The Company also announces a change to the
mining method at Cordero Mine
VANCOUVER, BC, April 4,
2024 /CNW/ - Soma Gold Corp. (TSXV: SOMA)
(WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma")
is pleased to announce that gold production for Q1 2024 was 7,335
AuEq ounces, an increase of 8% over the same period in 2023.
The Company also announces that after a comprehensive internal
review and collaboration with the Company's external technical
consultants, it has been determined that a strategic shift in the
mining method at the Company's 100% owned Cordero Mine will lead to
reduced mining costs and optimize production of gold. The Company
has been utilizing mechanized mining techniques, combining cut and
fill and raised stope methods. It became evident that in most areas
of the mine, this approach required larger headings to accommodate
the equipment, generating more waste rock than necessary and higher
than expected dilution rates. Transitioning most of the mining to
the conventional raised stope method will facilitate more selective
mining practices and result in a higher head grade. The shift
during Q1 resulted in a slightly lower than anticipated AuEq
production, but the Company is already witnessing a reduction in
mining costs and lower dilution rates, which should persist
throughout the remainder of the year.
Geoff Hampson, President and CEO,
states, "While the transition to the new mining method has
presented some disruption, it is proving beneficial in terms of
cost reduction and improving the mill head grade. We anticipate the
full impact of these changes to be felt in the second half of the
year. The decision to change the mining method was made as a result
of our experience in mining the deposit as well as from the
extensive definition drilling conducted during the last year, from
both the surface and underground. This data led to a better
understanding of the geological model and nature of the deposit.
The management team believes that the deposit is now being mined
under optimal methods. The combination of the improved costs and an
improvement in head grade will result in higher quarterly
production for the balance of the year."
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 solid 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
"C. Geoffrey
Hampson"
President and Chief Executive Officer
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.