Soma Receives Permits for Second Portal Accessing the Cordero Deposit

Construction Started

March 24, 2021, Vancouver, British Columbia, - Soma Gold Corp. (TSXV: SOMA) (OTC: SMAGF) (WKN: A2P4DU) (the “Company” or “Soma”) is pleased to announce that Soma has received the final permits needed to start construction of the planned second mine decline, named Athena, at Cordero. This portal will access the southern extent of the deposit, and in addition to improved extraction, will act as an access point for personnel and as an emergency escape way. Construction has already begun.

The Athena access will 30° decline and is designed with a lower cost hoist haulage. The anticipated final depth will be 280 meters, accessing both levels 2 and 3 of the mine. Inter-mine development is planned to connect this new portal with the current Fenix mine portal already in advanced construction (see section #1). The Athena decline program anticipates completion by the end of Q2 2021. It has been designed and is being constructed with internal resources. No new equipment is required.

Section #1. General view of planned mine development for the Cordero project.

Javier Cordova, Soma´s CEO, states, “The approval of the construction permits is excellent news for the company as the new Athena portal will allow for additional mine production from the Cordero deposit at lower capital and operating costs while increasing worker safety. We are in the final months of putting Cordero into production, greatly extending the life of the El Bagre mill and accessing anticipated higher grade material which will further enhance the performance of an already profitable operation.”