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Aris Gold (Formerly Caldas Gold)

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Aris Gold (Formerly Caldas Gold)






Aris Gold (TSX-V:CGC) (Formerly Caldas Gold) is a Canadian mining company. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and major expansion program is underway, and the Juby project, an advanced exploration stage gold project in the Abitibi Greenstone belt of Ontario, Canada.




Our objective is to build Aris Gold into our next globally relevant gold producer after success creating several leading mining companies, including Wheaton River Minerals, Goldcorp (now Newmont), Yamana Gold, Endeavour Mining and Leagold Mining (now Equinox Gold). We will continue to pursue a strategy of acquiring operating gold mines and projects nearing construction with the aim of creating value through diversification, mine and corporate-level optimizations, investing in expansions and near-mine exploration, and active portfolio management.




At Aris Gold, we believe transparency, sustainable business practices and good corporate citizenship are critical to the long-term success of the company. To create lasting social and economic benefits in our host communities, we commit to integrating these factors into the decision-making process of the company and will be guided by the following principles: health and safety first; prioritize environmental stewardship; active community engagement and support; and ongoing transparency and social accountability.




Neil Woodyer, CEO


Neil Woodyer was a founder and CEO of both Leagold Mining and Endeavour Mining. He has an extensive history in the mining sector creating growth strategies, implementing financing plans, leading management teams, and creating shareholder value. In 1988, Mr. Woodyer was the founder of Endeavour Financial, a successful mining merchant banking and advisory business. In 2009, he and Frank Giustra devised Endeavour’s growth strategy and as CEO, he led Endeavour Financial’s transition from a financial company into a mine operations and development company, Endeavour Mining. Endeavour Mining grew through a series of acquisitions and new mine builds to become one of the largest gold producers in West Africa. In early 2020, after he arranged Leagold Mining’s merger with Equinox Gold, Mr. Woodyer – along with other team members – created Aris Gold to repeat the shareholder value strategies that had previously proven successful at Endeavour Mining and Leagold Mining.



Attie Roux, Technical Consultant


Adriaan (Attie) Roux is a metallurgical engineer with over 44 years of operational, technical and executive management experience in the mining industry. Most recently, Mr. Roux was COO of Equinox Gold following its merger with Leagold Mining, where he held the same position. Prior to Leagold, he was COO of Endeavour Mining Corporation, where he was instrumental in the development and growth of the company over a seven-year period. Prior to Endeavour, Mr. Roux was Head of Metallurgy for AngloGold Ashanti where he worked for more than 34 years. He is a Registered Professional with the South African Council for Natural Scientific Professions.



Doug Bowlby, Senior Vice President Corporate


Doug Bowlby has experience implementing corporate growth strategies and a wide range of corporate finance initiatives, including debt and equity capital markets financings, mergers and acquisitions. Mr. Bowlby was one of the founding executives of Leagold Mining in 2016, and as SVP Corporate Development he contributed to the growth of the company until it merged with Equinox Gold in March 2020. Previously, he was EVP Corporate Development at Endeavour Mining from 2009 to 2016, during which time Endeavour Mining evolved into a significant West African gold producer through a series of corporate acquisitions and successful mine construction. Prior to this role, Mr. Bowlby was Managing Director, Research and Analysis at Endeavour Financial, a boutique investment and merchant banking company focused exclusively on the global mining industry. Mr. Bowlby is a Chartered Financial Analyst and a member of the CFA Institute.



Andrew Gubbels, Senior Vice President Corporate Development


Andrew Gubbels has extensive experience in the execution of mergers and acquisitions and financing transactions in the mining sector across a wide range of jurisdictions. Prior to joining Aris Gold in 2020, Mr. Gubbels was Head of Investment Management Americas at Eurasian Resources Group, a global diversified mining company. Previously, Mr. Gubbels advised international mining companies as Head of Americas Metals and Mining investment banking at UBS Investment Bank and, prior to that, as an executive in the Mergers and Acquisitions department at CIBC World Markets. Mr. Gubbels holds a Master of Finance from the University of Toronto and an Honours Bachelor of Commerce from Queen’s University.



