VANCOUVER, BC, June 28,
2024 /PRNewswire/ - Aris Mining Corporation
(Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces
that, further to the Company's news release of May 23, 2024, it has closed the acquisition of an
additional 31% interest in the Soto Norte gold-copper project in
Colombia (Soto Norte or PSN),
increasing its total ownership in the joint venture to 51%. Soto
Norte is one of the largest undeveloped underground gold projects
in South America.
As consideration for the additional 31% interest of PSN:
- Aris Mining has issued 15,750,000 shares to a wholly-owned
subsidiary of the Abu Dhabi based
investment company Mubadala Investment Company PJSC (Mubadala),
which shares will be subject to a 12-month hold period.
- An additional 6,000,000 shares will be issued to Mubadala on
receipt of an environmental license for PSN.
- Mubadala is retaining a 49% interest in PSN. Aris Mining will
sole fund certain operating costs on behalf of the joint venture
during the pre-licensing period. Non-operating and project
construction costs will be funded on a pro-rata ownership
basis.
In March 2022, Aris Mining
disclosed the results of mineral resource and reserve estimates and
a Feasibility Study for the Soto Norte Gold Project in a NI 43-101
compliant Technical Report with an effective date of January 1, 2021 (the Feasibility Study). The
Feasibility Study includes a 7,200 tonnes per day capacity
processing plant with average annual production of over 450,000
gold ounces (oz) over an 11-year production period at average all
in sustaining costs (AISC) of US$471/oz from a 5.0 million ounce mineral
reserve1.
In 2023, Aris Mining completed a technical and economic
assessment of PSN that considered a scaled-down mining concept. To
confirm and optimize our assessments and streamline permitting
processes, we have decided to undertake Feasibility Study level
work on a new, smaller scale development plan with optimizations
including: (i) reducing the environmental footprint, (ii) building
a smaller processing plant with a longer operating life, (iii)
adopting a flexible mining method to target higher-grade material
earlier in the mine life, (iv) installing a paste backfill plant to
minimize surface tailings storage requirements and, (v) replacing
the 6.9 km tunnel to connect the mine and the processing plant site
with an aerial ropeway, a material movement approach utilized in
Colombia and other
jurisdictions.
The Soto Norte region in Colombia is a significant mining district,
hosting numerous small-scale mining operations. Aris Mining's
partnership model, successfully implemented at its Segovia
Operations, increases gold production while benefiting contract
mining partners, the Government, and the environment. The new
development plan for PSN will integrate processing solutions for
local contract mining partners. By supporting the formalization of
traditional miners into contract mining partners, Aris Mining aims
to enhance economic development and environmental practices at Soto
Norte.
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|
1 See
"Technical Disclosure and Qualified Person" section for full
disclosure of the technical and scientific details.
|
Technical Disclosure and Qualified Person
The technical information in this news release was reviewed and
approved by Pamela De Mark, P.Geo,
Senior Vice President, Geology and Exploration of Aris Mining, who
is a Qualified Person as defined by NI 43-101. Unless otherwise
indicated, the mineral resource and reserve estimates, scientific
disclosure, and technical information included in this news release
are based upon information included in the following NI 43-101
compliant technical report: "NI 43-101 Technical Report Feasibility
Study of the Soto Norte Gold Project, Santander, Colombia", dated March
21, 2022 with an effective date of January 1, 2021 (the Soto Norte Technical
Report). The Soto Norte Technical Report was prepared by
Ben Parsons, MSc, MAusIMM (CP),
Chris Bray, BEng, MAusIMM (CP), Dr
John Willis PhD, BE (MET), MAusIMM (CP), and Dr Henri Sangam, Ph.D., P.Eng., each of whom is
independent of Aris Mining within the meaning of NI 43-101 and is a
"Qualified Person" as such term is defined in NI 43-101. The report
was also prepared by Robert
Anderson, P.Eng., a Qualified Person who is considered
non-independent of Aris Mining. The Soto Norte Technical Report is
available for download on Aris Mining's website at
www.aris-mining.com and on Aris Mining Holdings Corp's (Aris
Holdings) SEDAR+ profile at www.sedarplus.ca and in Aris Mining's
filings with the SEC at www.sec.gov. Aris Holdings is a subsidiary
of Aris Mining
About Aris Mining
Aris Mining is a gold producer in the Americas, currently
operating two mines with expansions underway in Colombia. The Segovia Operations and the
Marmato Upper Mine produced 226,000 ounces of gold in 2023. Aris
Mining is targeting a production rate of 500,000 ounces of gold per
year in the second half of 2026, following a ramp-up period after
the Segovia mill expansion scheduled for completion in Q1 2025 and
the Marmato Lower Mine's first gold pour in late 2025. 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 Toroparu,
a gold/copper project. Aris Mining intends to pursue acquisitions
and other growth opportunities to unlock value through scale and
diversification.
Aris Mining promotes the formalization of traditional miners
into contract mining partners 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, www.sedarplus.ca, and on
www.sec.gov.
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, the
issuance of 6,000,000 shares of Aris Mining on receipt of the
environmental license, plans pertaining to PSN and the PFS and the
details, benefits and timings thereof, the benefits of Aris
Mining's partnership model, target production in 2026, expected
completion of the Segovia mill expansion and Marmato lower mine
project and the Company's plans and strategies are forward-looking.
Generally, the forward-looking information and forward looking
statements can be identified by the use of forward looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", "will continue"
or "believes", or 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". The material
factors or assumptions used to develop forward looking information
or statements are disclosed throughout this news release.
Forward looking information and forward looking statements,
while based on management's best estimates and assumptions, are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Aris Mining to be materially different from
those expressed or implied by such forward-looking information or
forward looking statements, including but not limited to those
factors discussed in the section entitled "Risk Factors" in Aris
Mining's annual information form dated March
6, 2024 which is available on SEDAR+ at www.sedarplus.ca and
in the Company's filings with the SEC at www.sec.gov.
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. The Company has and
continues to disclose in its Management's Discussion and Analysis
and other publicly filed documents, changes to material factors or
assumptions underlying the forward-looking information and
forward-looking statements and to the validity of the information,
in the period the changes occur. The forward-looking statements and
forward-looking information are made as of the date hereof and Aris
Mining disclaims any obligation to update any such factors or to
publicly announce the result of any revisions to any of the
forward-looking statements or forward-looking information contained
herein to reflect future results. Accordingly, readers should not
place undue reliance on forward-looking statements and
information.
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SOURCE Aris Mining Corporation