Welcome To Gran Colombia Gold Corp (GCM.TO) HUB On AGORACOM

Frank Holmes: "the most undervalued pure gold stock in the GDXJ ETF."

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Message: Finally got to talk to IR today

After trying for some time to get in touch with the company, I finally got a call from Columbia directly. I talked to Mike Davis, the IR manager. We first talked about Segovia as I believe this is a jewel by itself. They have finished 30k meters of drilling with assays in the next few weeks as we have discussed. They are ramping up these mines seriously with target of 135k ounces in 2012. He confirmed that the long term plans have been changed from 150k ounces to 200k ounces per year. This was based on drilling success in the Los Alves Marmora area where they plan to install a brand new 2500 tons per day mill. They are currently working one a new 43-101 resource estimate for Segovia and this should be out in about 1 month.

For me, his enthusiam for the project, combined with the increase in target projection and the $20M they will be spending in further drilling confirms that they are very excited about this area. The new mine at Los Alves with me a mechanized underground mine. He confirmed that the drilling results are still averaging the 10 g/t as has been mined there historically. So I expect to have some great drill results next week or the week after the latest.

Zancudo: He admits the company moved to fast here and they want to slow things down and do more drilling before commencing mining.

Marmato: He confirms that stories are being told about holdouts among the artisan miners but that this is not a reality on the ground. He expects to have all the required deals completed by the end of March.

The pre-feasibility should also be out before the end of March.

He confirmed that Macquarie house 46 is buying shares for their program.

He confirmed that they are now, since October cashflow positive.

I tend brought up the elephant in the room: The share price and the constant pressure downwards. He admits that the company has some difficulty getting traction right now. They plan on getting a few more analysts to follow the stock. They will be attending all the big shows in NA, SA and Europe. He repeated how cheap they are right now from all points of view: Ounces in the ground, production figures, exploration potential. He says the next 3 months will be very important for the company. The pre-feasibility study should be very positive and create some buzz. Getting the majority of artisan miners signed up will be another big bench mark. Having their first positive quarter of earnings will be another big bench mark. Once all this is out, the company will have some solid credibility and we should see a better performance in the share price.

He did admit that there was some unhappy people when they did their merger with Medoro and that some of these people could be pushing the price down.

The first big thing will be assays in a week or 2...that hopefully will be the start of a long climb back up!

Glorieux

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