U.S. Markets closed

Gran Colombia Gold Corp. (GCM.TO)

Toronto - Toronto Real Time Price. Currency in CAD
Add to watchlist
6.19-0.01 (-0.16%)
At close: 4:00PM EDT
Full screen
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close6.20
Open6.13
Bid6.15 x 0
Ask6.20 x 0
Day's Range6.05 - 6.20
52 Week Range2.88 - 8.10
Volume286,065
Avg. Volume484,980
Market Cap383.416M
Beta (5Y Monthly)1.69
PE Ratio (TTM)N/A
EPS (TTM)-2.40
Earnings DateNov 13, 2020
Forward Dividend & Yield0.06 (0.96%)
Ex-Dividend DateSep 29, 2020
1y Target Est8.34
  • GlobeNewswire

    Gran Colombia Announces Upgrade From Fitch Ratings to ‘B+’; Provides Details for the Quarterly Repayment of Its Gold Notes on November 2, 2020; Receives Notice of Dismissal of Arbitration Related to Termination of Long-Term Supply Agreement

    TORONTO, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that Fitch Ratings has upgraded it to ‘B+’ from ‘B‘ with a Stable Outlook. In its commentary regarding the rating action, Fitch Ratings stated that the upgrade reflects the improvement in Gran Colombia’s capital structure due to strong free cash flow and capital raising that has led to substantial debt repayment. Fitch Ratings noted several key rating drivers including (i) positive strategic decisions over the past 12 months that have given it a stronger balance sheet and have lowered risk, including the spin out of Marmato to Caldas Gold and the planned spin out of Zancudo to ESV Resources, (ii) turnaround in the Company’s net cash position, (iii) solid free cash flow, (iv) single-asset risk and (v) competitive cost structure. Additional information with respect to this rating may be found at www.fitchratings.com.Quarterly Gold Notes RepaymentGran Colombia also announced today the details for the forthcoming quarterly repayment of its 8.25% Senior Secured Gold-Linked Notes due 2024 (the “Gold Notes”) (TSX: GCM.NT.U) as follows:Payment date: November 2, 2020     Record date: October 26, 2020     Cash payment amount: Approximately US$0.11377257 per US$1.00 principal amount of Gold Notes issued and outstanding representing an amortization payment of the principal amount of approximately US$0.07517084 per US$1.00 principal amount of Gold Notes and a gold premium of approximately US$0.03860173 per US$1.00 principal amount of Gold Notes. Based on the London P.M. Fix on October 15, 2020 of US$1,891.90 per ounce, the aggregate amount of the cash payments on the Payment Date will be US$4,370,289, of which US$2,887,500 will be applied to reduce the aggregate principal amount of the Gold Notes issued and outstanding and the balance represents the Gold Premium.     Principal amount issued and outstanding: As of today’s date, there is a total of US$38,412,500 principal amount of Gold Notes issued and outstanding. After this quarterly repayment, the aggregate principal amount of the Gold Notes will be reduced to US$35,525,000. Arbitration Related to Termination of Long-Term Supply AgreementThe Company had a long-term supply agreement to sell all of its production to a single customer in Colombia which was terminated in January 2019. On May 10, 2019, the Company received notice of a request to settle the dispute, as permitted under the supply agreement, under the Rules of Arbitration of the International Chamber of Commerce (“ICC”). The Company was notified today by the ICC that it has dismissed the customer’s claims on the basis of breach of the supply agreement.About Gran Colombia Gold Corp.Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 53.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).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 repayment of the Gold Notes. 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. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, 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.For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com

  • Gran Colombia Gold Provides Exploration Update on Its Zancudo Project
    GlobeNewswire

