Gran Colombia completes Gold X acquisition, creates new mid-tier Latin American gold producer
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(Kitco News) - Gran Colombia Gold (TSX: GCM; OTCQX: TPRFF) announced today the completion of its acquisition of all of the issued and outstanding common shares of Gold X Mining not already owned by Gran.
The company said that arrangement became effective at 12:01 a.m. (Pacific Time) on June 4, 2021. As a result of the Arrangement, Gold X became a direct, wholly-owned subsidiary of Gran Colombia and Gran Colombia gained control of the Toroparu gold project located in Guyana, South America.
Executive Chairman Serafino Iacono commented, "With the closing of the Gold X acquisition today, we have created a new mid-tier Latin-American gold producer with a complementary asset portfolio including the world-class, free cash flow generating Segovia Operations located in Colombia and the large, high-growth and substantially de-risked Toroparu gold project in Guyana."
The company added that on a combined basis for Segovia and Toroparu, Gran Colombia's measured and indicated gold resources now total 8,778,000 ounces (256.5 Mt grading 1.06 g/t Au) and the company has another 4,359,000 ounces of gold in the inferred category (132.6 Mt grading 1.02 g/t Au). Over the next couple of months, the company said it will be refining development options at Toroparu.
Gran Colombia is a mid-tier gold producer. In Colombia, the company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the company is advancing the Toroparu project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold (TSX: ARIS), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato project in Colombia.