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Soma increases gold production in Colombia by 73% in second quarter

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(Kitco News) - Soma Gold (TSXV: SOMA) announced today that its El Bagre gold mining operation in Colombia produced 6,952 AuEq ounces in Q2 2022, which is a 73% increase over Q2 2021.

Importantly, the company said that its year-to-date production for the first half is 12,054 AuEq ounces, 11% ahead of the 2022 plan of 10,845 ounces.

Executive Chairman Geoff Hampson stated, "It is gratifying to see the Cordero mine in production and the grade higher than expected. The underground mining equipment acquired by Soma, which will be delivered this summer, will ensure that production continues to ramp up. AuEq production is expected to further increase by the end of the year as more tons are mined. Once total mine production exceeds 600 tpd, we will restart the el Limon mill, and monthly gold production will increase commensurately.

"At the current level of production of approximately 2,500 ounces per month at current market prices, the mine generates an estimated US $2 million in EBITDA per month. We expect EBITDA to further grow with the expected increase in production."

Soma Gold is a mining company focused on gold production and exploration. The company owns two adjacent mining properties on 29,000 Ha in Antioquia, Colombia with an installed and fully permitted milling capacity of 675 tpd (permitted for 1,400 tpd). The El Bagre mill is currently operating and producing.

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