Fura Gems Inc. provided an update on its 76%-owned Coscuez emerald mine in Colombia. Key Highlights: Since the acquisition in January 2018, the Coscuez mine, under the majority-ownership and management of Fura, is being transitioned from an artisanal mine to a fully mechanised operation. As of December 2019, the 1.5km main LAPAZ adit had been expanded from 2.65 sqm to 5.28 sqm. A maiden Inferred Mineral Resource in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) was announced in 2019 (effective date of report: January 23, 2019). Highlights include: 3 million tonnes of Inferred Mineral Resources; Grade of 2.0 carats per tonne; 6 million carats contained; Conceptual life of mine for Coscuez of 30 years used for the Inferred Mineral Resource estimate; Conservative case price of USD 200/carat; and estimate prepared and classified by WGM, an independent group of consulting geologists and engineers based in Toronto, Canada. Following the Inferred Mineral Resource announcement, a mine mechanisation program commenced by Fura in August 2019 and was completed in January 2020. The new mining mechanised fleet includes a total of 12 mini-dumpers with four & two tonne (“t”) capacities, one electro hydraulic jumbo drilling machine, three scoop trams and three tractors, each of which are currently operational on site. In October 2019, the Company commenced development of three underground declines from the main LAPAZ level to intersect the inferred resource body in the Santana, Ayata and the Miguel sectors. The total development in these sectors is projected to run for 8,704 meters alongside such inferred resource body. A new 10 tonne per hour (“t/hr”) pilot washing plant was fully commissioned in 2019 and is currently being operated by an all-female crew. This way, the washing process at the Coscuez mine has transitioned from manual washing to washing at the much more efficient pilot washing plant. A new washing plant with projected capacity of 100 t/hr is currently being designed and is expected to be commissioned by fourth quarter of 2020. From day one, Fura’s priority at the Coscuez mine has been to strengthen its safety policies and establish international industry standard procedures. Standard safety operating procedures have been adopted and are in the process of being implemented to international mining standards. Due to the COVID–19 situation and the corresponding restrictions imposed by the Colombian government, from 20 March 2020 to 04 June 2020, the mine has been in a state of care and maintenance. Since 04 June, 2020, the lockdown has been gradually lifted and mining operations have commenced at 50% work-force capacity, with requisite safety and sanitisation measures implemented. Fura is currently in discussions with the Colombian mining agency, ANM, to extend the mining licence underlying the Coscuez mine (being mining licence no. 122 – 95M) which is due to expire on 09 October 2020. Fura has obtained approval for the 30 year mine plan (the “PTO” by its acronyms in Spanish), which remains subject to an updated environmental licence and the extension of the mining contract. The ANM will inform Fura of the next steps required to move forward in the licence extension process.