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Caldas Gold Corp
Symbol CGC
Shares Issued 77,520,440
Close 2020-09-11 C$ 2.96
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Caldas Gold produces 2,743 oz Au in August

2020-09-14 07:34 ET - News Release

Mr. Lombardo Paredes reports

CALDAS GOLD REPORTS AUGUST 2020 GOLD PRODUCTION OF 2,743 OUNCES, UP 66% OVER LAST MONTH

Caldas Gold Corp. produced a total of 2,743 ounces of gold in August, up 66 per cent 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 per cent 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 benefited 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 prefeasibility 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 tonnes per day in August, up about 23 per cent 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 per cent in the first eight months of 2020 compared with 87 per cent in the same period last year.

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 peer 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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