Gran Colombia Gold Corp. (GCM.TO), which dropped more than 5%
Monday, announced the release of its unaudited interim condensed
consolidated financial statements for the third quarter ended
September 30, 2012.
Third Quarter 2012 Highlights:
Gold production of 26,912 ounces in the third quarter of 2012
represented a 24% improvement over the same quarter last year
bringing total gold production for the first nine months of 2012 to
78,779 ounces, up 22% over the first nine months of last year.
Revenues for the third quarter of 2012 of US$47.1 million, 21%
higher than the third quarter last year, brought total revenues for
the first nine months of 2012 to $130.5 million. The Company sold
77,241 ounces of gold at an average realized price of $1,647 per
ounce in the first nine months of 2012.
Cash costs showed improvement at both Segovia and Marmato
Underground in the third quarter of 2012 compared to the second
quarter this year. Overall, with an average realized gold price of
$1,642 per ounce and a combined cash cost of $1,261 per ounce, the
Company generated cash flow of $381 per ounce or $10.8 million from
its production in the third quarter of 2012.
Net loss attributable to shareholders of $0.7 million, or $0.00
per share, in the third quarter of 2012, compared to a net loss of
$5.9 million, or $0.02 per share, in the third quarter of 2011.
Cash balance at September 30, 2012 was $1.6 million. During the
third quarter of 2012, the Company used $2.5 million of its cash on
hand, together with $0.6 million generated from operating
activities and $4.9 million of net proceeds from additional
Colombian bank debt facilities to fund $7.9 million of investing
activities during the quarter.
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