OSLO, 20 December 2021: Akobo Minerals (Euronext Oslo – “AKOBO”) announces that it has acquired 3 drill rigs from Protek Norr AB. The agreed tender is 400 000 SEK, including 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 acquisition 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. 

Jørgen Evjen, CEO Akobo Minerals AB

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.