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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM) -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (294)	6/21/2014 5:21:02 PM
From: baystock	Read Replies (2) \| Respond to of 308

update: Gran Colombia Gold on Segovia, Marmato progress By Greta Bourke - Wednesday, March 27, 2013 Toronto-based miner Gran Colombia Gold (TSX: GCM) has an ambitious plan: to produce 540,000oz/year gold at its operations in the South American country by increasing output at its Segovia operation in Antioquia department to 200,000oz/y and to 340,000oz/y at the Marmato operation in Caldas department. The miner put out a total of 100,895oz of gold in 2012, a 10% increase over 2011. Full year 2013 production is set at 110,000oz gold. "In 2012 we built a foundation for the future of Gran Colombia... 2013 is about cash and cost reduction and execution... doing what we say we will do," CEO María Consuelo Araujo said in a webcast to discuss 2012 financials. SEGOVIA Segovia put out 79,178oz gold in 2012, 15% up on the previous year, and production is expected to reach 90,000oz in 2013. The expansion of gold production at Segovia involves a two-stage plan. The first stage is the modernization and expansion of the Maria Dama processing plant which started last year with a US$54mn investment. The company faced a number of challenges at the mill, one of which was an unexpected power disruption, leading to a processing rate of 732t/d at end-2012. The target for 2013 is 1,000t/d which was reached in March. This year a small capital investment of US$1mn will ensure throughput and bring it to design capacity of 1,500t/d. Gran Colombia is also investing in its Pampa Verde project at Segovia which involves the construction of a 2,500t/day mill and the development of a new mechanized underground mine, which will also improve access to the existing mines. Pampa Verde's original cost was US$90mn but this has been revised down to US$84mn. First production is expected in 3Q14. Gran Colombia expects to use Maria Dama exclusively for processing third-party ore. The Pampa Verde mill will be used to process its own mined ore. In 2012, Gran Colombia increased resources at Segovia, which comprises four operating underground mines, to 1.4Moz gold with an average grade of 13.3g/t. This year, the company has a 20,000m exploration program and sees "lots of future upside potential at Segovia." MARMATO At the company's Marmato operation resources currently total 14.4Moz with an average grade of 0.91g/t. plus a newly discovered deep zone that contains approximately 300Mt of potential mineralization. Last year, gold production at the operation decreased slightly to 21,717oz. The expansion project at Marmato is in the prefeasibility stage. The study should be ready in June of this year, according to Araujo. Target production at Marmato is 340,000oz/y. However, the current prefeasibility study is for an underground mine with 3Moz gold with an average grade of 3g/t. "The prefeasibility study is focused on two options, both open pit and underground," CFO Mike Davies said in the webcast, but the underground option is far more advanced and, due to its smaller scale, it can get started far more rapidly. "We have selected to move ahead with the underground, while studies for the open pit are ongoing and we will get back to that once the underground work is completed," he added. The company is still considering a possible sale of Marmato and has "a couple of parties actively going through the data and visiting the site," said Davies, adding that the market will be informed of any update. Gran Colombia is the largest underground gold and silver producer in Colombia. Its operations comprise both company mines and third-party contract miners, the latter accounting for approximately 42% of gold production in 2011. It also has Zancudo project in the Titiribí mining district of Antioquia. The company also has projects in Venezuela and Mali. Note: BNamericas is hosting the 2nd Mining Exploration Summit in Medellín, Colombia on July 17-18, focusing on mineral exploration opportunities, technologies, regulations, financing options and discoveries throughout Latin America. web6.bnamericas.com

To: baystock who wrote (294)	9/25/2016 5:31:57 PM
From: baystock	Read Replies (1) \| Respond to of 308

