OSLO, 08 October 2024: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).
Akobo Minerals, a Scandinavian-based gold exploration and mining company with operations in Ethiopia, is pleased to announce the successful production of the first gold bar from its Segele Mine. This significant milestone marks the beginning of gold production as the company moves forward with its operational plans.
First Segele gold bar
The 1.4 kg gold bar was smelted from approximately 170 tons of lower-grade material collected and processed from development tunnels, located on the edge of the Segele ore body. This initial batch yielded an average grade of 8 grams per ton. While the results are very promising, it is too early to provide a definitive recovery rate or the gold purity grade, as the process is still in its early stages. We anticipate mining higher-grade ore once stoping activities begin.
Importantly, the tailings generated from this initial processing phase will be stored and later reprocessed through Carbon-in-Leach (CIL) tanks once these are fully operational. This additional step will allow us to maximize recovery and ensure maximum extraction of gold from our mineral resources.
Next, we will continue blasting and stockpiling material from the Segele mine, followed by further production batches. As production progresses, we expect both an increase in the gold content from the mine and improved recovery rates from the processing plant.
This achievement brings us closer to our goal of establishing Akobo Minerals as a leading gold producer in the region. We look forward to providing further updates as production continues to ramp up.
For further information, please contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and mining company, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as a leading gold exploration company in Ethiopia through more than 14 years of on-the-ground activity, which has now been enhanced further with the startup of its Segele mine.
Akobo Minerals’ Segele mine has an Inferred and Indicated Mineral Resource of 68,000 ounces, yielding a world-class gold grade of 22.7 g/ton. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and the life expectancy of the mine. 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 the company places environment and social governance (ESG) at the heart of its activities – as demonstrated by a planned, industry-leading, extended shared value program.
Akobo Minerals has built a strong local foothold based on 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. The company is headquartered in Oslo and is publicly listed on the Euronext Growth Oslo Exchange and the Frankfurt Stock Exchange under the ticker symbol AKOBO. For US investors, Akobo Minerals AB (OTCQX: AKOBF) is traded on the OTCQX Best Market, adhering to high financial standards, best practice corporate governance, and compliance with U.S. securities laws. Additionally, the company has a professional third-party sponsor introduction, and investors can access current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Akobo Minerals places great emphasis on meeting and exceeding industry standards, fully complying with all aspects of the JORC code, 2012. For detailed information on their adherence to this code, please refer to https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical practices, community engagement, and environmental responsibility positions them as a formidable force in the evolving landscape of the Ethiopian mining sector.
