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Aris Gold Announces Q2 2022 Financial And Operating Results
VANCOUVER, BC, Aug. 10, 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, Aug. 10, 2022 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the three and six months ended June 30, 2022. All amounts are in US dollars, unless otherwise indicated. Aris Gold CEO Neil Woodyer stated: \"During Q2 our team became the operator and completed the acquisition of a 20% interest in the Soto Norte project, with the option to increase to 50% ownership. This marked a big step forward for the company, which we quickly followed with the announcement to combine with GCM Mining to create a new, stronger Aris Mining. On completion of this transaction our portfolio of assets will include two producing mines, two development projects, and an advanced exploration project. We are delivering on our strategy to create a leading Americas focused gold company.\" Q2 2022 Highlights On April 12, 2022, Aris Gold completed the acquisition of a 20% interest in the Soto Norte gold project in Colombia, with the option to increase to a 50% interest, and became operator. A feasibility study on the Soto Norte project estimates steady-state production of 450,000 ounces of gold per year at life-of-mine all-in sustaining costs (AISC) of $471 per ounce of gold. Concurrently with the acquisition, Aris Gold amended its $110 million precious metals stream at the Marmato mine with Wheaton Precious Metals International to increase the total funding amount by $65 million to $175 million. Also in Q2 2022, Aris Gold advanced construction of the Marmato Lower Mine, including advancing the ventilation decline, furthering the land acquisition process, finalizing updates to the Environmental Management Plan, continuing the geotechnical and environmental studies for advancement of the Lower Mine decline, progressing construction of the camp and access road, and refining the engineering design, cost and completion schedule. Optimization work at the Marmato Upper Mine continued to advance in Q2 2022, including relocating the gravity concentrator to the primary milling circuit to improve recoveries, implementing a new strategy to optimize the ventilation system and further improve conditions underground, and modifying the mechanized mining methods to decrease stope widths and further reduce dilution. Subsequent to Q2 2022, on July 25, 2022 Aris Gold announced an agreem...