Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced Monday that it produced a new monthly record total of 21,835 ounces of gold in November, surpassing its previous best month in February earlier this year. This brings the total for the first 11 months of 2019 to 217,600 ounces, up 9% over the first 11 months of 2018. Gran Colombia’s trailing 12 months’ total gold production at the end of November 2019 increased to 236,608 ounces, also up 9% over 2018’s annual production of 218,001 ounces.
Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the company’s latest production results, said, “We are on track to finish the year in the upper end of our production guidance range of 225,000 to 240,000 ounces of gold. Our mining operations at Segovia continue to deliver on expectations and, for the second consecutive month, we have realized an improvement in the head grades at Marmato, setting us up nicely as we proceed with the spin out of the mine to Caldas Gold as part of our initiative to unlock value in our Zona Baja mining assets at Marmato.”
The company’s Segovia Operations produced a new monthly record total of 19,447 ounces of gold in November bringing the total for the first 11 months of 2019 to 194,108 ounces, up 10% over the first 11 months of 2018. Gran Colombia processed an average of 1,347 tons per day (“tpd”) in November with an average head grade of 16.6 g/t, benefitting from an improvement in head grades at its Providencia and El Silencio mines compared with the last couple of months. Segovia, with head grades averaging 16.4 g/t through the first 11 months of 2019, continues to rank among the top underground gold mines globally by grade. Segovia’s trailing 12 months’ total gold production at the end of November 2019 increased to 211,036 ounces, up 9% over 2018’s annual production of 193,050 ounces. The company expects that its annual gold production at its Segovia Operations for 2019 will finish the year at the top end of its guidance range of between 201,000 and 214,000 ounces.
At the Marmato Operations, November’s gold production of 2,388 ounces benefitted from an improvement in its head grade to 3.0 g/t while processing an average of 941 tpd in the month. This brings the total production for the first 11 months of 2019 to 23,492 ounces, up almost 3% over the first 11 months of 2018. Marmato’s trailing 12 months’ total gold production at the end of November 2019 totaled 25,566 ounces, up more than 2% over 2018’s annual production of 24,951 ounces and within the company’s annual guidance range for 2019 of between 24,000 and 26,000 ounces of gold.