Soma Gold Corp. (TSX-V:SOMA) has announced that gold production at its El Bagre gold mine in Colombia reached a new monthly record, with 2,383 gold equivalent (AuEq) ounces produced and sold during May.
The Colombia-focused gold producer noted that year-to-date production through to the end of May 2022 is 9% ahead of plan and 33% ahead of 2021 production.
The company also announced that construction of its Cordero Mine is only several weeks away from reaching Level 5 of the planned 6 Levels and that stopes on Levels 2 and 3 are now in production. Additional development is underway on Levels 4 and 5, and new production stopes will be opened in the coming months, it added.
READ: Soma Gold reports 73% revenue increase in 2021 as it continues to advance its Cordero project
“The company expects the construction phase of the Cordero Mine, which is being built by outside contractors, to complete in Q4 2022,” Soma Gold said in a statement. “Sustaining development will be conducted by the company. Once the construction phase is completed, daily mine production from all mines is expected to increase to 700 TPD (tonnes per day), allowing the restart of the El Limon Mill.”
Soma also announced that 23,253,052 of the 29,654,297 of the $0.25 per share warrants, associated with its July 3, 2020, financing, have been exercised for net proceeds of $5,813,263.00. Insiders have exercised 100% of their 20,344,798 warrants. The remaining 6,401,245 $0.25 warrants will expire on July 3rd, 2022 unless exercised, the company added.
Soma Gold 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 tones per day (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 property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.
Contact the author at stephen.gunnion@proactiveinvestors.com