EL Limon Mill Commissioning, Labor Negotiations in Colombia, and New VP Appointment
Soma Gold Corp. (TSXV: SOMA,OTC:SMAGF) (WKN: A2P4DU) (OTC: SMAGF) (the “Firm” or “Soma”) is happy to announce the next operational replace:
El Limon Mill Replace
The El Limon Mill is working and within the deliberate ramp-up stage. Ball mill no 1 is operational, and the bull gear substitute for mill quantity 2 is underway. The Firm expects the mill to be operating at full capability by December, regardless of the challenges posed by the continued labor strike at El Bagre. The El Limon workforce is non-unionized however will depend on sure help providers from the El Bagre operation. Administration has efficiently outsourced these providers, and progress is being made. The primary gold manufacturing from the Merril Crowe circuit occurred final week, yielding 40 kg of precipitate. Extra automation is being put in to resolve operational disruptions associated to the thickener tank, thereby bettering processing reliability. Full manufacturing at 200 TPD is anticipated by Q1 2026.
Soma Appoints Vice President, Enterprise Growth
Moreover, Soma proclaims that Mr. Julian Storz has joined the Firm’s administration group as Vice President, Enterprise Growth, primarily based in Toronto. Traditionally, Soma has expanded its operations by buying properties, mines, and processing amenities in Antioquia, Colombia, rising its mineral property portfolio, assets, and gold manufacturing from that area. Mr. Storz will now lead Soma’s efforts to pursue accretive inorganic progress via mergers and acquisitions and different strategic initiatives to create jurisdictional range and develop new manufacturing in new areas that align with the Firm’s technique and funding standards.
“I’m excited to hitch Soma at this pivotal stage,” mentioned Mr. Storz. “Soma has constructed a sturdy platform with significant natural progress alternatives that place the Firm to scale manufacturing and pursue extra value-accretive initiatives.”
Mr. Storz is a finance skilled with over a decade of expertise throughout company finance, banking, mergers & acquisitions and capital markets. Previous to becoming a member of Soma, Mr. Storz served as Director, Funding Banking – Mining & Metals at an impartial funding financial institution primarily based in Toronto. On this function, he suggested a various vary of purchasers, from senior producers to early-stage exploration corporations, on strategic initiatives together with company finance, M&A, joint ventures, strategic investments, streaming and royalty transactions, and Indigenous group engagement.
Strike and Labor Negotiations at El Bagre
Negotiations to finish the work stoppage by the unionized staff on the Firm’s El Bagre Mill and Cordero Mine proceed with the help of the Colombian Ministry of Labor. Progress has been made on some essential points, however the union’s demand for co-administration rights, amongst different gadgets, stays a major level of disagreement. The Firm stays dedicated to reaching a good settlement with its staff and is assured {that a} mutually useful decision will likely be achieved, permitting work to renew rapidly.
Beneath Colombian legislation, as soon as a strike has lasted for 60 days, the matter proceeds to binding arbitration. Employees are required to return to work roughly 10 days after the 60th day, whereas arbitration is underway. November 7 marks the 60th day because the strike started. The Firm stays hopeful that the problems will likely be resolved earlier than that date.
CEO Assertion
Geoff Hampson, Soma’s CEO, states, “We’re very grateful for the help and steerage offered by the Colombian Ministry of Labor in working to search out frequent floor with Sintramienergetica Nacional, the union representing staff on the Firm’s El Bagre operation. We imagine we’ve got made a beneficiant supply that exceeds the contract phrases lately negotiated by the identical union with different mining corporations within the area. If the strike continues past the November 7th milestone, the Firm will abide by the phrases of the arbitration course of.”
Mr. Hampson additional famous, “I’m happy to see the El Limon Mill producing once more. Limon was the primary asset we acquired in Colombia. We upgraded the mill from 50 TPD to 225 TPD in 2018-19 after which subsequently acquired the El Bagre Mill, which supplied a bigger capability. Limon was positioned on care and upkeep whereas we developed ample ore sources to feed each mills. With the event of the Aurora Mine, the acquisition of the Escondida Mine, and the formalization of a number of small miners, we’ve got now achieved that aim. Manufacturing at Limon will contribute an estimated 500-1,000 ounces of gold per 30 days. Whereas throughput is proscribed through the ramp-up, we count on to succeed in nameplate capability of 200 TPD by year-end. As soon as the testing of the ore-sorting tools is accomplished, administration will think about an set up at El Limon, which might enhance manufacturing to 400-425 TPD, serving to scale back Soma’s dependence on manufacturing from the El Bagre facility.”
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA,OTC:SMAGF) is a worthwhile mining firm targeted on gold manufacturing and exploration. The Firm owns over 43 sq. kilometers of mineral concessions following the prolific OTU fault in Antioquia, Colombia and two absolutely permitted mills situated inside 25 kilometers of one another, with a mixed milling capability of 675 tpd. The El Bagre Mill operates at 450 TPD, and the El Limon Mill is slated to restart operations in Q3 2025. Internally generated funds are getting used to finance a regional exploration program.
With a stable dedication to sustainability and group engagement, Soma Gold Corp. is devoted to attaining excellence in all points of its operations.
The Firm additionally owns an exploration property close to Tucuma, Para State, Brazil, that’s presently underneath choice to Ero Copper Corp.
On behalf of the Board of Administrators
“Geoff Hampson”
Chief Govt Officer and President
Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.
All statements, evaluation and different data contained on this press launch about anticipated future occasions or outcomes represent forward-looking statements. Ahead-looking statements are sometimes, however not at all times, recognized by way of phrases similar to “search”, “anticipate”, “imagine”, “plan”, “estimate”, “count on” and “intend” and statements that an occasion or end result “might”, “will”, “ought to”, “might” or “would possibly” happen or be achieved and different related expressions. Ahead-looking statements are topic to enterprise and financial dangers and uncertainties and different elements that would trigger precise outcomes of operations to vary materially from these contained within the forward-looking statements. Ahead-looking statements are primarily based on estimates and opinions of administration on the date the statements are made. The Firm doesn’t undertake any obligation to replace forward-looking statements even when circumstances or administration’s estimates or opinions ought to change besides as required by relevant legal guidelines. Traders mustn’t place undue reliance on forward-looking statements.
SOURCE Soma Gold Corp.
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