October 6, 2020, Vancouver, B.C. – Soma Gold Corp. (the “Company” or “Soma”) announced today that the total gold produced and sold at its El Bagre mine in Colombia was 4,427 ounces for the Quarter ended September 30, 2020, exceeding expectations by 25%. This production of gold generated a revenue of USD $8.28 million for the third quarter.
Q3 2020 Production at the El Bagre Mine
Soma is also pleased to announce today that the construction of a new portal at the El Bagre mine, the Balvina Cordero portal, is progressing on time and budget. The excavation has reached hard rock, and the Company has its drilling and blasting equipment on site. It is anticipated that mineralized rock will be mined as early as December 2020 with full production in or about Q1 2021.
Javier Cordova, Soma’s President and CEO, stated, “We are very pleased that production at our wholly-owned subsidiary, Operadora Mineras SAS, for the first full quarter since Soma has owned the mine, has exceeded our expectations, ending the quarter with approximately CAD $4.5 million in cash. Our team in Colombia has done an excellent job in managing the mine and exploration program during the transition from Mineros and Covid-19 pandemic. We also continue to build our local team with high quality and experienced personnel. The exploration potential of the land package that Soma has accumulated in the region, and on-trend with the current mining operations, indicates that the mineralization trend spreads onto our adjacent property, expanding and extending the resource. The drilling results from our ongoing program indicate the continuity of the mineralized trend. An update with current results of the first phase announced in June 2020 will be released in the coming weeks.”