Richard Thomas Senior Vice President, Technical Services


Richard Thomas is a mining engineer with 30 years of experience in both the production and technical disciplines. He has worked in diverse areas of the mining world from Central Asia, South East Asia, Southern and West Africa. Prior to Aris Gold, Mr. Thomas was SVP, Operations with Leagold Mining until it merged with Equinox Gold. Previously, he was the VP Operations and EVP Technical Services for Endeavour Mining, where he was part of the team that established a mid-tier mining company in West Africa. Prior to that he held the role of VP Mining at Anglogold Ashanti for the Continental Africa Region. Mr. Thomas has worked as a mining consultant in a Johannesburg based company and held a directorship for four years in the same company.



Ashley Baker, General Counsel and Corporate Secretary


Ashley Baker is called to the British Columbia Bar. Prior to joining Aris Gold in 2020, Ms. Baker was Vice President, Legal at Leagold Mining until it merged with Equinox Gold. She previously practiced law at Blake, Cassels & Graydon LLP in the Securities practice group where she gained extensive experience representing publicly listed mining companies with their mergers and acquisitions, corporate finance, and governance needs. Ms. Baker earned her LLB at the University of Alberta and also holds a Bachelor of Human Kinetics and Master of Science from UBC.



Robert Eckford, Vice President Finance and Chief Financial Officer


Robert Eckford is a Certified Professional Accountant with over 12 years of experience in finance, accounting, commercial management, and mergers and acquisitions with international mining companies including Barrick Gold, Yamana Gold and Leagold Mining. Prior to joining Aris Gold in 2020, Mr. Eckford was Controller at Leagold Mining until it merged with Equinox Gold. Over the past several years, Mr. Eckford has served in progressively senior finance roles in Australia, Africa and North America managing financial planning, risk and reporting, sales, and treasury. Mr. Eckford previously spent six years with EY in the audit and assurance group. He holds CPA and CA designations, Bachelor of Commerce (Accounting and Finance) and a Masters of Science (Mineral Economics).



Meghan Brown, Vice President Investor Relations


Meghan Brown is an investor relations professional with nearly 30 years of experience in the resource sector. Prior to joining Aris Gold in 2020 she was Vice President, Investor Relations with Great Panther Mining. Prior to Great Panther she was Vice President, Investor Relations with Leagold Mining until it merged with Equinox Gold. Ms. Brown started her career with Suncor Energy and has worked for a number of resource and mining companies including TransCanada, Placer Dome, and Endeavour Silver. In 2019 she received the IR Award of Excellence from the Canadian Investor Relations Institute in recognition of her contributions to the investor relations profession in Canada. Ms. Brown has completed the Canadian Securities Course and the Institute of Corporate Directors Not-for-Profit Directors’ Education Program. She holds a BA from UBC and an MBA from Queen’s University, and is the Chair of the Board of the Canadian Cancer Society BC/Yukon as well as Co-chair of the Canadian Cancer Society Daffodil Ball.


Board of Directors


Ian Telfer, Independent Chair

Ian Telfer is the former Chairman of Goldcorp Inc and former Chairman of the World Gold Council. He is the co-founder, Director, and a major shareholder of Renaissance Oil Corp. As one of the most influential businessmen in the Canadian financial community, Mr. Telfer has been recognized with special achievement awards by various organizations such as the Prospectors and Developers Association of Canada, Ernst & Young Entrepeneur of the Year, and the BC & Yukon Chamber of Mines. In May 2018, Mr. Telfer was inducted as Companion of the Order of the Canadian Business Hall of Fame. Mr. Telfer is a Fellow Chartered Accountant, and holds a Bachelor of Arts degree from the University of Toronto and an MBA from the University of Ottawa. In 2007, the University of Ottawa renamed their business school The Telfer School of Management, in honour of Mr. Telfer, whose donation at the time was the largest ever made to a Canadian business school. Mr. Telfer is Chair of Aris Gold’s Governance and Nominating Committee.


