VANCOUVER, BC, July 8, 2024
/CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC:
SMAGF) (the "Company" or "Soma") announces a
temporary suspension of mining and processing activities at its el
Bagre mine and mill in Antioquia, Colombia, due to a community blockade. This
action by the local community has restricted access for employees
and supplies, leading to a Care and Maintenance status for the
site. The blockade began on Wednesday, July
3, driven by community frustration over delays in local road
maintenance and paving. Despite ongoing efforts by Soma and
municipal authorities to address these concerns through a
cost-sharing plan for paving approximately 3.5 km of regional road,
the community has expressed dissatisfaction with the pace of
progress.
Soma has successfully negotiated with the community to allow
access for critical supplies, security, and maintenance crews,
ensuring essential operations continue. Discussions between all
parties are ongoing, with a mutual goal of resolving the situation
promptly.
Soma recently completed a planned maintenance shutdown of the el
Bagre mill, which included a successful rebuild of the ball mill.
Operations resumed on schedule in late June.
Q2 2024 gold production was 6,590 AuEq ounces, with 7,209 AuEq
ounces sold. Total AuEq ounces sold for the first half of the year
amounted to 14,233, representing 99.7% of the planned 14,277 AuEq
ounces for the period.
Geoff Hampson, Soma's President
and CEO, states, "We are actively collaborating with the local
community and are confident that a solution will be achieved in the
coming days. While the blockade has caused a temporary production
halt, we anticipate accessing a higher-grade area of the mine in
the second half of the year and remain optimistic about meeting our
full-year production targets at Cordero."
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
"Geoff Hampson"
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.