Business
Aris Gold Announces Q1 2022 Financial and Operating Results
VANCOUVER, BC, May 11, 2022 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC, May 11, 2022 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the three months ended March 31, 2022. All amounts are in US dollars, unless otherwise indicated. Aris Gold CEO Neil Woodyer stated: \"During Q1 we began to see positive results from our performance optimization initiatives at the Marmato Upper Mine, where free cash flows were allocated toward Lower Mine construction activities in the quarter. Our EPCM contractor is nearing completion of the front-end loading (FEL3) design work for the Lower Mine, and following this, we expect to release a new mineral reserve estimate. \"In April, our senior management team stepped into the operator role of the Soto Norte joint venture, and we are leading the work to successfully obtain a mining license extension from ANM, the Colombian National Mining Agency, as well as the drafting and advancing of a new environmental and social impact assessment for the Soto Norte gold project. We continue to be impressed by the quality of the Soto Norte project, and the social development opportunities it offers.\" Q1 2022 Highlights Q1 2022 operating results, with quarterly gold sales of 7,698 ounces at AISC of $1,466 per ounce, compare favourably to average quarterly gold sales of 6,731 ounces at AISC of $1,656 per ounce in Q1 2021 and demonstrate some of the early benefits of the optimization activities. In Q1 2022, the Upper Mine generated $3.4 million free cash flow. The Company remains on track to meet full-year production guidance of 40,000 to 45,000 ounces, with gold production from the Upper Mine expected to increase in the second half of 2022 as the mine sequences into higher grade areas and processing rates increase. Construction of the Marmato Lower Mine progressed in Q1 2022, including: Working closely with Corpocaldas, the regional environmental authority, to finalize the Environmental Management Plan (PMA) Starting construction of the El Higuerón decline and ventilation system in January 2022 Completing geotechnical and environmental studies Advancing construction of the main camp site access road and accommodation facilities Confirming all other critical path activities remain on schedule for first gold production from the Lower Mine in Q4 2023; these will be reconfirmed throu...