VANCOUVER, BC, July 12,
2023 /CNW/ - Aris Mining Corporation (Aris Mining or
the Company) (TSX: ARIS) (OTCQX: TPRFF) announces it has received
approval from the Corporación Autónoma Regional del Caldas
(Corpocaldas), a regional environmental authority in Colombia, of the Environmental Management Plan
(PMA) which now permits the development of the Marmato Lower
Mine.
Construction of the new underground mine will provide access to
the wider porphyry mineralization below the current Upper Mine,
which allows for bulk mining methods in the Lower Mine. The Upper
and Lower Mine has a measured and indicated mineral resource of 6.0
million ounces (Moz) of gold, which includes a proven and probable
mineral reserve of 3.2 Moz. The Marmato Mine is expected to deliver
average production of 162,000 ounces per year over a nearly 20-year
mine life from the mineral reserves.1
Aris Mining CEO Neil Woodyer
stated: "This is a milestone for Aris Mining as it
will grow Marmato's gold production five-fold and,
following construction, our Colombian gold production
from Segovia and Marmato will be approximately 400,000 oz
per year.
This $280 million project is
fully funded from our current cash balances and the $122 million of stream funding from Wheaton
Precious Metals. Additionally, our Segovia Operations generate
significant positive cashflow. The project is scheduled to
pour its first gold by the end of Q3 2025.
We thank our artisanal and small mine partners and our
communities for their substantial support and efforts during
the Marmato Lower
Mine project licensing process.
The town of Marmato has been the centre for gold mining since it
was founded in 1540 with artisanal and small scale miners being at
the heart of the community.
This permitting of a new,
underground gold mine is
a significant achievement for Aris
Mining, the Marmato community and the
Colombian gold mining industry. We believe
this successful partnering process establishes a new
path forward for gold mining in Colombia."
Marmato Lower Mine
In November 2022, Aris Mining
announced the results of the Marmato Lower Mine expansion
Preliminary Feasibility Study (PFS), and increased proven and
probable gold mineral reserves by 57% to 3.2 Moz1. The
Lower Mine project includes the development of a new underground
mine and a 4,000 tonne per day (tpd) ore processing facility to add
to the currently operating Marmato Upper Mine.
_______________________
|
1 See
Qualified Person and Technical Disclosure section below for further
details.
|
Construction Update
Highlights
- The total project cost estimate remains at $280 million, including $17 million spent since the PFS on
pre-construction activities related to mine development, camp
access and road design, EPCM services, and land acquisition.
- All the land required for construction has been secured.
- Tender bids for key long lead procurement items such as mills,
crushers, feeders, thickeners, oxygen plant, gold room, and filters
are currently in the market with orders to be placed in Q3
2023.
- Construction of the access road to the new process plant and
mine portal and declines will commence in Q4 2023, followed by the
start of construction of the process plant, mine and non-process
infrastructure.
- The new 4,000 tpd mill is on schedule for mechanical completion
in Q3 2025.
- Ausenco has been appointed EPCM contractor for the process
plant.
- In addition to the site infrastructure, a 32-kilometre 115 kV
transmission line will be built on a 'buy build operate' basis to
provide power to the Lower Mine, related processing facilities and
infrastructure.
About Aris Mining
Aris Mining is a Canadian company led by an executive team with
a track record of creating value through building globally relevant
mining companies. 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 also operates the Soto
Norte 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 acquisition 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.sedar.com.
Technical Disclosure and Qualified
Person
Marmato Mine Mineral Resources, effective June 30, 2022
Area
|
Category
|
Tonnes
(Mt)
|
Grade Au
(g/t)
|
Grade Ag
(g/t)
|
Contained Au
(koz)
|
Contained Ag
(koz)
|
Upper Mine
|
Measured
|
2.8
|
6.04
|
28
|
545
|
2,509
|
Indicated
|
12.7
|
4.14
|
17
|
1,691
|
6,847
|
Measured +
Indicated
|
15.5
|
4.49
|
19
|
2,236
|
9,356
|
Inferred
|
2.6
|
3.03
|
15
|
250
|
1,265
|
Lower Mine
|
Measured
|
0.0
|
2.73
|
18
|
0
|
3
|
Indicated
|
46.0
|
2.54
|
3
|
3,761
|
4,912
|
Measured +
Indicated
|
46.0
|
2.54
|
3
|
3,761
|
4,914
|
Inferred
|
33.1
|
2.39
|
2
|
2,537
|
2,418
|
Marmato
Total
|
Measured
|
2.8
|
6.04
|
28
|
545
|
2,512
|
Indicated
|
58.7
|
2.89
|
6
|
5,452
|
11,758
|
Measured +
Indicated
|
61.5
|
3.03
|
7
|
5,997
|
14,270
|
Inferred
|
35.6
|
2.43
|
3
|
2,787
|
3,682
|
Notes:
1.
