Here is an excerpt from their NR from November 7th:

GRAN COLOMBIA GOLD ANNOUNCES PRODUCTION UPDATE AND CONFIRMS REDUCTION IN PRODUCTION COSTS

Gran Colombia Gold Corp.'s total gold production for the third quarter of 2011 from its six producing mines in Colombia amounted to 21,990 ounces. This was the company's first full quarter following the merger with Medoro Resources Ltd., completed on June 10, 2011. Total production for the first nine months of 2011, including production at Medoro's mining operations prior to the merger, amounted to 62,785 ounces. Total production for the month of October, 2011, of 9,445 ounces reflected a 35-per-cent increase in gold production at the company's Segovia operations, compared with its monthly average production for the first nine months of the year. The company continues to expect that its annual gold production for 2011 will reach 90,000 ounces.

The company also reported that the cash costs in its Segovia operations had decreased by $415 (U.S.) per ounce to $1,118 (U.S.) per ounce of gold sold in October as a result of the cost-reduction actions taken in September.

Combine this with their quarterly loses for 2011 that went from 16.8 to 11M to 3.88M and I believe we will have our first quarterly profit of the year on higher production and lower cost of production. Since they are on the big board they have to report by the end of March. Last year, they reported on March 31st so that gives us 2.5 months to accumulate before significant news. Their guidance of 90k ounces is padded as they only have to average 8880 ounces per month for November and December to achieve their target. Barring any bad luck, they should come in at 91,150 if they match their October production numbers. The fact that cost were decreased so much should compensate for the lower gold prices and may give the company their first positive quarter.

Their target of 170k ounces of production for 2012 at $950 average cost will be easier to assess after the numbers are in for this fourth quarter but if they meet or exceed their 2011 target and the POG is back on the upswing, we should see a good pop in the share price.

Glorieux