Gran Colombia announces second quarter 2011 results
TORONTO, Aug. 16, 2011 /CNW/ --
TORONTO, Aug. 16, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,
GCM.WT, GCM.WT.A) has filed today its interim condensed consolidated
financial statements for the three and six months ended June 30, 2011.
The Company's consolidated financial statements, together with its
Management's Discussion and Analysis of these results, are available
for review on the Company's website at www.grancolombiagold.com and under the Company's profile at www.sedar.com.
The Company reported revenues for its second fiscal quarter of 2011 of
US$27.8 million, principally from the sale of 17,533 ounces of gold at an
average realized price of US$1,529 per ounce. For the first half of
2011, gold sales amounted to 32,307 ounces and total revenues were
US$48.5 million.
For the second quarter ended June 30, 2011, the Company reported a net
loss attributed to shareholders of US$11.0 million, or US$0.04 per share, after reflecting a US$4.8 million one-time charge related to
the costs of the merger with Medoro Resources (Yukon) Inc. on June 10(th). For the first half of 2011, the net loss attributed to shareholders
was US$27.7 million, or US$0.12 per share, after reflecting the Medoro
merger costs and a US$12.6 one-time charge recorded in the first
quarter related to the 2011-2014 equity tax levied on companies in
Colombia.
About Gran Colombia Gold Corp.
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 six underground mines in operation. In
addition, Gran Colombia is also developing a large-scale, open-pit gold
and silver mine at Marmato. The Company also has a highly-prospective
land position in Colombia as well as an advanced stage property in
Venezuela and earlier stage properties in Mali.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains 'forward-looking information', which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as 'plans', 'expects', 'is expected', 'budget',
'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or
'believes' or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results 'may',
'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gran Colombia to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and Gran
Colombia disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
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Belinda Labatte
Investor Relations
(647) 436-2152