\n 2013.  Year to date, the company has implemented total annualized cost\n savings of $21 million at its Segovia Operations and in general and\n administrative (G&A) expenses, predominantly through a 38 percent\n reduction in its work force since the beginning of the year. Some\n further cost savings are being implemented in the fourth quarter of\n 2013 that will lower operating costs and bring all-in sustaining costs\n for the fourth quarter of 2013 down to about $1,200 per ounce.\n\n\nG&A expenses decreased to $2.5 million, equivalent to $83 per ounce\n sold, in the third quarter of 2013. This represents a 30 percent\n reduction from the first quarter of 2013 and a 40 percent reduction\n from the third quarter of 2012. The company continues to expect total\n G&A expenses of...

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