ARIS Mining Announces Receipt of License to Transform Marmato MINE and New PATH Forward FOR GOLD Projects IN Colombia
News Release
TSX:ARIS aris-mining.com
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ARIS MINING ANNOUNCES RECEIPT OF LICENSE TO TRANSFORM MARMATO MINE
AND NEW PATH FORWARD FOR GOLD PROJECTS IN COLOMBIA
Vancouver, Canada, July 12, 2023 – Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS;
OTCQX: TPRFF) announces it has received approval from the Corporación Autónoma Regional del
Caldas (Corpocaldas), a regional environmental authority in Colombia, of the Environmental
Management Plan (PMA) which now permits the development of the Marmato Lower Mine.
Construction of the new underground mine will provide access to the wider porphyry mineralization
below the current Upper Mine, which allows for bulk mining methods in the Lower Mine. The Upper
and Lower Mine has a measured and indicated mineral resource of 6.0 million ounces (Moz) of gold,
which includes a proven and probable mineral reserve of 3.2 Moz. The Marmato Mine is expected to
deliver average production of 162,000 ounces per year over a nearly 20-year mine life from the
mineral reserves.1
Aris Mining CEO Neil Woodyer stated : “This is a milestone for Aris Mining as it will grow Marmato’s
gold production five-fold and, following construction, our Colombian gold production from Segovia and
Marmato will be approximately 400,000 oz per year.
This $280 million project is fully funded from our current cash balances and the $122 million of stream
funding from Wheaton Precious Metals. Additionally, our Segovia Operations generate significant
positive cashflow. The project is scheduled to pour its first gold by the end of Q3 2025.
We thank our artisanal and small mine partners and our communities for their substantial support and
efforts during the Marmato Lower Mine project licensing process. The town of Marmato has been the
centre for gold mining since it was founded in 1540 with artisanal and small scale miners being at the
heart of the community.
This permitting of a new, underground gold mine is a significant achievement for Aris Mining, the
Marmato community and the Colombian gold mining industry. We believe this successful partnering
process establishes a new path forward for gold mining in Colombia.”
Marmato Lower Mine
In November 2022, Aris Mining announced the results of the Marmato Lower Mine expansion
Preliminary Feasibility Study (PFS), and increased proven and probable gold mineral reserves by 57%
to 3.2 Moz 1. The Lower Mine project includes the development of a new underground mine and a
4,000 tonne per day (tpd) ore processing facility to add to the currently operating Marmato Upper
Mine.
1 See Qualified Person and Technical Disclosure section below for further details.
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Construction Update Highlights
The total project cost estimate remains at $280 million, including $17 million spent since the
PFS on pre-construction activities related to mine development, camp access and road design,
EPCM services, and land acquisition.
All the land required for construction has been secured.
Tender bids for key long lead procurement items such as mills, crushers, feeders, thickeners,
oxygen plant, gold room, and filters are currently in the market with orders to be placed in Q3
2023.
Construction of the access road to the new process plant and mine portal and declines will
commence in Q4 2023, followed by the start of construction of the process plant, mine and
non-process infrastructure.
The new 4,000 tpd mill is on schedule for mechanical completion in Q3 2025.
Ausenco has been appointed EPCM contractor for the process plant.
In addition to the site infrastructure, a 32-kilometre 115 kV transmission line will be built on
a ‘buy build operate’ basis to provide power to the Lower Mine, related processing facilities
and infrastructure.
About Aris Mining
Aris Mining is a Canadian company led by an executive team with a track record of creating value
through building globally relevant mining companies. In Colombia, Aris Mining operates several high-
grade underground mines at its Segovia Operations and the Marmato Mine, which together produced
235,000 ounces of gold in 2022. Aris Mining also operates the Soto Norte joint venture, where
environmental licensing is advancing to develop a new underground gold, silver and copper mine. In
Guyana, Aris Mining is advancing the Toroparu Project, a gold/copper project. Aris Mining plans to
pursue acquisition and other growth opportunities to unlock value creation from scale and
diversification.
Aris Mining promotes the formalization of artisanal and small-scale mining as this process enables all
miners to operate in a legal, safe and responsible manner that protects them and the environment.
Additional information on Aris Mining can be found at www.aris-mining.com and www.sedar.com.
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For further information, contact:
Tyron Breytenbach
Senior Vice President, Capital Markets
+1 416.399.2739
Kettina Cordero
Vice President, Investor Relations
+1 604.417.2574
Te c hn i ca l D is cl o s ur e an d Qu a l if ie d P er s o n
M ar mat o M in e M in er al Re s our ce s , ef f e ct iv e J une 30 , 2 0 22
Area Category Tonnes
(Mt)
Grade Au
(g/t)
Grade Ag
(g/t)
Contained Au
(koz)
Contained Ag
(koz)
Upper Mine Measured 2.8 6.04 28 545 2,509
Indicated 12.7 4.14 17 1,691 6,847
Measured + Indicated 15.5 4.49 19 2,236 9,356
Inferred 2.6 3.03 15 250 1,265
Lower Mine Measured 0.0 2.73 18 0 3
Indicated 46.0 2.54 3 3,761 4,912
Measured + Indicated 46.0 2.54 3 3,761 4,914
Inferred 33.1 2.39 2 2,537 2,418
Marmato Total Measured 2.8 6.04 28 545 2,512
Indicated 58.7 2.89 6 5,452 11,758
Measured + Indicated 61.5 3.03 7 5,997 14,270
Inferred 35.6 2.43 3 2,787 3,682
Notes:
