UPDATE: Gran Colombia Gold Edges Even Lower As Announces Q3 2012 Results With Production of 26,912 Ounces of Gold
Gran Colombia Gold Corp. (GCM.TO), which dropped more than 5% Monday, has edged even lower and closer to a year low 28 cents today as it 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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