OSLO, 27 October 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the
Scandinavian-based Ethiopian gold exploration and boutique mining company, today
announced that it has broken ground at its Segele gold mine. This marks an
important milestone on the path to gold production in early 2023.
Jørgen Evjen, CEO of Akobo Minerals, stated: "When excavation began today to
remove the overburden at our mining site in south-west Ethiopia, it was the
culmination of over a decade of tireless work for the company."
"The next steps will be to undertake a short geotechnical evaluation, after
which the ground supports will be set in place to allow for the safe
establishment of a portal and the subsequent start of underground mining of gold
in the first quarter of 2023 - marking a true landmark moment in the development
of Akobo Minerals."
As well as ongoing mining development activities, the coming weeks will see the
progression of civil engineering and construction of support facilities. The
company also expects major equipment for the processing plant to be received
shortly.
The primary short-term tasks for the newly arrived contract mining staff from IW
Mining will be to work with Akobo's engineers to develop the box cut for the
incline shaft. The box cut is a small open cut built to supply a secure and safe
entrance as access to a slope to an underground mine.
In addition, the contract staff will be recruiting and training local staff to
join the company as they advance towards production. Securing positions for
those living in the local community is a key element in Akobo Minerals'
environmental, social and governance (ESG) program.
[A few people working in a field [A person standing next to a bulldozer
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with low confidence]
The mine manager supervises the first
Company geologists and surveyors lay earth being removed from the box cut
out the location of the incline location.
shaft.
[A group of people wearing safety
vests standing in a field
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with medium confidence]
Company geologists, engineers and
health & safety team, alongside
contract miners from IW Mining.
For more information, contact:
Jørgen Evjen, CEO,Akobo Minerals
Mob: +4792 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Twitter: @akobominerals (https://twitter.com/akobominerals)
Web: https://akobominerals.com
About Akobo Minerals
Akobo Minerals is a Scandinavia-based gold exploration and boutique mining
company, currently holding an exploration license covering 182 km2 and with an
ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The
company has established itself as the leading gold exploration company in
Ethiopia through more than 12 years of on-the-ground activity.
Akobo Minerals holds a 16 km2 mining license and is working to start up mining
of its very promising Segele target. It has an Inferred and Indicated Mineral
Resource yielding a world-class gold grade of 22.7 g/ton, combined with an
estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open at
depth, the gold mineralized zone continues to expand and will have a positive
impact on future resource estimates and mine-life. The exploration license holds
numerous promising exploration resource-building prospects in both the vicinity
of Segele and in the wider license area.
Akobo Minerals has an excellent relationship with local communities all the way
up to national authorities and it places environment, social and governance
(ESG) at the heart of its activities - as demonstrated by an industry-leading
community program.
Akobo Minerals has built a strong local foothold based upon the principles of
sound ethics, transparency, and communication, and is ready to take on new
opportunities and ventures as they arise. The company is uniquely positioned to
become a major player in the future development of the very promising Ethiopian
mining industry.
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.
Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.
For further information, see https://www.jorc.org/
Competent Person for Exploration Results
The Competent Person who has overall responsibility for the exploration results
is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of
the Australasian Institute of Mining and Metallurgy which is a Recognized
Professional Organization ("RPO") included in a list promulgated by the
Australian Securities Exchange ("ASX") from time to time. He is a full time
employee of Akobo Minerals AB and has sufficient experience that is relevant to
the style of mineralization and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Dr Matt Jackson consents to the inclusion
in the report of the matters based on his information in the form and context in
which it appears.