    Gran Colombia Gold Provides Exploration Update on Its Zancudo Project

    Zancudo Project Plan View Attachment 1 Geochemical Model Santa Catalina Attachment 2 Geochemical Model Manto Antiguo Albertos and Castano Targets Attachment 3TORONTO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) is pleased to provide an update on drilling results at its Zancudo Project since the last results were announced on October 9, 2018. Since then, a total of 9 additional drill holes totaling 3,323 meters were completed by IAMGOLD Corporation (“IAMGOLD”) as part of the 2018 diamond drilling program and 21 drill holes totaling 5,904 meters were completed by IAMGOLD in the 2019 diamond drilling program. Due to the COVID-19 pandemic, IAMGOLD has suspended its drilling program thus far in 2020. Exploration and drilling on the Zancudo Project is being carried out by IAMGOLD under an option agreement signed in March 2017 for the exploration and potential purchase of an interest in the Zancudo Project. Serafino Iacono, Executive Chairman of Gran Colombia, commented, “We are very pleased with the drilling results in IAMGOLD’s program to date and we are encouraged by the discovery of new mineralized structures in the North and South zones of the Zancudo Project, as well as by the delineation of the ore shoots outlined by the previous drilling campaigns on the Manto Antiguo, La Miel and Santa Catalina veins in the South Zone, all of which merit further evaluation. In light of the drilling results from our campaign in 2011 and 2012 and IAMGOLD’s 2017 to 2019 program, the Zancudo Project is shaping up nicely as a potential silver-gold property and we see it as a natural fit, through the recently announced spin out, in ESV Resources."As announced on September 24, 2020, Gran Colombia has entered into a letter of intent with ESV Resources Ltd. (“ESV Resources”) (TSXV: ESV.H) to spin out its interest in the Zancudo Project to ESV Resources for 27,000,000 common shares. Gran Colombia will become a “control person” of ESV Resources through the spin out and its participation in a concurrent private placement. ESV Resources intends to change its name to “Denarius Silver Corp.” and will become a silver focused company looking to offer its shareholders exposure and leverage to silver. IAMGOLD’s option agreement related to the Zancudo Project will remain in effect following the spin out to ESV Resources.Drilling Program UpdateIAMGOLD commenced drilling at the Zancudo Project in September 2017 and has had one diamond drill rig drilling from surface since that time. The 2017 exploration diamond drilling program was mainly focused on testing the continuity along strike and down dip of the stacked mantos and the Santa Catalina vein in the north and west zones of the project. A total of 3,905 meters was completed in 11 drill holes.The 2018 exploration diamond drilling program was mainly aimed at testing the zone where the stacked mantos merge into the Santa Catalina vein and master fault, which usually shows wider and higher-grade intercepts. A total of 6,416 meters was completed in 18 drill holes, 9 of which are reported in this press release.The 2019 exploration diamond drilling program was aimed at extending a new steeply dipping structure subparallel to the Santa Catalina structure further to the north, and at better delineating the ore shoots outlined on the Manto Antiguo, Manto Inferior and La Miel shallow dipping veins. A total of 5,903 meters was drilled in 21 holes.Key Highlights and Intercepts since the October 9, 2018 Press Release• In the Albertos Target of the North Zone of the project, a new steeply dipping vein named El Porvenir was intersected in the footwall of the Santa Catalina vein, with maximum grades of 2.43 g/t Au and 46.9 g/t Ag over 2.00 meters, and 5.66 g/t Au and 23.7 g/t Ag over 2.20 meters from drill holes 17PZ-094 and 17PZ-099, respectively.