1. Measured and indicated mineral resources are inclusive of mineral reserves.
2. Mineral resources are not mineral reserves and have no demonstrated economic viability.
3. Totals may not add up due to rounding.
4. Mineral resources are reported using a metal price of US$1,700 per ounce of gold.
5. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or
other relevant factors that could materially affect the mineral resources.
M ar mat o M in e M in er al Re s er v es , ef f e ct iv e J un e 30 , 20 22
Area Category Tonnes (kt) Grade Au
(g/t)
Grade Ag
(g/t)
Contained
Au (koz)
Contained Ag
(koz)
Upper Mine Proven 2,195.5 4.31 16 304 1,157
Probable 4,946.9 4.09 14 650 2,273
Proven + Probable 7,142.3 4.16 15 954 3,431
Lower Mine Proven - - - - -
Probable 24,135.0 2.87 4 2,224 2,707
Proven + Probable 24,135.0 2.87 4 2,224 2,707
Marmato Total Proven 2,195.5 4.31 16 304 1,157
Probable 29,081.8 3.08 5 2,874 4,980
Proven + Probable 31,277.3 3.16 6 3,178 6,138
Notes:
1. Totals may not add up due to rounding.
2. Mineral reserves are reported using a metal price of US$1,500 per ounce of gold.
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All figures expressed in this news release are in US$
Scientific and technical information concerning the Marmato Lower Mine is summarized, derived, or extracted from the
technical report entitled “Technical Report for the Marmato Gold Mine, Caldas Department, Colombia, Pre-Feasibility Study
of the Lower Mine Expansion Project” dated November 23, 2022 with an effective date of June 30, 2022. This technical report
was prepared by Ben Parsons, MAusIMM (CP), Anton Chan, Peng, Brian Prosser, PE, SME-RM, Joanna Poeck, PE, SME-RM,
Eric J. Olin, SME-RM, MAusIMM, Fredy Henriquez, SME-RM, ISRM, David Hoekstra, PE, NCEES, SME-RM, Mark Allan Willow,
CEM, SME-RM, Vladimir Ugorets, MMSA, Colleen Crystal, PE, GE, Kevin Gunesch, PE, Tommaso Roberto Raponi, PEng, David
Bird, PG, SME-RM, each of whom is independent of Aris Mining, and by Pamela De Mark, P.Geo, who is not independent of
Aris Mining, and each of whom is a “Qualified Person” as such term is defined in NI 43-101. The Marmato technical report
has been filed with the Canadian securities regulatory authorities and is available for review on Aris Mining’s website at
www.aris-mining.com and on Aris Mining’s profile on SEDAR at www.sedar.com.
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Senior Vice President,
Technical Services of Aris Mining, who is a Qualified Person as defined by NI 43-101.
For w ar d- L oo k i ng I nf or ma t io n
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian
securities legislation. All statements included herein, other than statements of historical fact, including, without limitation,
statements relating to the benefits of the new underground mine, the expected annual production at Marmato and Segovia,
the belief that this successful permitting process establishes a new path forward for gold mining in Colombia, the expected
benefits for the Marmato community, the expected construction capital costs and sources of funding the of construction
and the expected mine life together with the Company’s plans and strategies are forward-looking. Statements concerning
mineral reserve estimates and mineral resource estimates may also be deemed to constitute forward looking information
to the extent that they involve estimates of the mineralization that will be encountered. When used herein, forward looking
terminology such as "expect", “plan”, "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions
made by the Company in light of its experience and its perception of historical trends, current conditions and expected future
developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by
the forward-looking statements, , including but not limited to: local environmental and regulatory requirements taxation,
controls, regulations a uncertainties and hazards associated with gold exploration, development and mining, risks associated
with operating in foreign jurisdictions, risks associated with capital cost estimates, dependence of operations on
infrastructure, fluctuations in foreign exchange or interest rates and stock market volatility, operational and technical
problems, the ability to maintain good relations with employees and labour unions,; reliance on key personnel, litigation
risks, uncertainties relating to title to property and mineral resource and mineral reserve estimates, volatility in the price of
gold, or certain other commodities, risks that actual production may be less than estimated, additional funding
requirements, risks associated with general economic factors, as well as those factors discussed in the section entitled "Risk
Factors" in Aris Mining's Annual Information Form dated March 31, 2023 2023 and in the Management's Discussion and
Analysis for the three months ended March 31, 2023, which are available on the Company’s profile on SEDAR at
www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on the
Company's forward-looking statements. The Company has no intention and undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.
Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking information and forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will
prove to be accurate, as actual results and future events could differ materially from those anticipated in such information
or statements.
Source: Aris Mining Corporation