VANCOUVER, March 24, 2021 - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the "Company" or "Soma") is pleased to announce that Soma has received the final permits needed to start construction of the planned second mine decline, named Athena, at Cordero. This portal will access the southern extent of the deposit, and in addition to improved extraction, will act as an access point for personnel and as an emergency escape way. Construction has already begun.
The Athena access will 30° decline and is designed with a lower cost hoist haulage. The anticipated final depth will be 280 meters, accessing both levels 2 and 3 of the mine. Inter-mine development is planned to connect this new portal with the current Fenix mine portal already in advanced construction (see section #1). The Athena decline program anticipates completion by the end of Q2 2021. It has been designed and is being constructed with internal resources. No new equipment is required.
Section #1. General view of planned mine development for the Cordero project.
Javier Cordova, Soma´s CEO, states, "The approval of the construction permits is excellent news for the company as the new Athena portal will allow for additional mine production from the Cordero deposit at lower capital and operating costs while increasing worker safety. We are in the final months of putting Cordero into production, greatly extending the life of the El Bagre mill and accessing anticipated higher grade material which will further enhance the performance of an already profitable operation."
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.
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
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.