Mr. Mike Davies reports
CALDAS GOLD REPORTS SECOND QUARTER AND FIRST HALF 2020 GOLD PRODUCTION; ANNOUNCES DETAILS FOR THE FORTHCOMING SECOND QUARTER 2020 RESULTS WEBCAST
Caldas Gold Corp. produced a total of 1,435 ounces of gold in June, 2020, bringing the total for the second quarter of 2020 to 3,851 ounces compared with 6,257 ounces in the second quarter of 2019. For the first half of 2020, the company has produced a total of 9,752 ounces of gold compared with 12,472 ounces in the first half of last year. The second quarter and first half 2020 production results reflect the impact on the company's operations of the COVID-19 national quarantine in Colombia invoked on March 25, 2020, and which remains in effect. The company's Marmato mine and plant are continuing to operate and the company expects to update its 2020 annual production guidance when it reports its midyear financial results in August.
Lombardo Paredes, president of Caldas Gold, commenting on the company's second quarter production results, said: "We are fortunate that we have been able to operate at Marmato in the midst of the COVID-19 situation during the second quarter of this year. It probably goes without saying, but COVID-19 has definitely changed how we do things. We have adapted our operating procedures to ensure our people remain healthy and safe and we have supported the local communities where our workers live. It has been challenging getting access to workers during the national quarantine and this has adversely impacted our production in the second quarter. We are slowly seeing improvements and expect to make better progress in our operations and the execution of our mine optimization activities in the second half of the year. We have been managing our discretionary expenditures accordingly and, at June 30, 2020, we had a cash position of approximately $14-million (U.S.), unchanged from the end of March. Gold prices are positively impacting our revenues and we remain committed to advancing our business objectives during the COVID-19 situation."
In June, the Marmato operations processed an average of 682 tonnes per day, up about 26 per cent from April and May's average daily rate as the operations started to see an increase in workers, bringing the daily processing rate to an average of 589 tpd in the second quarter of 2020, down from 994 tpd in the second quarter last year. Head grades averaged 2.51 grams per tonne in the second quarter of 2020, slightly better than the second quarter last year. For the first half of 2020, the Marmato operations processed 760 tpd at an average head grade of 2.47 g/t compared with 1,004 tpd at an average head grade of 2.45 g/t in the first half last year.
Second quarter and first half 2020 results webcast
Caldas Gold also announced today that it will release its financial results for the second quarter and first half of 2020 after market close on Thursday, Aug. 13, 2020, and will host a conference call and webcast, on Friday, Aug. 14, 2020, at 9 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows.
Live event link: see Media-Server website
North America toll free: 1-866-215-5508
Colombia toll-free: 01-800-9-156-924
Conference ID: 49833178
A replay of the webcast will be available at
the company's website
from Monday, Aug. 17, 2020, until Friday, Sept. 18, 2020.
About Caldas Gold Corp.
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 per cent 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 kilometres south-southeast of the Timmins gold camp.
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