The Segele gold target was first discovered by Akobo Minerals geologists and previous assays from diamond-drilling have demonstrated high- and bonanza-grade results within a narrow (approx. 20m wide) gold zone. The gold is predominantly present as large grains easily visible to the naked eye (coarse-gold type mineralization).  See company presentation for more details (21^st January 2021).

Gold was recently intersected at the deepest point yet at Segele, with mineralization still open at depth. Field geologists from Akobo Minerals observed visible gold grains in our two latest holes at the deepest point yet at the Segele target. Whereas previously the gold had been observed along a mineralization length of 160m, the observations from the latest holes demonstrate that the mineralization extends down to a minimum 185m along the line of the mineralization. Gold is visible in 22 of the last 39 holes. This is highly encouraging and continues to support our geological expectations for the area.

Figure 1: Visible-gold grains observed in hole SEDD039 at a depth of between 147.8m and 148.1m.

Diameter of core 47.6mm.

Although the grades at these intersections will not be known until assaying has been completed, these results demonstrate that the mineralization is still open at depth. The observed mineralization complements previous bonanza- and high-grade assay results including 340g/t over 21m and 115g/t over 5m and many other intersections (announced previously). Drilling is ongoing at the Segele project and further assay results are expected imminently.

To date over 4.160m of diamond drilling has been completed at site, of which only 1.945m has so far been assayed. The company expects further assay results to be received soon which will be announced to the market after Quality Control assessments are complete. Akobo Minerals intends to start work on its Maiden Mineral Resource Estimate imminently after receipt of the next assay results.

The Segele gold target is just one target in the 100% owned 182km² exploration license under investigation by Akobo Minerals. The next priority target for drilling, Joru, is prospective for low grade-high tonnage mineralization and RC drilling has returned results including: 3.1g/t over 2m and 3.1g/t over 1m. In addition to Segele and Joru, Akobo geologists believe a large number of gold exploration targets exist in this unexplored region of Ethiopia.

For more information contact:

Jørgen Evjen, CEO 

Mob.: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

Competent Person

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 (or her) information in the form and context in which it appears.

For complete disclosure of technical details, JORC Table 1 can be found at the company website, www.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. To date placer production and exploration work have outlined alluvial gold resources, and our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. The drilling program initiated at the end of 2019 and continued through 2020 has so far shown exceptionally high-grade gold results. 

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.