The Conversation (0)
Soma Gold Corp. (TSXV: SOMA,OTC:SMAGF) (WKN: A2P4DU) (OTC: SMAGF) (the " Company " or " Soma ") announces that Sintramienergetica, Seccional Zaragoza, the Union representing the employees of Operadora Minera, S.A.S., a wholly owned subsidiary of Soma, has elected to initiate strike action, effective immediately.
The Company has been engaged in good faith negotiations and recently presented a comprehensive offer that included significant increases in wages, benefits, living allowances, additional days off, and a meaningful signing bonus. Nevertheless, the Union declined to respond to the latest proposal and initiated strike action this morning, resulting in the suspension of operations at both the Cordero Mine and the El Bagre Gold Complex.
Geoff Hampson , Soma's CEO, states, "Soma remains committed to continuing good faith negotiations and to reaching a fair and mutually beneficial resolution. Our most recent offer reflects our sincere intent to support our workforce, improve conditions, and ensure long-term stability for the operation and the community. While we are disappointed by the decision to strike, we respect the union's rights and remain open and available to resume discussions at any time. We have proposed binding arbitration as a path forward, which was declined by the Union."
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA,OTC:SMAGF) is a profitable mining company focused on gold production and exploration. The Company owns over 43 sq. kilometers of mineral concessions following the prolific OTU fault in Antioquia, Colombia and two fully permitted mills located within 25 kilometers of each other, with a combined milling capacity of 675 tpd. The El Bagre Mill operates at 450 TPD and the el Limon mill is slated to re-start operations in Q3 2025. Â Internally generated funds are being used to finance a regional exploration program.
With a solid commitment to sustainability and community engagement, Soma Gold Corp. is dedicated to achieving excellence in all aspects of its operations.
The Company also owns an exploration property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.
On behalf of the Board of Directors
"Geoff Hampson"
Chief Executive Officer and President
Forward-Looking Statements & Cautionary Language
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "plans," "intends," "estimates," "projects," "potential," "possible," "strategy," "goal," "objective," "opportunity," "target," "may," "will," "should," or similar expressions. Forward-looking statements in this release include, but are not limited to, statements with respect to: the outcome and timing of ongoing negotiations with the Union, the potential for binding arbitration, the resolution of the strike, the resumption of operations at the Cordero Mine and El Bagre Gold Complex, and the Company's ability to maintain long-term operational and community stability.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These include, but are not limited to: the timing, outcome, and impact of labour negotiations and strike activity; the Company's ability to resume operations in a timely and cost-effective manner; risks relating to labour relations generally; regulatory and permitting risks; operational risks inherent in mining; fluctuations in commodity prices; changes in foreign exchange rates; political and social risks in the jurisdictions in which the Company operates; and other risks described in the Company's public disclosure documents available under its profile at www.sedarplus.ca .
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on these forward-looking statements.
SOURCE Soma Gold Corp.
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