Soma Gold Announces the Granting of Final Permits for Construction of the Balvina Cordero Portal
August 19, 2020, Vancouver, B.C. – Soma Gold Corp. (the “Company” or “Soma”) announces that the Company has received the final permit needed to start the construction of the Balvina Cordero access portal. The work has commenced and is expected to proceed quickly with initial access to the target vein in late November 2020. The development program will begin to access levels 2 and 5 and will be fully completed by Q1 2021, although production of mineralized rock will be processed at the El Bagre mill starting in December 2020. The access portal is being built at an approximate cost of US $750,000.
The beginning of construction of the Balvina Cordero Portal
Javier Cordova, Soma’s President and CEO states, “This is an important step for our operations at the El Bagre mine, giving access to an additional 65,000¹ ounces of proven and probable reserves at a substantially higher grade than we are presently mining. The tons of mineralized rock mined at Cordero Balvina will complement and eventually supplant current tonnage being mined at the Mangos and La Ye portals. Total production at El Bagre in 2021 from all portals is expected to be 140,000 T at an average grade of 6 gpt.”
Soma also announces that it produced and sold an additional 655.88 AuEq² ounces of doré last week at El Bagre for net proceeds of US $1.28 million.
¹ Note: Technical Report on the El Bagre Underground Gold Operation and the Nechi Gold Project, Department of Antioquia, Colombia, by Roscoe Postle Associates
² Note: Gold equivalent ounces are calculated based on actual realized prices