Business
Aris Gold Announces Q1 2021 Results and AGM Voting
VANCOUVER, BC, May 11, 2021 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports Q1 2021 financial and operating results
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC, May 11, 2021 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports Q1 2021 financial and operating results and the voting results of its Annual General Meeting (AGM) held earlier today. All amounts are in US dollars, unless otherwise indicated. Highlights of Financial and Operating Results Aris Gold has continued to advance the Lower Mine project at the Marmato mine in Colombia, with notable developments including: The Company successfully negotiated a 30-year extension of the mining title at the Marmato mine to October 2051, which included an agreement with the Agencia Nacional de Mineria (ANM) allowing Aris Gold to proceed with its expansion plans for the Lower Mine. The escrow release conditions under the Aris Gold-led financing were satisfied and C$85 million of cash in escrow was released. Following the completion of a competitive tender process, Aris Gold awarded the engineering, procurement and construction management (EPCM) contract to Wood, a global leader in consulting and engineering with extensive experience delivering mining projects across Latin America. On April 15, 2021, Aris Gold received $34 million of the $110 million precious metals stream financing from Wheaton Precious Metals International Ltd. Under the terms of the precious metals purchase agreement, the remaining $76 million will be received in three installments as the development of the Lower Mine progresses. Aris Gold strengthened its operating and construction teams at Marmato with the reorganization of management and the addition of two senior operations executives. Aris Gold continued with the 35,000-metre drill program at Marmato which commenced in May 2020, with the principal objective of converting Inferred Mineral Resources to Indicated Mineral Resources while also testing several newly discovered areas. Consistent with previous results under the program, drilling during the first quarter of 2021 continued to show high-grade mineralization over broad widths demonstrating potential to extend the 13-year mine life outlined in the Marmato Technical Report. As of May 2021, this drill program is approximately 60% complete. Aris Gold continued to advance its community projects. The Company completed construction of a new municipal park in the community of Marmato in March 2021, and expec...