The structural style is different from the rest of the Marmato deposit, forming a deep, high grade core, with no major veins. Further work is required by the Company to investigate the depth and strike continuity of this deep mineralization. yahoo.com Gran Colombia announces discovery of new, deep mineralization and additional drill results at the Marmato project TORONTO , Jan. 9, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM.TO - News) is pleased to announce the discovery of a deep mineralization trend below the current, preliminary pit outline at its Marmato gold project in Colombia , further highlighting the geological upside of this project. Highlights from an additional 82 drill holes totalling 24,697 metres from the diamond drilling program include hole MT-1455A which returned 1.4 grams per tonne (g/t) gold and 6.4 g/t silver over 357 metres and hole MT-1445, which returned 1.4 g/t gold and 2.3 g/t silver over 239 metres. The current drilling has also produced a number of deep gold intersections, which include those highlighted above, and which extend mineralization trends to approximately 300 metres below the limit of the current preliminary pit outline. The deep mineralization is still open at depth and in all directions except to the southwest. These deep intersections show that mineralization at the Marmato Project extends for a vertical interval of more than 1,040 metres to the 560 metre level, and is open at depth. Serafino Iacono, Executive Co-Chairman of the Company, commented: "While it is still very early days in terms of our understanding of this new deep mineralization we are very excited as a result of the significant extension to the vertical range of the system at the Marmato Project as well as the recognition of a new style of gold occurrence at the Marmato Project. This new zone remains wide open and we believe it offers the potential for another significant phase of resource growth at our flagship project." Mineralization in the deep gold intersections is related to parallel veinlets of quartz-pyrrhotite-chalcopyrite. Gold appears to be related to the presence of chalcopyrite, and copper assays are awaited for these holes. The veinlets have a narrow halo of intermediate argillic alteration. The style of alteration and mineralization is similar to that seen throughout the Marmato deposit and the grades of gold are higher (and copper is also expected to be higher). The structural style is different from the rest of the Marmato deposit, forming a deep, high grade core, with no major veins. Further work is required by the Company to investigate the depth and strike continuity of this deep mineralization. Since January, 2010, the total number of metres drilled to date is 116,677 in 334 holes. Including all previous drilling the total is 197,571 metres in 713 holes. The surface drilling program was completed in December, 2011 and samples from the final holes are at the laboratory and awaiting results. The final 7 underground holes are planned to be completed this month which will conclude the resource drilling campaign for the upcoming Feasibility Study. All of the results to date, together with a map showing the locations of the drill holes, are available on the Company's website at www.grancolombiagold.com. Once all of the drilling results are received, an updated resource and reserve estimate will be made. The Marmato Project is the subject of a Technical Report prepared by SRK Consulting (UK) Ltd. announced on September 4, 2011 showing a measured and indicated mineral resource of approximately 306.7 million tonnes at an average gold grade of 1.0 g/t containing 10.0 million ounces of gold plus 68.3 million tonnes grading 1.1 g/t containing approximately 2.4 million ounces of gold classified as inferred resources at a cut-off grade of 0.3 g/t. Measured and indicated silver resources amounted to 63.9 million ounces grading 6.5 g/t plus a further 11.2 million ounces classified as inferred resources grading 5.1 g/t. The complete Technical Report is available at www.sedar.com as well as the Company's website. SRK also completed a Preliminary Economic Assessment in May 2011 , indicating that the preferred mining method is open pit with contractor mining. Based on processing 283 million tonnes of ore at a rate of 40,000 tonnes per day, production would average 340,000 ounces of gold and 1.3 million ounces of silver per year over a 21-year mine life. The cash operating cost is expected to be $525 per ounce of gold, net of silver credits. Assuming a life of mine capital cost of $550 million , total cost per ounce is estimated to be $643 . Assuming gold and silver prices of $1,200 and $16 per ounce respectively, this method resulted in a net present value of $1.1 billion assuming a discount rate of 5%. These estimates assume an average gold grade of 0.9 g/t, a stripping ratio of 3.3:1 and a metallurgical recovery of 88% for gold and 60% for silver. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The complete Preliminary Economic Assessment is available at www.sedar.com as well as the Company's website. Hatch has been retained to prepare a Pre-feasibility Study based on the September 4, 2011 resource estimate, the results of which are expected at the end of the first quarter of 2012.