Measured and indicated mineral resources
are inclusive of mineral reserves.
2.
Mineral resources are not mineral
reserves and have no demonstrated economic viability.
3.
Totals may not add up due to
rounding.
4.
Mineral resources are reported using a
metal price of US$1,700 per ounce of gold.
5.
There are no known environmental,
permitting, legal, title, taxation, socio-economic, marketing,
political, or other relevant factors that could materially affect
the mineral resources.
|
Marmato Mine Mineral Reserves, effective June 30, 2022
Area
|
Category
|
Tonnes
(kt)
|
Grade Au
(g/t)
|
Grade Ag
(g/t)
|
Contained Au
(koz)
|
Contained Ag
(koz)
|
Upper Mine
|
Proven
|
2,195.5
|
4.31
|
16
|
304
|
1,157
|
Probable
|
4,946.9
|
4.09
|
14
|
650
|
2,273
|
Proven +
Probable
|
7,142.3
|
4.16
|
15
|
954
|
3,431
|
Lower Mine
|
Proven
|
-
|
-
|
-
|
-
|
-
|
Probable
|
24,135.0
|
2.87
|
4
|
2,224
|
2,707
|
Proven +
Probable
|
24,135.0
|
2.87
|
4
|
2,224
|
2,707
|
Marmato
Total
|
Proven
|
2,195.5
|
4.31
|
16
|
304
|
1,157
|
Probable
|
29,081.8
|
3.08
|
5
|
2,874
|
4,980
|
Proven +
Probable
|
31,277.3
|
3.16
|
6
|
3,178
|
6,138
|
Notes:
1.
Totals may not add up due to
rounding.
2.
Mineral reserves are reported using a
metal price of US$1,500 per ounce of gold.
|
All figures expressed in this news release are in US$
Scientific and technical information concerning the Marmato
Lower Mine is summarized, derived, or extracted from the technical
report entitled "Technical Report for the Marmato Gold Mine, Caldas
Department, Colombia,
Pre-Feasibility Study of the Lower Mine Expansion Project" dated
November 23, 2022 with an effective
date of June 30, 2022. This technical
report was prepared by Ben Parsons,
MAusIMM (CP), Anton Chan, Peng,
Brian Prosser, PE, SME-RM, Joanna Poeck, PE, SME-RM, Eric J. Olin, SME-RM, MAusIMM, Fredy Henriquez, SME-RM, ISRM, David Hoekstra,
PE, NCEES, SME-RM, Mark Allan
Willow, CEM, SME-RM, Vladimir
Ugorets, MMSA, Colleen Crystal, PE, GE, Kevin Gunesch, PE,
Tommaso Roberto Raponi, PEng,
David Bird, PG, SME-RM, each of whom
is independent of Aris Mining, and by Pamela De Mark, P.Geo, who is not independent of
Aris Mining, and each of whom is a "Qualified Person" as such
term is defined in NI 43-101. The Marmato technical report has been
filed with the Canadian securities regulatory authorities and is
available for review on Aris Mining's website at
www.aris-mining.com and on Aris Mining's profile on SEDAR at
www.sedar.com.
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.
Forward-Looking
Information
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 benefits of the new underground mine,
the expected annual production at Marmato and Segovia, the belief
that this successful permitting process establishes a new path
forward for gold mining in Colombia, the expected benefits for the
Marmato community, the expected construction capital costs and
sources of funding the of construction and the expected mine life
together with the Company's plans and strategies are
forward-looking. Statements concerning mineral reserve estimates
and mineral resource estimates may also be deemed to constitute
forward looking information to the extent that they involve
estimates of the mineralization that will be encountered. When used
herein, forward looking terminology such as "expect", "plan",
"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 but not limited to: local
environmental and regulatory requirements taxation, controls,
regulations a uncertainties and hazards associated with gold
exploration, development and mining, risks associated with
operating in foreign jurisdictions, risks associated with capital
cost estimates, dependence of operations on infrastructure,
fluctuations in foreign exchange or interest rates and stock market
volatility, operational and technical problems, the ability to
maintain good relations with employees and labour unions,; reliance
on key personnel, litigation risks, uncertainties relating to title
to property and mineral resource and mineral reserve
estimates, volatility in the price of gold, or certain other
commodities, risks that actual production may be less than
estimated, additional funding requirements, risks associated
with general economic factors, as well as those factors discussed
in the section entitled "Risk Factors" in Aris Mining's Annual
Information Form dated March 31, 2023
2023 and in the Management's Discussion and Analysis for the three
months ended March 31, 2023, which
are available on the Company's profile on SEDAR at www.sedar.com.
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.
Although Aris Mining has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such information or statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information or statements.
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SOURCE Aris Mining Corporation