VANCOUVER, BC, Jan. 8, 2025
/CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "Company" or "Soma") is pleased to
announce that the Company produced 27,460 ounces of AuEq and sold
27,668 AuEq ounces during 2024. This represents 92.4% of the 2024
budgeted production at the Cordero Mine.
Additionally, the Company announces that it is in advanced
discussions to purchase up to 200 TPD of mineralized rock mined at
the Zancudo Mine, 100% owned by Denarius Metals Corp. ("Denarius")
(Cboe CA: DMET; OTCQX: DNRSF). This arrangement will begin
generating production and cash flow at the Company's El Limon Mill,
located in Zaragoza, in the Department of Antioquia. The El Limon
Mill, which has a capacity of 225 TPD and is permitted for up to
400 TPD, is located approximately 125 km from the Zancudo Mine on a
paved highway. Work on restarting the El Limon Mill, which has been
on care and maintenance since 2020, has already begun, with
re-commissioning expected in the coming months.
Geoff Hampson, President and CEO
of Soma, states, "We are pleased to have achieved 92.4% of our
projected 2024 production at the Cordero Mine despite several
unplanned mechanical shutdowns and a blockade by the local
community, which negatively affected production. We expected the El
Limon Mill to contribute ounces in 2024, but the restart was held
up due to delays in the granting of the necessary permits to
commence mining at the Aurora Mine in Machuca. "Hampson further
states, "There are a lot of synergies between Soma and Denarius
that make sense for both Companies to fully utilize El Limon's
capacity while Soma ramps up production at the Company's mines and
Denarius commissions their new mill at Zancudo. Further updates
will be forthcoming once the formal agreement between the Companies
is finalized."
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.
