Toronto-listed Aris Gold has closed the acquisition of a 20% joint venture interest in the Soto Norte gold project in Colombia, with the option to acquire a further 30% interest.
Soto Norte will produce more than 450 000 oz/y at an average all-in sustaining cost of $471/oz from a five-million-ounce mineral reserve.
"Soto Norte is a large-scale gold project that is well-aligned with our core strengths as mine operators in Colombia. The construction of Soto Norte is expected to follow the expansion of our 100%-owned Marmato gold mine in Colombia,” said CEO Neil Woodyer.
Aris also announced that it had upsized the existing precious metals stream at the 100%-owned Marmato mine by $65-million and arranged a $35-million debenture that is convertible into common shares of the company.