Soma Achieves Record Monthly Gold Production - 33% Increase over 2021
Insiders Exercise Warrants
June 7, 2022, Vancouver, British Columbia, - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce that gold production at the Company’s El Bagre, Colombia, gold mine has set a new monthly record with 2,383 AuEq ounces produced and sold during May. Year-to-date 2022 production through the end of May is 9% ahead of the 2022 plan and 33% ahead of 2021 production.
The Company also announces that construction of the Cordero Mine is only several weeks away from reaching Level 5 of the planned 6 Levels and that stopes on Levels 2 and 3 are now in production. Additional development is underway on Levels 4 and 5, and new production stopes will be opened in the coming months. The Company expects the construction phase of the Cordero Mine, which is being built by outside contractors, to complete in Q4 2022. Sustaining development will be conducted by the Company. Once the construction phase is completed, daily mine production from all mines is expected to increase to 700 TPD, allowing the restart of the El Limon Mill.
Soma also announces that 23,253,052 of the 29,654,297 of the $0.25 per share warrants, associated with the July 3, 2020 financing, have been exercised for net proceeds of $5,813,263.00. The insiders have exercised 100% of their 20,344,798 warrants. The remaining 6,401,245 $0.25 warrants will expire on July 3rd, 2022 unless exercised.
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration. The Company owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd. (permitted for 1,400 tpd). The El Bagre Mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program.
The Company also owns an exploration property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.
On behalf of the Board of Directors
“Javier Cordova Unda” Chief Executive Officer and President
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.