• Also within the Albertos Target, a set of subparallel mineralized veins, named El Ortiz and El Libertador, was discovered that occur in the footwall of the El Porvenir vein and show a similar structural trend. Some of the best intercepts are as follows: * El Libertador vein: Drill hole 17PZ-099 returned 5.58 g/t Au and 57.1 g/t Ag over 2.56 meters; * El Ortiz_A vein: Drill hole 17PZ-099 returned 8.16 g/t Au and 86.5 g/t Ag over 4.33 meters; * El Ortiz B vein: Drill hole 17PZ-099 returned 7.32 g/t Au and 11.5 g/t Ag over 2.86 meters; * El Ortiz D vein: Drill hole 17PZ-098 returned 8.88 g/t Au and 88.0 g/t Ag over 2.41 meters.• Drill hole 17PZ-092, located in the El Castaño Target in the North Zone of the Project, successfully extended the Manto Antiguo vein by more than 200 meters to the north. Assays received include 11.71 g/t Au and 248.4 g/t Ag over 4.25 meters. • Drilling along strike on the Manto Antiguo vein was successful in extending and better delineating some of the potential ore shoots outlined by the 2018 drilling campaign. Some of the best intercepts are as follows: * Drill hole 17PZ-099 returned 5.48 g/t Au and 124.7 g/t Ag over 2.19 meters; * Drill hole 17PZ-102 returned 6.22 g/t Au and 60.6 g/t Ag over 2.0 meters; * Drill hole 17PZ-103 returned 13.41 g/t Au and 82.9 g/t Ag over 2.89 meters. • In the South Zone of the Project, a new northerly-dipping manto vein, named La Miel, was identified by several intercepts that outline a potential ore shoot approximately 600 meters long by 140 meters wide. The most significant interval is from drill hole 17PZ-114 that returned 6.27 g/t Au and 89.2 g/t Ag over 2.00 meters. The following table is a list of significant intersections from the 2018 and 2019 diamond drill holes since the previous press release issued on October 9, 2018: YearHole ID VeinFrom (m)To (m)Length (m)Au (g/t)Ag (g/t)AuEq (g/t)AgEq (g/t)Map ID (2) 2018 17PZ-090  Santa Catalina 14.5017.703.202.8312.33.00215.023 Including16.8017.700.905.7036.46.21444.7  Unnamed 41.1043.302.206.8077.07.87564.124 Including42.1043.301.2012.45136.014.351027.8  Manto Antiguo 80.7084.603.905.0062.85.88420.925 Including80.7081.600.905.2618.55.52395.3 Including82.6083.601.006.90176.09.36670.2  El Porvenir285.70288.002.302.03123.23.75268.626 17PZ-091  Manto Antiguo 80.8082.852.051.96123.33.68263.727 Including80.8081.540.745.43341.010.19729.9 17PZ-092  Manto Antiguo 30.5034.754.2511.71248.415.181087.228 Including30.5031.751.2522.00638.030.912213.8 Including32.5033.050.5521.10110.022.641621.4 17PZ-093  Sedimentary 61.5063.842.342.954.73.02216.029 Including62.4063.100.706.789.66.91495.2 17PZ-094  El Porvenir 383.60385.602.002.4346.93.08221.030 Including385.00385.600.608.09149.010.17728.5 2019 17PZ-098  El Ortiz_A 33.7038.464.764.3740.34.93353.331 Including33.7034.540.848.3552.79.09650.8 Including36.1836.650.4710.8543.011.45820.2  El Ortiz_C66.2968.402.114.0442.24.63331.632  El Ortiz_D71.7474.152.418.8888.010.11724.133 17PZ-099  El Libertador 17.4420.002.565.5857.16.38456.834 Including17.4418.110.6713.55154.015.701124.6 Including19.3720.000.635.4114.65.61402.1  Unnamed 35.0839.043.962.7525.23.10222.235 Including35.0835.760.686.8860.47.72553.2 Including37.7039.041.344.6243.85.23374.7  El Porvenir 48.7050.902.205.6623.75.99429.136 Including48.7049.701.0011.6047.112.26878.0  El Ortiz_A 54.8959.224.338.1686.59.37671.037 Including54.8955.860.977.09221.010.18728.9 Including55.8657.101.2415.9048.516.581187.4  El Ortiz_B 69.2172.072.867.3211.57.48535.839 Including70.6171.570.9615.009.815.141084.2 Including71.5772.070.507.0325.57.39529.1  Manto Antiguo 82.3084.492.195.48124.77.22517.240 Including82.9583.850.9012.35114.013.94998.6  El Ortiz_C109.13111.132.002.7693.74.07291.441 17PZ-100  Manto Antiguo 195.69197.932.243.375.43.45246.842 Including196.43197.220.798.2912.58.46606.3 17PZ-102  Manto Antiguo 105.27107.272.006.2260.67.07506.143 Including106.40107.270.8714.15136.016.051149.6 17PZ-103  Manto Antiguo 179.04181.932.8913.4182.914.571043.444 Including179.04180.041.0014.60160.016.831205.8 Including180.04181.041.0010.5550.811.26806.5 Including181.04181.930.8915.3032.515.751128.4 17PZ-104  Manto Antiguo 155.85158.502.653.8130.24.23303.145 Including155.85156.750.909.9772.610.98786.7 Including156.75157.200.452.2328.12.62187.8 17PZ-105  Manto Antiguo 