David Garofalo, Independent Director


David Garofalo is Chairman and CEO of the Marshall Precious Metals Funds, as well as Chairman of Great Panther Mining Limited and Chairman and CEO of Gold Royalty Corp. Mr. Garofalo is the former President and CEO of Goldcorp Inc., a position he held from 2016 until its sale to Newmont Corporation in 2019. Prior to Goldcorp, he was President, CEO and Director of Hudbay Minerals Inc. (2010-2016), Senior Vice President, Finance and CFO and Director with Agnico-Eagle Mines Limited (1998-2010) and Treasurer of Inmet Mining Corporation (1990-1998). Mr. Garofalo was recognized as the Mining Person of the Year by the Northern Miner (2012) and was named Canada’s CFO of the Year by Financial Executives International Canada (2009). Mr. Garofalo holds a BComm (with distinction) from the University of Toronto. He is a Fellow of Chartered Professional Accountants (FCPA, FCA) and a Certified Director of the Institute of Corporate Directors (ICD.D). He is a Director of the Greater Vancouver Board of Trade and the Vancouver Symphony Orchestra, and serves as Chair of Aris Gold’s Audit Committee.


Serafino Iacono, Director


Serafino Iacono has more than 30 years of experience in capital markets and public companies and has raised more than four billion dollars for numerous natural resource projects. A co-founder of Gran Colombia Gold Corp., he serves as its Executive Chairman. Mr. Iacono is also Chairman of Western Atlas Resources Inc., former Co Chairman and Executive Director of Pacific Exploration and Production Corp., and a former Director of Petromagdalena Energy Corp. Mr. Iacono was also a co founder of Bolivar Gold Corp. and Pacific Stratus Energy, among others, and is involved in numerous resource and business ventures in Latin America, Canada and United States.



Peter Marrone, Independent Director


Peter Marrone is Executive Chairman of Yamana Gold Inc., which he founded in 2003. Mr. Marrone has more than 30 years of mining, business, and capital markets experience. He has been on the boards of a number of public companies and has advised companies with a strong South American and North American presence. Prior to Yamana, Mr. Marrone was the head of investment banking at a major Canadian investment bank and before that practiced law in Toronto with a strong focus on corporate law, securities law and international transactions. Mr. Marrone is Chair of Aris Gold’s Compensation Committee.



Herman Martinez, Independent Director


Hernan Martinez is an independent director of Gran Colombia Gold Corp. He also serves as Executive Chairman and a Director of Caribbean Resources Corporation and previously served as a Director of Pacific Exploration & Production Corporation. Mr. Martinez was Colombia’s Minister of Mines from 2006 to 2010 and his extensive background includes roles with Atunec S.A. and Exxon Mobil Colombia S.A.



Franjk Guistra, Independent Director


Frank Giustra is a successful company financier with a track record of building natural resource companies. Mr. Giustra has had an active role in the launch and growth of several major natural resource companies, many with operations in Latin America. Mr. Giustra is CEO of Fiore Financial, a private firm managing a broad portfolio of equity investments. He was was a founder and director of Wheaton River, which became Goldcorp, as well as a director of Endeavour Mining from 2013 to 2016, Chairman of Endeavour Financial from 2001 to 2007, Chairman of Leagold Mining from 2016 to 2020, and former CEO of Yorkton Securities.


Neil Woodyer, CEO and Independent Director


Atty Roux, Technical Consultant and Director




Marmato Mine


The Marmato mine is located in the Marmato gold district in the Caldas Department, a mountainous region approximately 80 kilometres south of Medellin, Colombia.


The Marmato gold district has been mined since pre-Colonial times by the Quimbaya people. The gold resource was so significant that Simon Bolivar, the revolutionary leader who liberated much of South America from Spanish rule, used the gold as collateral with British banks to secure funding for a war of independence against Spain. The current mine on the Zona Baja property has been in operation since 1991.


The Marmato mine is supported by excellent infrastructure, located by the Pan American Highway and with access to the national electricity grid, which runs near the property.




