Commencement Plans For The Marmato Lower Mine Construction

VANCOUVER - Aris Gold Corporation has completed several Lower Mine optimizations with Wood PLC, the Company's EPCM contractor. Construction of the new camp and administrative areas followed by the new portal and decline to begin in December 2021. The Lower Mine project includes a new decline and a 4,000 tonne per day (tpd) processing facility to expand on the existing Upper Mine operations. First gold production from the Lower Mine is expected in Q4 2023. In addition, an updated mineral resource estimate has been completed with an effective date of June 30, 2021, representing a 42% increase in Measured and Indicated mineral resources to 5.8 million ounces (Moz) of gold, comprised of 56.9 million tonnes at 3.2 grams per tonne (g/t) gold, compared to the previous estimate effective March 17, 2020. This growth in Measured and Indicated mineral resources includes an 81% increase of contained gold ounces in the Lower Mine.

CEO Neil Woodyer, said, "Following our selection of Wood as our EPCM contractor in April 2021, we have completed several optimizations for the Lower Mine and are now ready to begin purchasing long-lead order items. Our Lower Mine capital cost estimate remains in line with the PFS estimate of US$270 million after factoring in our decision to use a mining contractor rather than purchase an owner-mining fleet. By using a mining contractor, we expect to speed up the development of the Lower Mine ramp and increase overall efficiencies. First gold production from the Lower Mine is expected in Q4 2023. We maintain regular contact with the Caldas Department authorities regarding completion of the amendments to our environmental permits and with our existing financial resources, we are ready to commence the Lower Mine construction. We have also maintained a high level of exploration activity, which, as at the end of June, has resulted in large increases to the mineral resource estimates at the Marmato Lower Mine. Our exploration program has demonstrated meaningful upside potential at Marmato, and we are now planning our next drill program."