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Soma Gold Corp. Closes Acquisition of 100% of the Shares of Operadora Mineras, S.A.S. in Colombia
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2020) - Soma Gold Corp  (TSXV: SO...
About this update from Soma Gold Corp.
[{"type":"text","content":"Soma Gold Corp. Closes Acquisition of 100% of the Shares of Operadora Mineras, S.A.S. in ColombiaVancouver, British Columbia--(Newsfile Corp. - June 4, 2020) - Soma Gold Corp (TSXV: SOMA) (WKN: A14YF1) (OTC: PRSRF) (formerly Para Resources Inc.) (the \"Company\" or \"Soma\") is pleased to announce that it has closed the acquisition of 100% of the shares of Operadora Mineras S.A.S (\"Operadora\") from Mineros, effective May 31, 2020. The payment of the first of US $1 million of the US $5.5 million purchase price, was made on May 29th. The second payment of US $4.5 million is due to Mineros by September 4, 2020. Soma has now assumed full operational control of Operadora.Acquisition DetailsOperadora owns the El Bagre Underground Gold Operations (El Bagre) which include an operating gold production facility along with a portfolio of mineral exploration and capital equipment assets;Operadora's El Bagre and Soma's El Limon operations are adjacent, and El Bagre's mineralization trend extends onto the property already controlled by Soma;The combined concession package creates a contiguous mineral rights package of over 27,000 Ha. The El Bagre mill is operating and in excellent condition but has been operating at less than full capacity. Combining potential sources of mineralized rock from El Bagre, El Limon and Zara is expected to make the El Bagre mill more efficient;The El Bagre operation produced 4,050 gold ounces in Q1 2020 and is expected to be on target to produce 15,856 gold ounces for the full year 2020; In 2019 Operadora produced and sold 16,168 gold ounces;The NI 43-101 Technical Report on the El Bagre Underground Gold Operation and the Nechi Gold Project, Department of Antioquia, Colombia, by Roscoe Postle Associates, Inc. (\"RPA\") of Toronto, Canada is expected to be filed on SEDAR (www.sedar.com) and on the Company's website on June 5, 2020. RPA has confirmed that the report meets the prefeasibility study CIM definition;The experienced and knowledgeable team of mining engineers, planners, geologists, operators and others, who know the region will remain with the company and will continue to be responsible for the operation of the El Bagre Mine and will also take on responsibility for the El Limon Mine;The two diamond drilling rigs owned by Operadora will begin to drill out the El Limon and Zara property (El Limon...