71.7573.752.004.1433.74.61330.246 Including71.7572.500.759.7652.110.49751.2 Including72.5072.950.452.1162.72.99213.8 17PZ-110  Manto Antiguo88.9090.902.002.51126.34.27306.147  Manto Antiguo 97.40101.404.003.4626.33.83274.148 Including97.4098.501.104.1324.64.47320.4 Including98.5099.400.903.1437.83.67262.7 Including100.50101.400.904.7326.65.10365.4 17PZ-111  Manto Antiguo 150.11152.101.993.1134.53.59257.349 Including150.11151.060.956.0965.17.00501.3 17PZ-112  Manto Inferior 210.00212.002.002.0978.23.18227.950 Including210.00210.940.944.44166.06.76484.0  Unnamed 223.16226.703.494.6149.35.30379.551 Including223.16224.411.255.7620.26.04432.8 Including225.41226.651.247.16118.08.81630.9 17PZ-113  Santa Catalina 72.6074.602.003.50373.08.71623.752 Including72.6073.601.005.59741.015.931141.4  Manto Antiguo 161.85164.332.483.1920.83.48249.353 Including161.85163.081.234.6636.85.17370.6 17PZ-114  Santa Catalina 76.3778.722.350.99136.82.90207.754 Including76.3777.601.231.18225.04.32309.5  La Miel 243.65245.652.006.2789.27.52538.355 Including245.10245.650.5515.40282.019.341385.1  Unnamed 378.49380.502.013.352.53.38242.556 Including378.49379.000.5113.108.713.22947.0 17PZ-115  Unnamed 399.30402.443.143.1631.63.60257.957 Including399.30400.341.046.0972.67.10508.8 17PZ-116  Sedimentary 85.7087.882.183.715.43.79271.158 Including85.7086.400.7011.5015.011.71838.7  Unnamed 252.03254.442.417.1820.77.47535.059 Including253.00254.441.4411.6026.511.97857.4 (1) The table shows intersections above a cut-off of 2 m @ 3 g/t AuEq. High grade samples above 10 g/t Au and 100 g/t Ag are listed as sub-intervals. Holes 17PZ-087, 17PZ-088, 17PZ-089, 17PZ-095, 17PZ-096, 17PZ-097, 17PZ-101, 17PZ-106, 17PZ-107, 17PZ-108 and 17PZ-109 do not have intersections above the cut-off width and grade. (2) Refer to Attachment 1 – Zancudo Plan View for location of the drill holes. (3) The intervals are core lengths. The true widths are estimated to be 80% to 90% of the lengths. (4) Equivalent gold grade (AuEq g/t) and equivalent silver grade (AgEq g/t) were calculated using prices of US$1,275/oz gold and US$17.80/oz silver for both the 2018 and 2019 drilling campaigns. No adjustments were made for recovery as the project is at an exploration stage and metallurgical data to allow for estimation of recoveries is not yet available.Please refer also to Attachments 2 and 3 for sections and geochemical models of the Santa Catalina and Manto Antiguo veins and for the relationship between the structures described in the text above.Qualified PersonDr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.Quality Assurance and Quality ControlThe IAMGOLD samples from the Project were prepared by ALS Minerals (ISO 9001:2015) at their laboratory in Medellin, Colombia and assayed by them at their laboratory in El Callao, Lima, Peru. Gold was assayed by 50 g fire assay with AAS finish. Samples over 10.0 g/t gold were re-assayed by 50 g fire assay with gravimetric finish. Silver and other elements were analyzed in a multi-element package by aqua regia digestion and ICP-AES finish. Silver samples above 100 g/t were re-assayed by 50 g fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.About Gran Colombia Gold Corp.Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 53.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).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 InformationThis news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. 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. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, 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. For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.comAttachment 1 – Zancudo Project Plan View is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24dacef4-7a61-4a83-b098-ef98311c15e2Attachment 2 – Geochemical Model Santa Catalina is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73aa75c4-7bed-4cc8-800c-ff4f268fa647Attachment 3 – Geochemical Model Manto Antiguo Albertos and Castano Targets is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f00ce40-d6e1-4308-948b-e6a556d34e8e

