Caldas Gold Corp. announced that it has completed an updated Mineral Resource estimate for its Marmato Project prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of March 17, 2020. Caldas Gold also announced that SRK Consulting (U.S.) Inc. (“SRK”) has completed preliminary results of a Preliminary Feasibility Study (“PFS”) for the Marmato Project effective March 17, 2020 and is currently finalizing the technical report to be prepared in accordance with NI 43-101 and filed on SEDAR and the Company’s website in August 2020. The PFS affirms the economic viability of the underground expansion of the Marmato Project. At a long-term gold price of $1,400 per ounce, total life-of-mine (“LoM”) undiscounted after-tax free cash flow from mining operations amounts to $770.0 million. After the initial capital costs of approximately $269.4 million for expansion into the Marmato Deep Zone (“MDZ”), undiscounted after-tax project cash flow amounts to $500.6 million. At a 5% discount rate, the net present value of the total LoM after-tax project cash flow amounts to $263.9 million. Before financing, the project has a 20.1% after-tax internal rate of return and payback by 2026. The 2019 Phase 2 drilling program successfully upgraded Mineral Resources from the Inferred category to the Measured and Indicated category to support the PFS. Mineral Resources in the Measured and Indicated category doubled to a total of 4.1 million ounces of gold based on 39.4 million tonnes at an average grade of 3.2 g/t. The LoM plan for the Marmato Project in the PFS is based on a total Mineral Reserve of 2.0 million contained ounces of gold based on 19.7 million tonnes at an average grade of 3.2 g/t. Over the 14-year mine life based on Mineral Reserves in the PFS, production is estimated to total 1.9 million recoverable ounces of gold and 1.6 million recoverable ounces of silver from the existing Upper Mine and the expansion of the second operation into the MDZ. Gold production will average approximately 165.4 kozs from 2024 through 2033 once the MDZ is in full production with LoM total cash cost of $772 per ounce of gold and an average LoM all-in sustaining cost (“AISC”) of $872 per ounce of gold. Since the Preliminary Economic Assessment dated as of July 31, 2019 (the “2019 PEA”), the Company has updated its plan for the Upper Mine to incorporate an expansion of the existing 1,200 tonnes per day (“tpd”) processing plant to 1,500 tpd at an estimated capital cost of approximately $10.7 million, including contingency, to be completed over the next two years. This will facilitate an increase in expected gold production from the Upper Mine to approximately 50,000 ounces per annum starting in 2021. SRK, in conjunction with Ausenco, has also completed preliminary results of a PFS for the Marmato Project effective March 17, 2020 and is currently finalizing the technical report under NI 43-101. The PFS has provided the Company’s first Mineral Reserve estimate for the Marmato Project with a total of 2.0 million proven and probable ounces of gold, based on 19.7 million tonnes of material at an average head grade of 3.2 g/t. The mine is currently developed and mined to the 1,000 m elevation. A transition is occurring from narrow vein mineralization to large porphyry mineralized areas (gold associated with pyrrhotite veinlets). Mineralization is generally vertical with veins widths ranging from >1m to several meters. Porphyry mineralized areas also have a vertical mineralization trend and can be up to 100m in width. The first two zones (Veins and Transition) are considered the Upper Mine, and the material is processed in the existing processing facility. The third zone is considered the MDZ and the material is envisioned to be sent to a new processing facility. Separate mine plans are presented for the Upper Mine area and MDZ area. Mining activities are limited to 2 million tonnes per annum of ore and waste by permit restrictions. The Upper Mine is the existing operating gold and silver mine that extends from 1,300 m elevation down to 950 m elevation, including the Veins and the Transitional Zone. The mine has been developed with level accesses proceeding horizontally from the main portal as the surface to horizontal cross cuts to provide access to the veins. There are currently six production levels, the highest being Level 16 and the lowest being Level 21. The mine uses the conventional cut and fill stope mining technique that currently supplies approximately 1,000 tpd of material to a 1,200 tpd capacity mill, which uses a Merrill-Crowe process to produce gold/silver dore bars. The Company plans to expand the capacity of the existing mill to 1,500 tpd over the next two years. Additional material will be mined from the wider porphyry area between the 950 m elevation and the 1,050 m elevation, referred to as the Transition Zone, using a modified longhole stoping method.