Soma Gold Announces the Granting of Final Permits and the Commencement of Construction of the Balvina Cordero Portal
Vancouver, August 19, 2020 - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (formerly Para Resources Inc.) (the "Company" or "Soma") announces that the Company has received the final permit needed to start the construction of the Balvina Cordero access portal. The work has commenced and is expected to proceed quickly with initial access to the target vein in late November 2020. The development program will begin to access levels 2 and 5 and will be fully completed by Q1 2021, although production of mineralized rock will be processed at the El Bagre mill starting in December 2020. The access portal is being built at an approximate cost of US $750,000.
The beginning of construction of the Balvina Cordero Portal
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Javier Cordova, Soma's President and CEO states, "This is an important step for our operations at the El Bagre mine, giving access to an additional 65,0001 ounces of proven and probable reserves at a substantially higher grade than we are presently mining. The tons of mineralized rock mined at Cordero Balvina will complement and eventually supplant current tonnage being mined at the Mangos and La Ye portals. Total production at El Bagre in 2021 from all portals is expected to be 140,000 T at an average grade of 6 gpt."
Soma also announces that it produced and sold an additional 655.88 AuEq2 ounces of doré last week at El Bagre for net proceeds of US $1.28 million.
1 Note: Technical Report on the El Bagre Underground Gold Operation and the Nechi Gold Project, Department of Antioquia, Colombia, by Roscoe Postle Associates
2 Note: Gold equivalent ounces are calculated based on actual realized prices
ABOUT SOMA GOLD:
Soma is a junior gold mining and exploration company. The Company owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd. The La Ye mine is currently operating and producing and the El Limon mine and mill are scheduled to begin operating in Q1 2021. Internally generated funds will be 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
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.
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