  • GlobeNewswire

    Gran Colombia Reports Third Quarter 2020 Gold Production of 58,454 Ounces, Up 4% Over the Third Quarter Last Year

    TORONTO, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 19,699 ounces of gold in September 2020 bringing the total for the third quarter of 2020 to 58,454 ounces, up 4% over the third quarter of 2019. The third quarter 2020 production reflects a 21% improvement over the second quarter of 2020 which had been adversely impacted by the COVID-19 national quarantine invoked in Colombia in late March. For the first nine months of 2020, the Company has produced a total of 162,929 ounces of gold compared with 174,754 ounces in the first nine months of last year. The Company is continuing to operate normally at both Segovia and Marmato and remains on track with its annual guidance of a total of between 218,000 and 226,000 ounces of gold production this year. Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s third quarter production results, said, “Our Segovia Operations had a very good third quarter and, with gold prices better than the first half of this year, are continuing to drive our free cash flow. At Marmato, after a challenging second quarter coping with the COVID-19 quarantine’s impact on worker availability, we have now put together two good months in a row during which we have seen a normal complement of workers and improved head grades. We continue to maintain all of our COVID-19 protocols at our operations and, at our current pace, we will meet our production guidance for this year. In the third quarter of 2020, Gran Colombia invested a total of US$25 million in Caldas Gold’s equity and gold notes financings, purchased 350,000 common shares for cancellation under our NCIB and still saw our cash position increase from US$73 million at the end of June to US$95 million at the end of September. In addition, Caldas Gold had an unrestricted cash position of approximately US$43 million at the end of September, including approximately US$35 million raised through its equity bought deal, that will allow it to commence the expansion project into the Deeps mineralization at its Marmato Project while it finalizes matters to access funds available from its gold notes offering and the Wheaton stream.”The Segovia Operations processed an average of 1,405 tonnes per day (“tpd”) in September 2020 with an average head grade of 14.1 g/t resulting in gold production of 17,196 ounces in the month. This brought Segovia’s total production for the third quarter of 2020 to 51,555 ounces, up 3% over the third quarter of 2019. Segovia’s third quarter 2020 production reflects a 16% improvement over the second quarter of 2020 which reflected the impact on the Segovia Operations as the Company adapted to the new COVID-19 protocols during the initial stages of the national quarantine from late March through the first two weeks of April. Since mid-April, the Segovia Operations have been operating at a fairly normal level through the COVID-19 national quarantine. For the first nine months of 2020, the Segovia Operations produced a total of 146,278 ounces of gold compared with 156,061 ounces in the first nine months last year. Overall, the Segovia Operations have processed an average of 1,259 tpd in the first nine months of 2020 at an average head grade of 14.7 g/t compared with 1,200 tpd at an average head grade of 16.5 g/t in the first nine months last year. The Segovia Operations are expected to produce between 195,000 and 200,000 ounces of gold this year.Caldas Gold’s Marmato mine delivered a second consecutive month of improved operating results in September 2020. The plant processed an average of 950 tpd in September at an average head grade of 3.1 g/t resulting in gold production of 2,503 ounces. This brought Marmato’s total gold production for the third quarter to 6,899 ounces, up 11% over the third quarter last year. Moreover, Marmato’s third quarter 2020 production reflects a 79% improvement over the second quarter of 2020 which had been adversely impacted by the COVID-19 quarantine’s limitation on the mine’s availability of workers. Since July, the situation has improved and Caldas Gold is proceeding to implement the optimized mine plan as envisioned in the recently published Marmato Project prefeasibility study. For the first nine months of 2020, gold production totalled 16,651 ounces compared with 18,693 ounces produced in the first nine months of 2019. The Marmato mine is expected to produce between 23,000 and 26,000 ounces of gold this year.About Gran Colombia Gold Corp.Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 53.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).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 production guidance and anticipated business plans or strategies. 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. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, 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.For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com