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Gran Colombia Gold completes spin-off of Marmato Mining Assets

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Global Mining Review,

Gran Colombia Gold Corp. has recently completed the spin-off of its Marmato Mining Assets through a reverse takeover (RTO) transaction completed with Bluenose Gold Corp.

The resulting issuer name is Caldas Gold Corp. and, subject to the fulfillment of all the requirements of the TSX Venture Exchange (TSXV) , it is expected that trading of the Caldas Gold shares on the TSXV will commence on or around 28 February 2020 under the symbol ‘CGC’. Gran Colombia owns approximately 72% of Caldas Gold.

Commenting on the closing of the RTO transaction, Serafino Iacono, Executive Chairman of Gran Colombia, stated: “The company is pleased to complete the spin-out of its Marmato Mining Assets. With total proceeds from the equity financings of approximately CAN$21.6 million, Caldas Gold is capitalised to take the Marmato Project forward as it completes the prefeasibility study for the underground mine expansion in 1H20 and continues drilling the Deep Zone mineralisation. The recently released 2019 phase 2 drilling results have increased the confidence in the geological model. In addition, the discovery of a possible new high-grade zone in the Deeps mineralisation opens a new scenario for potential resource growth. Today begins a new chapter in the future of the Marmato Project.”

The Marmato Mining Assets principally comprise the existing producing underground gold mine (including the right to mine in the lower portion of the Echandia license area), the existing 1200 tpd processing plant and the area encompassing the Deeps mineralisation, all located within the mining license area referred to as Zona Baja. The existing underground mine at Marmato produced 25 750 oz of gold in 2019, representing a 3% increase over 2018, and Caldas Gold expects to produce between 32 000 and 37 000 oz of gold in 2020.

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