{"id":1143206,"date":"2019-10-10T08:33:05","date_gmt":"2019-10-10T13:33:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1004094"},"modified":"2019-10-10T08:33:05","modified_gmt":"2019-10-10T13:33:05","slug":"gran-colombia-buys-stake-in-western-atlas-says-production-up-7-this-year","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1143206","title":{"rendered":"Gran Colombia buys stake in Western Atlas, says production up 7% this year"},"content":{"rendered":"<p>Canada\u2019s Gran Colombia Gold (TSX:GCM)&nbsp;has <a href=\"http:\/\/www.grancolombiagold.com\/news-and-investors\/press-releases\/press-release-details\/2019\/Gran-Colombia-Gold-Completes-Acquisition-of-Approximately-1989-Interest-in-Western-Atlas-Signs-Definitive-Agreement-With-Respect-to-Venezuelan-Opportunity\/default.aspx\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">bought a 19.89% stake in Western Atlas Resources<\/a> (TSX-V: WA) as part of its plans to sell assets it used to own in Venezuela.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Toronto-based miner also <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"http:\/\/www.grancolombiagold.com\/news-and-investors\/press-releases\/press-release-details\/2019\/Gran-Colombia-Golds-Production-Increases-7-to-174754-Ounces-in-the-First-Nine-Months-of-2019-With-Steady-Performance-in-the-Third-Quarter-Cash-Balance-Improves-to-US63-Million-at-the-End-of-September\/default.aspx\" >reported a gold production increase<\/a> of 7% to 174,754 ounces for the first nine months of the year in relation to the same period in 2018. This brings the company\u2019s production for the 12 months to the end of September to 230,014 ounces, up 6% over 2018\u2019s annual production.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Miner is currently seeking the restitution of mining rights for two concession in Venezuela.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The company, Colombia\u2019s largest<br \/>\nunderground gold and silver producer, intends to spin off its Venezuelan subsidiary,<br \/>\nMedoro Resources International, into a separate listed vehicle.<\/p>\n<p>It also said it\u2019s presently seeking<br \/>\nthe restitution of its mining rights to the Lo Increible 4A and Lo Increible 4B<br \/>\nconcessions near El Callao, in Venezuela, from the current interim government. <\/p>\n<p>In terms of gold production, Gran Colombia said that that based results to date and expectations for the remainder of the year, the company remained on target to meet its 2019 production guidance of between 225,000 and 240,000 gold ounces.<\/p>\n<p>The miner grabbed headlines earlier this year after <a href=\"https:\/\/www.mining.com\/gran-colombias-segovia-gold-mine-richer-thought\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">increasing the mineral resource and reserve<\/a> estimate&nbsp;for its Segovia mine, located in the northwestern Antioquia mining district.<\/p>\n<p>Grab Colombia said last month it would <a href=\"https:\/\/www.mining.com\/gran-colombia-to-spin-off-marmato-gold-project\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">spin off its Marmato gold project<\/a> in the country\u2019s department of Caldas, into a separate listed company to generate the funding required for ongoing exploration, development of an underground mine and the expansion of operations. <\/p>\n<p>The company is also nearing completion of an underground mine expansion study at Marmato,&nbsp;<a href=\"https:\/\/www.mining.com\/colombia-gold-switch-marmato-project-open-pit-underground\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">first announced in 2017<\/a>&nbsp;and expects to file a preliminary economic assessment before the end of the year. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian miner now owns about 20% of Western Atlas and says is on track to meet its 2019 production target of between 225,000 and 240,000 ounces.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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