Gran Colombia Gold Corp. reported audited consolidated earnings and production results for the first quarter of 2013. For the quarter, the company reported revenue of $37.6 million reflected the sale of 22,289 ounces of gold at an average realized price of $1,639 per ounce and 35,069 ounces of silver at an average realized price of $30 per ounce. The company’s revenue in first quarter 2012 was $42.68 million. Net income attributable to shareholders was $9.545 million or $0.02 per basic and diluted share against $1.128 million or $0.00 per basic and diluted share for the same period a year ago. For the quarter, the company reported total gold production of 24,350 ounces, a 10% increase over the fourth quarter of 2012, driven by a 13% increase at the Segovia Operations. The company produced gold in first quarter 2012 was 26,260 ounces. Mill operations at the Maria Dama plant at the Segovia Operations have stabilized in 2013 with the mill averaging more than 1,000 tpd since the beginning of March. The company remains on track to produce a total of 110,000 ounces of gold in 2013. Gold sold was 22,289 ounces against 24,814 ounces for the same period a year ago. At Marmato Underground, operations remained steady in the first quarter of 2013, with 679 tpd milled at an average head grade of 3.0 g/t and a mill recovery of 88.9%, resulting in gold production of 5,298 ounces for the first quarter. Gold production is expected to be 20,000 ounces in 2013, down from 21,717 ounces produced last year, due to the impact on production of a crusher upgrade to be completed in the second quarter of 2013. The company is focused on cost reductions and limiting capital investments to support an expected production level of 110,000 ounces of gold in 2013. The company continues to expect production at its Segovia Operations to reach 90,000 ounces of gold in 2013 and production from the underground mine at Marmato to total 20,000 ounces of gold. Guidance for sustaining capital expenditures for 2013 remains at approximately $4.5 million. These expenditures will be funded internally from unrestricted cash balances and operating cash flow and will focus on sustaining capital at the two operating mines, including the completion of Maria Dama mill upgrades, the environmental program at Segovia and a crusher upgrade at the Marmato underground mining operation. An additional $4.5 million is expected to be spent on various ongoing activities at the Marmato Project site. Capital expenditures, exploration and mine development in support of the expansion of the Segovia Operations are being funded separately from the proceeds of the Gold Notes and are not included in all-in sustaining cash cost.

Gran Colombia Gold Corp., Q1 2013 Earnings Call, May 15, 2013

Gran Colombia Gold Corp. reported production results for the first quarter ended March 2013. For the quarter, the company reported production of gold of 24,350 ounces against 37,428 ounces a year ago.