Start of mining at Cordero increases monthly Au production by 47%
September 2nd, 2021, Vancouver, British Columbia, - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce that 1,968.2 AuEq ounces were produced at the Company’s El Bagre mill during the month of August. The average head grade during the month was 5.65 gpt, a 19% increase from the average year to date head grade of 4.76 gpt. Of the 12,191.82 tonnes milled at the El Bagre plant during the month of August, 1,240.87 tonnes were sourced from the new Cordero Mine. This production represents an average of 146.16 TPD since production started from the Cordero Mine. The average head grade from the Cordero Mine, during the month of August, was 9.35 gpt. Production at Cordero is expected to ramp up to 400 TPD during Q4 2021 and to 600 TPD in early 2022.
Javier Cordova, Soma’s CEO, states, “Mining in the months prior to August was restricted to only the La Ye and Mangos mines where combined mining averaged 338 TPD. That tonnage represents only 75% of the el Bagre mill capacity and 51% of the combined el Bagre and el Limon installed capacity. The average head grade YTD has been 4.76 gpt. Production at the Cordero mine, where the average grade has been 9.35 gpt, started on August 15th and the addition of this higher-grade material already has had an impact on the number of ounces produced in the month. As production at Cordero continues to ramp up over the coming months, we expect to restart the el Limon mill and increase combined through-put to 600+ TPD at an average grade of 7.5 gpt. The increase in both the tons milled and average grade will result in a significant increase in the monthly gold production.”
Mr. Edwin Naranjo Sierra, FAusIMM, MSc, Senior geologist, Director of Exploration for Soma Gold Corp is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the analytical procedures and best practices used are standard industry methodologies, and he has reviewed and approved the technical information disclosed in this news release.
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 and development property near Tucuma, Para State, Brazil.
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
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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.