Soma reports record monthly gold production in August

Tue Sep 12 2023

Shares of gold producer Soma Gold (TSXV: SOMA) (OTC: SMAGF) are trading higher today after the company announced a new monthly production record of 3,154 gold equivalent ounces in August.

The company said that year-to-date, it produced 21,878 gold equivalent ounces, marking a “substantial” increase from the 16,219 ounces reported during the same period last year.

President and CEO Javier Cordova said in a press release that the company’s production remains “well-aligned” with the annual plan and has consistently met its year-to-date budget targets.

“We are thrilled to report that we are currently 35% ahead of last year’s production pace. With the recent signing of the new collective agreement with our union, we are confident in our ability to achieve our full-year guidance of 35,500 ounces,” he added.

Soma Gold is a mining company focused on gold production and exploration. The company owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd (permitted for 1,400 tpd). The El Bagre Mill is currently operating and producing.

The company also owns an exploration property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.

Source: https://www.kitco.com