Caldas Gold Reports August 2020 Gold Production of 2,743 Ounces, up 66% Over Last Month
September 14 2020 - 7:00AM
Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF) announced today that
it produced a total of 2,743 ounces of gold in August, up 66% over
last month’s production. This brings the total for the first two
months of the third quarter of 2020 to 4,396 ounces, up 9% over the
same two-month period last year. Caldas Gold’s total gold
production for the first eight months of 2020 of 14,148 ounces,
compared with a total of 16,509 ounces in the first eight months of
2019, reflects the impact of COVID-19 on its mining operations from
late March through July of this year. The Company continues to
expect its 2020 annual production will range between 23,000 and
26,000 ounces of gold.
Lombardo Paredes, President of Caldas Gold,
commenting on the Company’s latest production results, said, “We
are beginning to see the benefit of our mine optimization work in
the Upper Zone mine on our production results in August now that we
have a full complement of workers available to us. We remain
vigilant in our COVID-19 protocols to protect the safety of our
workers and we are confident that we will meet our production
guidance for the year.”
Operations at the Marmato mine benefitted in
August 2020 from an increased availability of workers and the
implementation of action plans to begin to improve mining practices
to reduce dilution as outlined in the Company’s recent
pre-feasibility technical report for the mine expansion at its
Marmato Project. As such, the Company saw an increase in its daily
processing rate to an average of 1,034 tpd in August, up about 23%
from last month, with an average head grade of 3.0 g/t, up from 2.2
g/t last month. For the first two months of the third quarter of
2020, the Company has processed an average of 939 tpd with an
average head grade of 2.6 g/t compared with an average of 1,024 tpd
processed with an average head grade of 2.3 g/t in the same
two-month period last year. For the first eight months of 2020, the
Company has processed an average of 805 tpd with an average head
grade of 2.5 g/t compared with an average of 1,009 tpd processed in
the first eight months of 2019 with an average head grade of 2.4
g/t. The Company’s mill recovery rate has also improved to an
average of 89% in the first eight months of 2020 compared with 87%
in the same period last year.
About Caldas Gold
Caldas Gold is a Canadian junior mining company
currently advancing a major expansion and modernization of its
underground mining operations at its Marmato Project in the
Department of Caldas, Colombia. Caldas Gold also owns 100% of the
Juby Project, an advanced exploration-stage gold project located
within the Shining Tree area in the southern part of the Abitibi
greenstone belt about 100 km south-southeast of the Timmins gold
camp.
Additional information on Caldas Gold can be
found on its website at www.caldasgold.ca and by reviewing its
profile on SEDAR at www.sedar.com.
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation concerning the business, operations and financial
performance of Caldas Gold. Forward-looking statements in this
press release, which are all statements other than statements of
historical fact, include, but are not limited to production
guidance and anticipated business plans or strategies. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Caldas Gold to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause actual results to differ
materially from those anticipated in these forward-looking
statements include the other risk factors as described under the
caption "Risk Factors" in the Company's annual information form for
the financial year ended December 31, 2019 dated as of August 17,
2020 which is available for view on SEDAR at
www.sedar.com.
Forward-looking statements contained herein are
made as of the date of this press release and Caldas Gold
disclaims, other than as required by law, any obligation to update
any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.
For Further Information, Contact:Mike
DaviesChief Financial Officer (416) 360-4653
investorrelations@caldasgold.ca
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