Gran Colombia announces Phase III additional cost reduction and extension of the Providencia ore shoot in latest drill results at its high grade Segov
Wednesday, Aug 14, 2013
TORONTO, Aug. 12, 2013 /PRNewswire/ - Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today that it has recently taken steps in Phase III of its continuing program to reduce operating costs at its Segovia Operations, cutting $400,000 per month, approximately $53 per ounce, through a workforce reduction. Taking employee severances into account, the net impact of this action will begin to benefit the company's all-in sustaining cash cost, currently approximately $1,200 per ounce, at the beginning of October 2013.
The company also announced additional drilling results from the Providencia vein system at its high grade Segovia Project in Antioquia, Colombia. An exploration program of four holes totaling approximately 1,000 metres is currently being drilled subsequent to the results of a National Instrument 43-101 that was announced in the company's August 1, 2013 press release.
With the results of the first hole (ZC-003), drilling at Providencia continues to intersect high grade gold veins with visible gold. Hole ZC-003 returned 5.34 metres @ 19.41 grams per tonne (g/t).
These results confirmed the extension of the associated with holes DS-0089 (includes 0.42 meters at 663.3 g/t) and DS-0126 (includes 2.60 metres at 42.31 g/t)1. Based on the continued success of the exploration program, another hole is currently in progress to extend the high-grade ore-shoot to the west and two more holes have been designed to test the down-plunge extension of the main ore-shoot.
"Our exploration at Segovia continues to identify incremental, very high grade resources to support our Pampa Verde project at Segovia", said Serafino Iacono, Executive Co-Chairman of Gran Colombia. "With the completion of our new processing plant and underground mining operation in 2014, Segovia will be Colombia's first modern, mechanized underground gold mining operation."
About Gran Colombia Gold
Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. In addition, Gran Colombia is advancing a project to develop a large-scale, gold and silver mine at its Marmato operations.
SOURCE Gran Colombia Gold Corp.
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