Completed 16,850 meters of drilling
VANCOUVER, BC, Jan. 6, 2021 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (formerly Para Resources Inc.) (the "Company" or "Soma") is pleased to announce that its wholly-owned subsidiary, Operadora Minera S.A.S. produced 17,179 AuEq ounces in 2020, ahead of a budget of 15,479 AuEq ounces, a 10.98% improvement over budget.
The Cordero-Balvina portal, which commenced construction at the end of September 2020, advanced by over 200 meters as of December 31st 2020. The construction of the portal is approximately 75 - 90 days behind schedule due to poor rock stability and mechanical issues with the contractors equipment. The decline is now expected to encounter the targeted higher grade mineralized zone in Q2 2020. Construction is now in stable and competent rock and the rate of advance is expected to improve.
During 2020, the Company completed 16,850 meters of exploration and resource expansion drilling, expanding to the north and down-dip of the Cordero-Balvina deposit and testing structural geological hypotheses on the underexplored, on-trend portion of the Company's property.
Javier Cordova, Soma's President and CEO, states, "2020 was an excellent year for Soma Gold Corp. The acquisition of Operadora Minera in June has been a "game changer". We closed the year with gold production, revenue and exploration drilling ahead of plan, access to a new deposit at Cordero-Balvina underway and good insight into the geology of our 29,000 Ha property where there has been extensive artisanal mining, indicating additional resources. We now have a number of high priority targets for further drilling in 2021. I am very pleased with the performance of our team in Colombia and look forward to even stronger results in 2021. We are committed to increasing shareholder value through profits, debt reduction, lower operating costs and increased production."
Mr. Edwin Naranjo Sierra, FAusIMM, MSc, Senior Geologist and Director of Exploration for Soma Gold Corp. is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the analytical procedures and best practices used are standard industry methodologies, and he has reviewed and approved the technical information disclosed in this news release.
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 La Ye mine is currently operating and producing, and the El Limon mine and mill are scheduled to begin operating in Q1 2021. Internally generated funds will be used to finance a regional exploration program.
The Company also owns an exploration and development property near Tucuma, Para State, Brazil.
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
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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.