GCM Mining Announces August 2022 Production, The Canadian Business Journal

TORONTO, Sept. 15, 2022 (GLOBE NEWSWIRE) — GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) today announced that its Segovia facility will open in August 2022. announced that it had produced 18,852 ounces of gold. , up from 17,377 ounces of gold last August. This brings total gold production in the first eight months of 2022 to 139,952 ounces, up from 133,891 ounces in the first eight months of last year. At the end of August 2022, Segovia’s total gold production over the last 12 months was 212,450 ounces, up around 3% from 2021. The company is on track to meet his 2022 annual production guidance of 210,000 to 225,000 ounces of gold.

GCM Mining processed a total of 57,073 tonnes in one month, benefiting from the completion of the expansion of the Maria Dama processing plant in Segovia in August 2022. August 2021. Segovia’s head grade averaged 11.3 g/t in August 2022, compared to 12.0 g/t in August last year. In the first eight months of 2022, a total of 401,394 tonnes (equivalent to 1,652 tpd) were processed at Segovia at an average head grade of 12.0 g/t, compared to a total of 365,805 tonnes (equivalent to 1,505 tpd) at average heads. ) grade of 12.7 g/t in the first eight months of last year. His July and August production activities at the company’s mines and at a small mine in Segovia were affected by a temporary shortage of explosive detonator supplies. The situation is starting to normalize and this should benefit production through the rest of the year.

The company also processed an average of 107 tpd of tailings at its polymetallic plant in Segovia in August 2022, producing about 133 tonnes of zinc concentrate and about 106 tonnes of lead concentrate. Total payable production from the concentrate in August 2022 is estimated at about 124,000 pounds of zinc, 137,000 pounds of lead, 9,900 ounces of silver and 128 ounces of gold. Actual payable quantities are subject to change and will be determined at the time the concentrate is shipped. To date, the company has produced a total of approximately 926 tons of lead concentrate and 1,071 tons of zinc concentrate, which are stockpiled. The first shipments of concentrate to ports will begin this week, with the first shipments to international offtake customers expected by the end of September.

About GCM Mining

GCM Mining is a medium-sized gold producer with a proven track record of mine construction and operations in Latin America. In Colombia, we are a leading producer of high-grade underground gold and silver, operating multiple mines at our Segovia site. Segovia will produce 206,389 ounces of gold in 2021. In Guyana, we have a wholly owned Tropal project. It is one of the largest untapped gold/copper projects in the Americas and is expected to start producing over 200,000 ounces of gold annually in 2021. 2024. GCM Mining acquired Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada – Juby) and Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero). I am investing. -Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information about GCM Mining can be found by reviewing its website at www.gcm-mining.com and SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains “forward-looking information”, which may include statements regarding its production and production guidance and other anticipated business plans or strategies, which may include: Not limited. Often, but not always, forward-looking statements are referred to as “plans,” “anticipates,” “anticipates,” “budgets,” “intends,” “estimates,” “forecasts,” “such “intend,” “predict,” “believe,” or variations (including negative variations) of a word or phrase, or that a particular action, event, or outcome “could,” “could,” to be taken, to occur, or to be achieved stating that there is, could, could, or could Forward-looking statements involve known and unknown risks, uncertainties, and the actual results, performance, or achievements of GCM Mining, which may or may not represent future results, performance, or achievements expressed or implied by the forward-looking statements. Includes other factors that could cause results to differ materially. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are available at www.sedar.com. The forward-looking statements contained herein are made as of the date of this press release and GCM Mining reserves the right to update information, results, future events or circumstances, except as required by law. , or if management’s estimates or opinions change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

For more information, please contact:
Mike Davis
CFO
(416) 360-4653
[email protected]

CBJ Newsmaker