09:56 AM EST - Gran Colombia Gold Corp. : announced today that the cost reduction program initiated in January at its Segovia Operations is already having a positive impact on its all-in sustaining cost per ounce. Cash cost, the primary component of the company's all-in sustaining cost, at the Segovia Operations decreased to an average of $1,337 per ounce for the first quarter of 2013, down from $1,604 per ounce in the fourth quarter of 2012. The company's cost reduction program resulted in $850,000 per month of savings starting in February, with approximately $700,000 directly related to operating costs and the balance to general and administrative expenses. As a result of the realized cost reductions and the improvement in gold production, Segovia's cash cost decreased to $1,164 per ounce in the month of March. Gran Colombia Gold Corp.
shares T.GCM are trading up $0.02 at $0.18.
