TORONTO – Gran Colombia Gold Corp. (TSX:GCM) is reporting an adjusted net loss of $4.5 million, or 27 cents per share, in the first quarter of the year.
That compares to an adjusted net loss of $3.9 million, or 26 cents a share, in the first quarter last year.
The Toronto-based company blames lower gold prices for the loss, but says its progress in reducing cash costs and other expenses helped limit the loss.
Gran Colombia`s quarterly revenue was $25.7 million, down from $37.6 million, reflecting the impact of lower production and metals prices.
The company says it produced 19,200 ounces of gold in the quarter, down from 24,350 ounces in the same period a year ago.
Gran Colombia says it is maintaining its 2014 gold production guidance of 102,000 to 122,000 ounces.
The company says an aggressive savings program in began in 2013, which included a reduction in its workforce at its Segovia operation in Colombia, resulted in an 18 per cent decrease in total cash costs.
“All-in sustaining costs met our expectations this quarter which represented the fourth consecutive quarter we have successfully lowered our all-in sustaining costs, said executive co-chairman Serafino Iacono.
“Work continues to further lower our costs and grow our gold production to meet our guidance for an annual average all-in sustaining cost of $950 to $1,025 per ounce for 2014.”