Mineros announces suspension of operations at its Nechi Alluvial Property
Mineros announces suspension of operations at its Nechi Alluvial Property
Medellin, Colombia – March 10, 2023 – Mineros S.A. (TSX:MSA, MINEROS:CB) (“Mineros” or the
“Company”) announces that due to ongoing protests by groups not associated with the Company
against measures taken by the national government of Colombia, it has temporarily suspended all
operations at its Nechi Alluvial Property. The protests, which started on March 2, 2023, are taking
place in, and have caused disruptions throughout, the Bajo Cauca region. The Company will resume
operations when it can ensure the safety and security of its employees and contractors.
Any extended suspension of operations may negatively impact the Company’s ability to meet its
production guidance from the Nechi Alluvial Property. The Company will keep the market informed
of further developments.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The
Company has a diversified asset base, with mines in Colombia, Nicaragua and Argentina and a
pipeline of development and exploration projects throughout the region.
The board of directors and management of Mineros have extensive experience in mining, corporate
development, finance and sustainability. Mineros has a long track record of maximizing shareholder
value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus
on safety and sustainability at all its operations.
Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”, and
on the Colombia Stock Exchange under the symbol “MINEROS”.
For further information, please contact:
Patricia Ospina
Investor Relations Manager
(+57) 42665757
The Company has been granted an exemption from the individual voting and majority voting
requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that
compliance with such requirements would constitute a breach of Colombian laws and regulations
which require the directors to be elected on the basis of a slate of nominees proposed for election
pursuant to an electoral quotient system. For further information, please see the Company’s most
recent annual information form filed on SEDAR at www.sedar.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable
securities laws. Forward-looking information includes statements that use forward-looking
terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”,
“estimate”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical
variation thereof or other variations thereof or comparable terminology. Such forward-looking
information includes, without limitation, statements with respect to the resumption of operations
at the Nechi Alluvial Property, and potential impacts on the Company’s production guidance.
Forward-looking information is based upon estimates and assumptions of management in light of
management’s experience and perception of current conditions and expected developments, as
well as other factors that management believes to be relevant and reasonable in the circumstances,
as of the date of this news release, including, without limitation, assumptions about: operating
conditions being favourable such that the Company is able to operate in a safe, efficient and
effective manner; political and regulatory stability; risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected geological formations, floods,
labour disruptions, weather conditions and criminal activity; commodity price fluctuations; higher
operating and/or capital costs; the availability of infrastructure; the receipt of governmental,
regulatory and third party approvals, licenses and permits on favourable terms; obtaining required
renewals for existing approvals, licenses and permits; sustained labour stability; stability in financial
and capital goods markets; availability of equipment; and positive relations with local groups. While
the Company considers these assumptions to be reasonable, many of them are based on factors
and events that are not within the control of the Company and there is no assurance they will prove
to be correct. The assumptions are inherently subject to significant business, social, economic,
political, regulatory, competitive and other risks and uncertainties, contingencies and other factors
that could cause actual actions, events, conditions, results, performance or achievements to be
materially different from those projected in the forward-looking information. These risk factors
specifically include, without limitation: protests may continue or escalate; risks relating to receipt
of regulatory approvals; delays in stakeholder negotiations; changes in regulations applicable to the
development, operation, and closure of mining operations; difficulties attracting the necessary
work force; changes in development or mining plans due to changes in logistical, technical or other
factors; operational and infrastructure risks; and the additional risks described in the ‘‘Risk Factors”
sections of the Company’s annual information form dated March 31, 2022, and the Company’s
Management’s Discussion and Analysis for the three months and year ended December 31, 2022,
available on SEDAR at www.sedar.com.
The Company cautions that the foregoing lists of important assumptions and factors that may affect
future results are not exhaustive. Other events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or implied by, the forward looking
information contained herein. There can be no assurance that forward looking information will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue reliance on forward
looking information. Forward looking information contained herein is made as of the date of this
news release and the Company disclaims any obligation to update or revise any forward looking
information, whether as a result of new information, future events or results or otherwise, except
as and to the extent required by applicable securities laws.