ARIS MINING ANNOUNCES RECORD SEGOVIA OPERATIONS GOLD PRODUCTION
VANCOUVER, BC, Sept. 11, 2023 /PRNewswire/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (OTCQX: TPRFF) announces record gold production of 19,406 ounces at its Segovia Operations in Colombia during August 2023, the highest monthly production since the expansion of the Maria Dama processing plant in 2022. This is a result of our efforts in optimization and improvement and represents a 24% increase over the average gold production rate for the initial seven months of 2023.
Neil Woodyer, CEO of Aris Mining, commented "Aris Mining has successfully implemented a significant business re-organization in Colombia and we are very pleased to demonstrate the benefits of this work. As noted in our August 16, 2023 news release, the ongoing 2023 exploration program at our Segovia Operations has encountered 32 different mineralized vein structures near active mining operations, which is expected to continue Segovia's history of growth and reserve replacement. Aris Mining has a strong balance sheet and we believe we are on track to produce approximately 400,000 ounces of gold in Colombia in 2026, based on steady-state production from our Segovia Operations and the expanded Marmato Mine, currently under construction."
During August 2023, the Maria Dama gold plant at the Segovia Operations processed 55,328 tonnes with an average gold grade of 11.7 grams per tonne and achieved a gold recovery rate of 95.5%. These results represent a 9% increase in the amount of ore milled and a 17% increase in gold grade compared to the average performance over the prior seven months, and is primarily attributed to the completion of the crusher repairs, the resolution of issues related to the nationwide limited supply of explosives, and access to higher grade stopes. In addition, the Company processed an average of 96 tonnes per day at its polymetallic plant, which resulted in the production of approximately 148 tonnes of zinc concentrate and 103 tonnes of lead concentrate. The polymetallic plant was built in 2021 to clean sulfides from the tailings, a process that recovers zinc, lead, gold and silver in concentrates from the tailings while also providing an additional revenue stream.
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Senior Vice President, Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.
Aris Mining is a gold producer in the Americas with a growth-oriented strategy. In Colombia, Aris Mining operates several high-grade underground mines at its Segovia Operations and the Marmato Mine, which together produced 235,000 ounces of gold in 2022. Aris Mining is currently advancing the Marmato Lower Mine Expansion project, which will provide access to wider porphyry mineralization below the current Upper Mine. Aris Mining also operates the Soto Norte Project joint venture, where environmental licensing is advancing to develop a new underground gold, silver and copper mine. In Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to pursue acquisitions and other growth opportunities to unlock value creation from scale and diversification.
Aris Mining promotes the formalization of artisanal and small-scale mining as this process enables all miners to operate in a legal, safe and responsible manner that protects them and the environment.
Additional information on Aris Mining can be found at www.aris-mining.com and www.sedarplus.ca.
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company's expectation to continue Segovia's history of growth and reserve replacement, the anticipated production in 2026, and the Company's plans and strategies are forward-looking. When used herein, forward looking terminology such as "expect", "plan", "anticipate", "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the Company's most recent AIF and in the Management's Discussion and Analysis for the three and six months ended June 30, 2023, which are available on the Company's profile on SEDAR+ at www.sedarplus.ca. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Aris Mining Corporation
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