Gran Colombia Gold Increased Production by 16% in 2017 to 173,821 Ounces of Gold

Gran Colombia Gold Corp. (TSX: GCM) produced 173,821 ounces of gold last year, an increase of 16% over its 2016 output, the Canadian gold and silver mining company announced this week.

The 2017 total also exceeded Gran Colombia Gold’s guidance expectations for the year, stated the company.

The vast majority of the output — almost 86% — came from the firm’s operations the Segovia mine in Colombia, which accounted for 148,659 ounces of gold in 2017, a 18% jump from the 2016 total at the location. Gold production from the Colombian operations at Marmato rose by 6%, year-over-year, to 25,162 in 2017.

Gran Colombia Gold’s growth was aided by a particularly good fourth quarter, when it produced 51,699 ounces of gold, up 26% compared to the same period in 2016.

“In the fourth quarter of 2017, the company also benefitted from the additional material sourced from contract miners under new operating contracts entered into since August 2017, under which Gran Colombia is retaining between 10% and 60% of the spot price for each ounce of gold produced,” said the company in a statement.

In 2017, overall contract mining production increased by just 2% from the previous year to 98,411 ounces.

The company said that it expects to release its full-year financial results “on or about March 27.”