Company
Soma Gold Corp.
CVE:SOMA
Soma Gold Corp. is a gold mining company in the prolific area of Antioquia, Colombia focused on scaling up production and increasing the size of its resource. Through a wholly owned Colombian subsidiary, Soma operates from two producing mines and has a third under construction on a 29,000 hectare (Ha) property. Processing is done at both the 100% owned El Bagre and El Limon mills with a combined capacity of 675 tonnes per day (TPD), which can expand to 1,400 TPD. All permits for expansion are presently in place. An extensive, multi-year and fully funded exploration program has been designed to demonstrate the continuity of mineralization and increased life of the mine. The senior management team and board have a strong mining and financial background and are actively working with local communities, and various government agencies in order to maintain its ESG status. Soma also has an exploration and development property in Tucuma, Para State, Brazil.
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Soma Gold appoints Christopher Buchanan as vice-president, exploration
Buchanan is a structural geologist with over 24 years of experience in the mineral exploration industry, the company said
Soma Gold announces new union contract with employees at El Bagre mine
"Our team worked diligently with the union negotiators over the last 10 days and have now resolved all outstanding issues,” said company president and CEO Javier Cordova
Soma Gold ends ‘successful’ 2Q with higher gold sales and production
"Higher-grade ore from Cordero, at an average of 7.75 grams per ton in the second quarter, is starting to replace ore from our legacy, lower-grade mines which has a very positive impact on gold production and financial results," Soma CEO Ja
Soma Gold expects further earnings growth as it ramps up output from El Bagre operation
In a statement, the company reported that its El Bagre asset produced 6,952 gold-equivalent (AuEq) ounces and sold 7,740 AuEq ounces in the second quarter to June 30
Soma Gold says it set a new monthly record for ounces produced and sold during May
The company's El Bagre gold mine in Colombia reached a new monthly record with 2,383 gold equivalent ounces produced and sold during May 2022
Soma Gold posts 1Q financials showing income from mining operations and adjusted EBITDA both increasing substantially
"We started milling the first ore from production stopes at the Cordero Mine and increased gold production for the quarter while simultaneously managing the significant ongoing development work at the mine," said Javier Cordova, Soma's CEO
Soma Gold posts positive drill results from Estrella-Diamantina trend at Zara property, Colombia
Drilling and channel sampling has defined a mineralized zone of over 500m strike and 250m down-dip centered around the historic Diamantina mine
Soma Gold reports 73% revenue increase in 2021 as it continues to advance its Cordero project
In the 12 months to end-December, Soma posted revenue of around C$40 million, up from C$23 million in 2020, while it sold 18,000 gold-equivalent ounces compared to 9,482 in the previous year
Soma Gold set to option Tucuma properties in Brazil to Ero Copper
In a statement, the miner said that along with Angra Metals Mineracao Ltda it had entered the deal to grant Ero an option to buy 100% of the assets
Soma Gold set for 20,000 metres of drilling at Colombia properties this year as it unveils second phase of five year plan
In addition to the drilling, Soma said the Phase 2 program of work would include a soil and stream sediment sampling program covering 4,500 hectares and 16.4 km of ground geoelectrical survey at its Estrella-Diamantina project
Soma Gold picks up environmental sustainability award from Colombian department
The accolade was bestowed on December 9 this year and recognized its Colombian subsidiary efforts to go "beyond" current legal regulations and achieve the "highest level" of best practices
Soma Gold eyes further 'significant' improvements at its Cordero mine as it posts third quarter results
The company owns two adjacent mining properties - La Ye and Mangos - in Antioquia, Colombia and income from its mine operations came in at C$4.9 million for the third quarter and C$9.7 million in the year to date
Soma Gold is a producing miner in a proven district, with expansion plans ahead
In 2020, the group produced 17,170 ounces of gold and it is forecasting 22,500 ounces for 2021
Soma Gold eyeing expansion of resource and mine life at Cordero project as it posts final exploration drill results
The company told investors it had now completed 20,786 meters (m) of drilling in 73 holes at the mine and the results have expanded the known gold mineralization 600m along strike and 150m down-dip
Soma Gold boss eyeing uplift in production, cashflow and operating profit as company advances its Colombia mines
The company is producing gold from two underground mines - La Ye and Los Mangos - along with a new operation called Cordero where mining began on August 15 2021
Soma Gold says construction of Cordero mine due to be completed in 1Q 2022, lifting output and cashflow
The newly opened mine is already having an impact on metrics, and production for the third quarter to end September this year was 5,289 ounces, up 37% compared to the 3,866 ounces in 2Q
Soma Gold achieves record production in August as Cordero mine comes on-stream
"Mining in the months prior to August was restricted to only the La Ye and Mangos mines where combined mining averaged 338 tonnes per day (TPD)," said Javier Cordova, Soma's CEO
Soma Gold expects to be using full processing capacity by year-end as revenue grows in second quarter
Revenue for the three months to June 30 came in at C$8.3 million, up from C$1.6 million in 2Q, 2020 after the sale of 3,802 ounces of gold-equivalent (2Q, 2020: 707 ounces)
Soma Gold announces new drilling and channel sampling results from Estrella-Diamantina mineralized trend
Drilling results have extended the mineralized zone over 155m down-dip below the deepest level of the Diamantina mine
Soma Gold updates on progress of Fenix portal at Cordero mine; full daily production expected by end of 2021
This means mining can begin at the asset although some additional development work is needed to access the stopes and begin full mining operations
Soma Gold says El Bagra project joins Colombian coronavirus vaccination program
The company also announced that during the second quarter ending June 30, 2021, it produced 4,020 gold equivalent ounces and sold 3,799 ounces
Soma Gold says 1Q revenue topped $9.75M; sets production target date for Nechi
The precious metals company also generated an EBITDA of $3.16 million and an adjusted EBITDA of $3.22 million over the same period
Soma Gold achieves first-ever profits in 4Q and full year results following 2020 El Bagre mine acquisition
Since acquiring El Bagre on May 28, the company posted revenue of C$23 million and net income of C$6.8 million
Soma Gold encouraged by drilling and sampling results from ongoing exploration at its Zara concessions, Colombia
The Estrella-Diamantina mineralized trend extends for over 4km in strike and hosts an exploration target of more than 500,000 ounces of gold down to 250m in depth
Soma Gold wins permits for second portal accessing Cordero deposit in Colombia
CEO Javier Cordova said the new Athena portal will allow for “additional mine production from the Cordero deposit at lower capital and operating costs while increasing worker safety”
Soma Gold encouraged by exploration drill results at its Colombia assets
At the Cordero-Balvina target, the current round of drilling kicked off in early November last year
Soma Gold sees potential for stronger economics after Cordero-Balvina mine project drilling
The company has now completed the next phase of infill drilling at the deposit and highlights include 3.70 metres of 2.37 grams per ton gold
Soma Gold says January gold production at its Operadora subsidiary exceeded plan by 22.2% at 1,663 ounces
In addition, Soma said the Fenix Portal, which will give the company access to the Cordero-Balvina deposit, is approximately 35% of the way to reaching the ore body at Level 3