Geology and Mineralization


The mine is made up of the Enchandia and Zona Baja properties, where two distinct mining areas are delineated based on the style of mineralization as it appears across elevation:

  • Mineralization in the Upper Zone, located between 950 and 1,300 metres elevation, is characterized by narrow veins where an existing operation mines material using conventional cut-and-fill stope methods and processes the ore in a 1,200 tpd plant


A modernization program that will result in increased production and lower costs at the Upper Zone mine is currently in progress

  • Mineralization in the Deep Zone, below 950 metres elevation, includes wider porphyry mineralization that will be mined using longhole stoping methods and processed in a newly constructed plant as part of the Caldas mine expansion project.


Construction of the Deep Zone mine is expected to begin in Q4 2021



PFS Highlights


In 2020 a Preliminary Feasibility Study (PFS) was completed to define an expanded Marmato mine, which includes production from a modernized Upper Zone mine and the newly developed Deep Zone mine. The Upper Zone modernization program includes the implementation of a new mine plan and plant expansion from 1,200 tpd to 1,500 tpd. The Deep Zone Expansion Project, includes the construction of a new 4,000 tpd CIP plant and is expected to begin in Q4 2021 following the completion the 2020-2021 infill drilling campaign, optimization studies, detailed engineering, and submission of an Environmental Management Plan (PMA) amendment.

“Excellent results can be expected when processing the Deep Zone ore in a standard CIP circuit design”

–SRK (March 2020)


@ 3.2 g/t

Gold Reserves


@ 3.2 g/t

M&I gold Resources1


@ 2.6 g/t

Inferred gold Resources



Mine life



Processing capacity


Per year

LOM average production


Per oz

LOM average AISC



DZ Development capex

Notes: 1. M&I Resources are inclusive of Reserves





Over 200,000 metres of historic drilling has occurred at the Zona Baja and Enchindia properties to date.


In February 2019 a drilling program was designed to provide enough tonnes and grade in the Measured and Indicated categories to support a Preliminary Feasibility Study for an underground operation in the newly discovered Deep Zone, which was completed in July 2020.


An ongoing the drill program confirmed the Main Zone (MZ) area of the Deep Zone remained open at depth and the discovery of a high-grade New Zone (NZ) to the east. Drilling has been successful in proving high-grade mineralization over broad widths and suggest the potential to significantly increase the mine life of the Deep Zone Expansion Project ahead of construction in 2021.



“Notable recent intersections of 63 metres at 5.7 g/t Au, and an extension of the Main Zone along strike by more than 300 metres”


Recent Drilling results

Cross Section of the relationship between the Main Zone and New Zone



Plan view showing the extension of the Main Zone along strike




Juby Project


The Juby Project is an advanced exploration-stage gold project located in Ontario, Canada, approximately 15 kilometres west-southwest of the town of Gowganda and 100 kilometres south-southeast of the Timmins gold camp within the Shining Tree area in the southern part of the Abitibi greenstone belt. Gold was first discovered in the Shining Tree area in the 1930s.


Over 14,000 acres are controlled through the patented claims of the Juby Project covering a 10 kilometre strike length of the west-northwest trending Tyrrell Shear Zone (TSZ) in the Abitibi greenstone belt with IAMGOLD’s Cote Gold project and Alamos Gold’s Young-Davidson mine, both within 70 kilometres of the project.


Aris Gold sees potential to infill along the strike of the TSZ to extend the existing Juby Main Zone and Gold Lake Zone, testing the higher-grade prospects associated with Big Dome Zone and Hydro-Creek LaCarte Zone, and to follow up on other targets and trends identified in historical work programs.



The Juby Project has excellent access to infrastructure including a major highway, a power transmission line that passes through the property, and an abundance of water in the region. The regional geological setting at Juby is similar to that of the Kirkland Lake and Timmins gold camps and is largely underexplored.


Capital Structure


Capital Structure at February 4, 2021

Issued and outstanding 136,577,940
Options 5,105,000
Warrants 87,649,300
Fully diluted 230,332,240



Head office

Suite 2900, 550 Burrard Street
Vancouver, B.C. V6C 0A3


Investor Relations


Meghan Brown
Vice President, Investor Relations
Tel: +1 778 899 0518









Posted February 8, 2021

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