Soma Gold Corp. Announces Gold Production of 1,610 Ounces in October 2020
Appointment of New CFOVancouver, Nov 5, 2020 - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (formerly Para Resources Inc.) (the "Company" or "Soma") announces that its wholly-owned subsidiary, Operadora Mineras S.A.S. produced 1,610 ounces of Au in October, ahead of a budget of 1,204 ounces. The Company sold 1,471 ounces at an average price of US $1,843 per ounce Au during the month.
During October, Soma completed 808 meters of additional exploration drilling, which was split between the Balvina Norte extension and the El Limon - Renacer trend.
The Company also announces that Mr. Timothy Lallas has resigned as the Company's CFO, and that effective immediately, Mr. Greg Hayes, CPA, CA has joined Soma as Chief Financial Officer. Mr. Hayes has been active in the resource sector for fifteen years and has been CFO of a number of publicly listed companies, including Golden Predator Mining Corp., Taku Gold Corp., Encore Energy Corp., and Firestone Ventures Inc. Mr. Hayes was also the CEO and a Director of Northern Tiger Resources and Golden Predator Mining Corp.
Soma CEO, Javier Cordova, states, "Greg brings a lot of industry financial and management experience to Soma and will be a welcome addition to the team as we continue to ramp up both gold production and our exploration efforts in Colombia."
The Company takes this opportunity to thank departing CFO, Tim Lallas, for his contribution and service to the Company. Mr. Lallas has agreed to assist the Company through a transition period until the end of December 2020.
Executive Chairman, Geoff Hampson, states, "Tim has been instrumental in assisting Soma through some difficult times for the industry and the Company. He has been instrumental in turning Soma into a profitable gold producer. We wish Tim great success in his future endeavors."
ABOUT SOMA GOLD:
Soma Gold Corp. (TSXV: SOMA) 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 La Ye mine is currently operating and producing, and the El Limon mine and mill are scheduled to begin operating in Q1 2021. Internally generated funds will be used to finance a regional exploration program.
The Company also owns an exploration and development property near Tucuma, Para State, Brazil.
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
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All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.