Akobo Minerals sources a second drill rig – signs contract with MIDROC

Akobo Minerals is pleased to announce the signing of an agreement with MIDROC Geo/Exploration Services in Addis Ababa to supply a second drill rig to start core drilling on the Segele deposit. The drill rig will mobilise to the Akobo region shortly and the company anticipates that the drilling will start upon arrival in field. This development is an important part of increasing the Segele Mineral Resources, advancing the Joru target and supporting ongoing mining studies, as described in our company presentation from May this year.

“This is another milestone in our Ethiopian journey. The mobilisation of a second drill rig to start additional resource definition drilling at our Segele gold deposit is an important step in our strategy to drastically increase the resources at Segele and move towards mining. This doubling of operational activity also allows us to increase the confidence in the resources and extract samples for metallurgical testing, both vital contributions to the ongoing the Scoping Study and anticipated Preliminary Feasibility Study.”, says Jørgen Evjen, CEO of Akobo Minerals.  

The contract allows for a minimum of 3.000m of core to be drilled and for extensions in increments of 3.000m. The drilling contractor is expected to drill a minimum of 1.000m per month.

The first, company-owned drill rig is currently undergoing maintenance and is expected to be operational within a short period of time. Hence it is expected that the company soon will be drilling simultaneously at Segele and Joru.

MIDROC Geo/Exploration Services PLC is a subsidiary of MIDROC – Mohammed International Development Research and Organization Companies (MIDROC Group). While the MIDROC Group has Swedish and global operations, within Ethiopia the organization made important contributions to Ethiopian society through operation of the Lega Dembi Gold Mine since 1998. MIDROC also owns 70% of National Oil Ethiopia, the Tossa Steel Plant, cement production facilities and many other operations.

The drilling arm of MIDROC has completed well over 80,000m of core drilling in throughout Ethiopia and has a fleet of 5 drill rigs and an operations team of well over 50 people.

For more information contact:

Jørgen Evjen, CEO 

Mob.: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

About Akobo Minerals:

Akobo Minerals, a Norway-based gold exploration company, currently with ongoing exploration in the Akobo region in southwest Ethiopia through its wholly owned Ethiopian subsidiary Etno Mining Plc. 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 an exploration license over key targets in the area. Our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. The ongoing drilling program initiated at the end of 2019 has so far shown exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. 

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.