Despite the announcement of the State of Emergency in Ethiopia (3rd November
2021), Akobo Minerals is continuing its operations with the completion of a
successful hole which has intersected around 10m* of core with visible gold
today (hole SEDD55).
Akobo Minerals has an organisation consisting of highly qualified Ethiopian
staff and is not reliant on the physical presence of expatriates. From 2016 to
2018, a similar State of Emergency was in place in Ethiopia and the COVID-19
pandemic has also posed a challenge to exploration operations. Nevertheless
Akobo Minerals has successfully continued exploration throughout both previous
periods.
The company has not experienced any change in its ability to operate at the
Akobo project or in Addis Ababa and the majority of plans are unaffected. Akobo
Minerals is currently drilling at the Segele project and Joru projects
simultaneously. To complement the drilling, surface exploration is underway in
the areas surrounding the Segele project with the intention of identifying new
targets. Work on the mining studies is also ongoing with social baseline study
in progress at the project. Desk studies are continuing apace with cost
assessments of processing plant requirements and contract mining. The company is
in the process of engaging geotechnical consultants and mine waste specialists.
[A picture containing person, outdoor, ground
Description automatically generated] Visible gold in hole SEDD55 between 170.60
-171m*
For more information contact
Hans Olav Torsen, Chairman Jørgen Evjen, CEO
Mob.: (+47) 90 19 06 78 Mob.: (+47) 92 80 40 14
Mail: hot@akobominerals.com Mail:jorgen@akobominerals.com
*: Intersection widths reported here are not true width.
About Akobo Minerals:
Akobo Minerals, is a Norway-based gold exploration company, currently with
ongoing exploration and small-scale mine development in the Gambela region and
Dima Woreda, southwest Ethiopia. The operations were established in 2009 by
people with long experience from the public mining sector in Ethiopia and from
the Norwegian oil service industry. Akobo Minerals holds a mining licence and an
exploration license over key targets in the area. Economic mineralisation was
discovered and the company is engaged in mining studies to advance the project
to production, alongside exploration core drilling. Akobo Minerals is
transforming its organisation to support an increased pace of core drilling. At
both the key targets Segele and Joru the company has so far released
exceptionally high-grade gold results including the Segele deposit with an
Inferred Mineral Resource of 78ktons at 20.9g/t.?A scoping study for Segele
includes an up-front capital expenditure of USD $8m and all-in sustaining cost
of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have
intersected both high-grade gold zones and large wide zones near surface. The
company has an excellent partnership with national authorities and places ESG at
the heart of its activities - a ground-breaking community program is being
planned.
Important information:
This release is not for publication or distribution, directly or indirectly, in
or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold in the United States absent registration or pursuant to
an exemption from registration under the U.S. Securities Act. Akobo Minerals
does not intend to register any portion of the offering of the securities in the
United States or to conduct a public offering of the securities in the United
States. Copies of this publication are not being, and may not be, distributed or
sent into Australia, Canada, Japan or the United States.