TORONTO, March 22, 2022 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that the Company has executed a second agreement with the Coffee Growers Committee of Caldas (the “Committee”) and the Municipalities of Supía and Marmato (together “the Parties”) to build upon the success of the 2021 program by expanding the program in 2022 to further improve the lives of coffee growers and their families in Caldas. The Committee is part of the National Federation of Coffee Growers of Colombia (“FNC”) which oversees the development of the country’s coffee sector and is one of the most influential institutions in Colombia’s agricultural industry . The alliance will directly benefit 1,652 coffee growers including their families and members of the local communities. Additionally, the Parties will continue fostering positive activities in the department of Caldas, which will serve to validate that mining and agricultural activities can exist harmoniously in the same region.
After a successful first year of activities developed under the initial agreement, the Parties in the alliance have agreed to expand this partnership to Marmato, one of the three municipalities where the Company’s projects are located. The cumulative commitment of the members of the strategic alliance will be $420,000 in 2022, of which Collective will contribute approximately 32% of the total investment. The funds will be allocated towards the construction of aqueducts for the Hojas Anchas and La Bodega villages, enhancing local road infrastructure and improving productivity for coffee producers.
Omar Ossma, CEO and President of Collective stated: “Caldas is the second largest coffee producing department in the country and it is well known as one of the traditional coffee regions in Colombia. Supporting the coffee industry and improving access to water for local communities are two pillars of our ESG strategy for 2022. This alliance aims to contribute to social development in the Caldas region while we keep our promise to create value and share it with the people where we explore our projects.”
“This is a very important step to promote sustainable development with the inclusion of mining activity. This project demonstrates that respectful and responsible mining is possible,” stated the Mayor of Supía, Marco Antonio Londoño Zuluaga.
Carlos Yesid Castro Marín, Mayor of Marmato said: “We are pleased to be part of this collaborative agreement and have the support of Collective Mining who articulated the initiative for the benefit of our mining communities.”
About Collective Mining Ltd.
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 302 metres @ 1.11 g/t AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectively. (See press releases dated March 15, 2022 and October 27, 2021 for AuEq calculation.)
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about future ESG programs, drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
