Aris Mining increases gold mineral reserves by 75% to 1.3 moz

Aris Mining announced updated mineral reserve estimates for its Segovia Operations in Colombia effective September 30, 2023. This updated mineral reserve estimate follows the updated mineral resource estimate announced on November 2, 2023. Aris Mining is also increasing the capacity of the Maria Dama processing plant within the Segovia Operations from 2,000 to 3,000 tonnes per day. As it has an existing unutilized ball mill on site, the costs for the plant expansion are estimated at $11M and completion is expected by early 2025. Neil Woodyer, CEO of Aris Mining, commented “We are pleased to announce a 75% increase to the high-grade mineral reserves at the Segovia Operations to 1.3 million ounces of gold at 11.63 grams per tonne. Based on our current operating profile, the updated estimate extends the reserve-only mine life to nearly seven years. Like other operations with extensive vein systems within a large mining title, we expect to continue to extend mine life through ongoing exploration programs. Based on the increased mineral resource and reserve estimates, we are implementing a small-scope project to increase the processing capacity by 50% to 3,000 tpd at the Maria Dama plant by utilizing a previously purchased ball mill that is already on-site. This creates the potential to gradually increase annual gold production from 200,000 to 300,000 ounces, as we fill the extra capacity by increasing our mining rates. A portion of this extra capacity will be allocated to our artisanal and small-scale mining partners, offering processing solutions to them, while mitigating the environmental impacts of informal mining in Segovia.”