TORONTO, Oct. 19, 2011 /CNW/ - Gran Colombia Gold Corp.
announced today that it has filed a National Instrument 43-101 mineral resource estimate for its Marmato Project in Colombia, as announced in its news release dated September 4, 2011. The Technical Report is available on the Company's website at
www.grancolombiagold.com and under the Company's profile on SEDAR at
www.sedar.com.
The Marmato Project currently has a measured and indicated resource containing 10.0 million ounces of gold in the Measured and Indicated categories and an additional 2.4 million ounces of gold in the Inferred category at a cut-off grade of 0.3 g/t (see table below). In addition, there are an estimated 64 million ounces of silver in the Measured and Indicated categories and a further 11 million ounces of silver in the Inferred category. This new in-pit mineral resource represents a 51% increase in Measured and Indicated gold ounces and a 73% increase in Measured and Indicated silver ounces compared to the previous mineral resources dated January 6, 2011.
GOLD SILVER
Tonnes Grade Ounces Grade Ounces
(at 0.3 g/t cut off) (mm) (g/t) (mm) (g/t) (mm)
Measured Mineral Resource 53 1.1 1.9 9.7 16
Indicated Mineral Resource 254 1.0 8.1 5.8 48
Measured and Indicated Mineral 307 1.0 10.0 6.5 64
Resource
Inferred Mineral Resource 68 1.1 2.4 5.1 11
In addition to this in-pit resource, SRK Consulting (UK) Ltd., which performed the mineral resource estimate, has also identified an underground mining resource of 2.1 million tonnes at a gold grade of 1.8 g/t representing 120,000 ounces of Measured and Indicated gold resources plus 6.4 million tonnes grading 2.3 g/t gold or 500,000 ounces of gold in the Inferred resource category.
The Marmato Project resource estimates are based on over 180,000 metres of diamond drilling and cross-cut samples, and using a cut-off grade of 0.3 g/t gold. The updated estimate reflects results from an additional 157 drill holes or 52,500 metres, plus 732 metres of cross-cut sampling, collectively representing a 53% increase in the assay database since the previous mineral resource estimate was announced.
Qualified Person:
Ben Parsons, Senior Resource Geologist with SRK Consulting (UK) Ltd. prepared the Marmato Project mineral resource estimate. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the properties, please refer to the Technical Report.
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 six underground mines in operation. In addition, Gran Colombia is also developing a large-scale, open-pit gold and silver mine at Marmato. The Company also has a highly-prospective land position in Colombia as well as an advanced stage property in Venezuela and earlier stage properties in Mali.
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.
Gran Colombia Gold Corp.
CONTACT: Investor Relations
(416) 603-4653
