Gold pellets
Gold pellets Lisi Niesner/Reuters

Gran Colombia Gold announced on Monday the discovery of an additional 76 percent in measured and indicated gold reserves within its Segovia Operations in Antioquia, Colombia.

The Toronto-based mining company reported finding 233,000 ounces of gold in the measured and indicated categories, with an additional 1.08 million ounces of inferred reserves at the Providencia, El Silencio and Sandra K mines, as well as the Las Aves Vein system, which make up the Segovia operations.

The development of the new mine at the company's Segovia Operations is expected to increase gold production from 68,000 ounces in 2011 to 200,000 ounces in 2014, the company said in a statement.

The company, Colombia's largest miner of precious metals, is also expanding existing Maria Dama plant to 1,000 tonnes per day by the end of 2012's first quarter.