TORONTO, ON--(Marketwired - September 21, 2016) - Gran Colombia Gold Corp. (the "Company") (TSX: GCM) (OTC PINK: TPRFF) announced today that it is monitoring the civil situation in Segovia and Remedios in the Department of Antioquia, Colombia, in which the Company's Segovia Operations are located. A local mining collective, comprised in its majority by illegal miners, has convened a civil strike in Segovia and Remedios to exert pressure in negotiations it is having with the government of the Department of Antioquia, the National Mining Agency, Procuraduria, the Ministry of Energy and Mines, and the Company. This mining collective has been in discussion with the various levels of government and the Company since February of this year related to the Colombian government's national program to formalize illegal mining in the country. At issue is Decree 1421 from the Ministry of Mining and Energy, which became effective on September 1, 2016, that requires small processing plants to obtain a registration with the Colombian government and an environmental license and to only process and sell gold with a proper certificate of origin.
While the Company's employees are not directly involved in this dispute, the civil strike has now impeded their ability to safely report to work. The Company is taking appropriate measures and has implemented the necessary security procedures. There are also increased numbers of governmental authorities present to aid in controlling the situation. The Company will continue to monitor and provide updates on this situation and whether there is any significant impact on its mining operations. The Company is continuing to process stockpiles at the Segovia operations but the supply is limited and not expected to sustain operations into next week. On August 11, 2016, the Company announced it had increased its production guidance for 2016 to a total of 135,000 to 145,000 ounces of gold for the year and continues to expect total production to be in this range unless the local civil strike is prolonged.
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 several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.
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, potential strategies for the Company's future. 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, 2016, 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.