09:52 AM EDT, 05/21/2024 (MT Newswires) -- Soma Gold ( SMAGF ) amended its September 2020 offtake agreement with Goldlogic (formerly Nueva Granada Gold) and MVPR International, securing an additional US$3 million that is earmarked for developing the Aurora Mine so it can start production in the third quarter.

In return, Soma will deliver a monthly cash payment equivalent to 59.9 ounces of gold to Goldlogic for 36 months.

The funds from the offtake agreement will also augment the 2024 exploration budget, facilitating accelerated drilling across several high-potential targets on the company's property.

On May 10th, Soma made the second and final payment of US$1.12 million under the agreement to purchase the Otu Centro properties in Colombia, which includes the Aurora mine. Soma now owns 100% of the properties, subject to a 2% NSR on metallic minerals. Half of the NSR (1%) can be repurchased for US$1 million (indexed to U.S. CPI).

With all necessary permits secured, including environmental permits undergoing updates, Soma intends to commence mining in the near term.

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