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Gran Colombia Gold Announces Updated Mineral Resource Estimate and Preliminary Economic Assessment for Its Marmato Project

Mining News - Published on Fri, 18 Oct 2019

Image Source: mining.com
Gran Colombia Gold Corp announced that it has completed an updated Mineral Resource estimate for its Marmato Project prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum Definition Standards incorporated by reference in National Instrument 43-101 with an effective date of July 31, 2019. Gran Colombia also announced that SRK Consulting Inc has completed preliminary results of a Preliminary Economic Assessment for the Marmato Project, focused on the Zona Baja mining operations, effective July 31, 2019, and is currently finalizing the technical report to be filed on SEDAR and the Company's website by the end of November 2019.

Serafmo lacono Executive Chairman of Gran Colombia commenting on the preliminary results of the Marmato technical study said that we are very pleased to have reached the point at which we can see a path forward to significantly expand production from our Marmato Project and, through the recently announced spin out, create value for our shareholders while protecting our capital structure and balance sheet. The PEA charts a course whereby the immediate implementation of an optimized mine plan in the upper existing mine at Marmato, much like we did a few years ago at Segovia, will increase production and free cash flow starting in 2020. Concurrently, we will commence the development and construction activities in the new Deep Zone, which should come on stream in 2023, further increasing total gold production which reaches more than 150,000 ounces annually from 2024 through 2027 and then averages more than 100,000 ounces annually over the next nine years of operation. We expect to complete the transaction with Blue nose and the equity private placement in December and we are proceeding with the prefeasibility study to be finalized by mid-2020.

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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