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Aris Mining Announces Receipt of License to Transform Marmato Mine and New Path Forward for Gold Projects in Colombia
VANCOUVER, BC, July 12, 2023 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (OTCQX: TPRFF) announces it has received approval from the
About this update from Aris Mining Corp
[{"type":"text","content":" VANCOUVER, BC, July 12, 2023 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (OTCQX: TPRFF) announces it has received approval from the Corporación Autónoma Regional del Caldas (Corpocaldas), a regional environmental authority in Colombia, of the Environmental Management Plan (PMA) which now permits the development of the Marmato Lower Mine. Construction of the new underground mine will provide access to the wider porphyry mineralization below the current Upper Mine, which allows for bulk mining methods in the Lower Mine. The Upper and Lower Mine has a measured and indicated mineral resource of 6.0 million ounces (Moz) of gold, which includes a proven and probable mineral reserve of 3.2 Moz. The Marmato Mine is expected to deliver average production of 162,000 ounces per year over a nearly 20-year mine life from the mineral reserves.1 Aris Mining CEO Neil Woodyer stated: \"This is a milestone for Aris Mining as it will grow Marmato's gold production five-fold and, following construction, our Colombian gold production from Segovia and Marmato will be approximately 400,000 oz per year. This $280 million project is fully funded from our current cash balances and the $122 million of stream funding from Wheaton Precious Metals. Additionally, our Segovia Operations generate significant positive cashflow. The project is scheduled to pour its first gold by the end of Q3 2025. We thank our artisanal and small mine partners and our communities for their substantial support and efforts during the Marmato Lower Mine project licensing process. The town of Marmato has been the centre for gold mining since it was founded in 1540 with artisanal and small scale miners being at the heart of the community. This permitting of a new, underground gold mine is a significant achievement for Aris Mining, the Marmato community and the Colombian gold mining industry. We believe this successful partnering process establishes a new path forward for gold mining in Colombia.\" Marmato Lower Mine In November 2022, Aris Mining announced the results of the Marmato Lower Mine expansion Preliminary Feasibility Study (PFS), and increased proven and probable gold mineral reserves by 57% to 3.2 Moz1. The Lower Mine project includes the development of a new...