OSLO, 20 December 2021: Akobo Minerals (Euronext Oslo - "AKOBO") announces that
it has acquired 3 second hand Diamec 262 drill rigs including many spare parts
from Protek Norr AB. The agreed tender is 400000 SEK for the following items;
· Three Diamec 262 core drill rigs - two which are operational and one to be
upgraded
· Three electrically powered hydraulic units
· Several spare rotation units
· Spare core winches
· One pallet of spare parts, including hydraulic valve blocks, pipe clamps,
hydraulic motors etc.
The drill rigs are of the same model that is already owned and operated by the
Akobo Minerals drill crew, and has been so for the last 1,5 years with an
outstanding performance.
The acquisition of the drill rigs will enable Akobo Minerals to continue its low
cost operations, and also have the flexibility to expand the exploration program
at a much higher pace. Three drill rigs are in operation already in Akobo; one
is owned and operated by Akobo Minerals and two are sourced from and operated by
Midroc. The drill rig owned and operated by Akobo Minerals has a much lower
operating cost.
Cost efficient and fast core drilling is critical to success in mineral
exploration and Akobo Minerals' ability to operate high production low cost
drilling has been important in the success at Segele. This acquisition enhances
the company's resilience in exploration drilling in addition to expanding
overall capacity. It is anticipated that this development will be of
considerable value in discovering the exciting potential of the licences at the
Akobo Project.
The new drill rigs can also be used in underground mining operations, and have a
capacity to drill down to 300 meters depth. We expect the drill rigs to be
phased into our operations around the middle of 2022, alongside expansion of the
company's competent drill crew.
- ENDS -
About Akobo Minerals
Akobo Minerals is a Norway-based gold exploration company, with ongoing
exploration and small-scale mining developments in the Gambela region and Dima
district of southwest Ethiopia. Operations were established in 2009 by people
with long experience from both the public mining sector in Ethiopia and the
Norwegian oil service industry. Following mineral discoveries, the company is
engaged in mining studies to advance the project to production, alongside
exploration core drilling.
Akobo Minerals is transforming itself to support an increased pace of core
drilling. At both its key targets - in Segele and Joru - the company has
released exceptionally high-grade gold results in the Segele deposit, while core
drilling and trenching at Joru have intersected both high-grade gold zones and
large wide zones near the surface. The company has an excellent partnership with
national authorities and places ESG at the heart of its activities - including a
ground-breaking community program.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, while adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.
For more information, contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Web: https://akobominerals.com
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.