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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/08/c7951.html