Gran Colombia Gold announces year end 2012 results and Segovia operations processing 1,000 tonnes per day in March 2013

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 26, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)\n announced today the release of its audited consolidated financial\n statements, accompanying management's discussion and analysis (MD&A)\n and Annual Information Form for the 2012 fiscal year. All financial\n figures contained herein are expressed in U.S. dollars unless otherwise\n noted.\n\n\n2013 Highlights\n\n\n\nGold production of 100,895 ounces in 2012 represented a 10 percent\n increase over 2011. Fourth quarter production of 22,116 ounces of gold\n was adversely impacted by power disruptions at Segovia. Gran Colombia\n has taken steps to mitigate the power issues and gold production in\n 2013 has shown improvement over the fourth quarter and no further power\n interruptions have been experienced in 2013.\n\n\nRevenues of $168.2 million in 2012 represented growth of 22 percent\n compared to 2011, primary resulting from production growth, an increase\n in realized gold prices to an average of $1,664 per ounce for the year\n and having a full year of operations in 2012 at the Marmato underground\n mine.\n\n\nTotal cash costs averaged $1,317 per ounce of gold in 2012, up from\n $1,254 per ounce in the prior year. Segovia's cash cost, averaging\n $1,341 per ounce in 2012, reflected the impact on artisanal mining\n costs of higher gold prices in 2012, the numerous challenges\n encountered during a year of extensive activity to double the Maria\n Dama plant's milling capacity, power disruptions in the fourth quarter\n and temporary lower grades in the second half of the year.\n\n\nGross Margin of $18.2 million in 2012, improved by $6.7 million,\n compared to $11.5 million last year.\n\n\nGeneral and administrative expenses (G&A) of $16.5 million in 2012, up\n from $15.6 million in 2011 (although 2011 did not include Medoro\n Resources' G&A prior to the June 2011 merger).  In early 2013, the\n company has taken steps to cut G&A spending by $150,000 per month, a\n significant contributor in the expected reduction in G&A to a level of\n $14.5 million in 2013.\n\n\nNet loss attributed to shareholders of $36.2 million, or $0.09 per\n share, in 2012 included $7.7 million in transaction costs related to\n the gold-linked notes financing, $7.2 million loss on the\n market-to-market of financial instruments, $4.1 million impairment ...

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