40% increase from last year
VANCOUVER, BC, Jan. 3, 2024 /CNW/ - Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the "Company" or
"Soma") is pleased to announce 2023 AuEq production of
32,340 ounces at its el Bagre Gold Complex. The Company achieved
96.5% of the 2023 forecasted production of 33,500 AuEq ounces, a
40% increase over the previous year's production.
The deviation from anticipated production levels was due to two
unscheduled and temporary suspensions during the year. The first, a
two-week suspension in March 2023,
was a result of labor unrest in the region. The second, in Q4, was
due to a maintenance issue with the primary ball mill at the el
Bagre Gold Complex. Following a routine inspection, excessive wear
was identified, prompting a temporary repair. When operations
resumed, the mill was run at a slightly reduced rate. The shutdown
also caused a temporary minor reduction in yield, with a permanent
repair scheduled for the March 2024
maintenance shutdown.
The Company anticipates the production of an additional 750 –
1,000 ounces per month from the el Limon mill, which is scheduled
to restart production in H1 of 2024.
Soma is also pleased to report that safety awareness and
training programs have been showing a positive effect on the number
of accidents at the Cordero Mine and the el Bagre Mill. Accidents
decreased from 47 in the prior year to 34 in 2023, a 28%
year-over-year decrease. Notably, this represents a 70% decrease
from 2019, the year before Soma acquired the el Bagre
operation.
An updated mine plan is expected to be completed in January,
incorporating the extensive definition drilling conducted during
2023. The Company will provide production guidance for 2024 at that
time.
Javier Cordova, President and
CEO, states, "Our team in Colombia
has done an outstanding job managing production and safety and
achieving our goals for the year despite some delays and mechanical
and social issues. We anticipate that our production plan for 2024,
including the additional production from the el Limon Mill, will result in another production
record in 2024."
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.
With a strong commitment to sustainability and community
engagement, Soma Gold Corp. is dedicated to achieving excellence in
all aspects of its operations.
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
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.
SOURCE Soma Gold Corp.