OSLO, 19 December 2022: Akobo Minerals (Euronext Oslo – “AKOBO”), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today provided an update on its activities to develop the Segele Gold Mine.
Following the recent announcement of the discovery of the third mineralisation style, Akobo’s efforts to develop the Segele mine are driving ahead at pace. The surface mining operations are underway, the process plant parts have started arriving and many designs are nearing completion.
The mining contractor IW Mining have made significant progress and reached a depth of 9m in the incline shaft entrance, with only 5 additional meters depth needed in order to reach the depth where underground mining will begin. The first blast is expected to be completed within days and the development of safety procedures is nearing completion.
Leveraging the advantage of having experienced miners on site, study is also underway to fast track the third mineralisation style into production. The third mineralisation style is a rich visible gold occurrence and might be a valuable source of early revenue.
As the intensity of mining activities increases, IW Mining has begun recruitment of local staff and additional earthmoving equipment is being sourced.
The incline shaft entrance excavation has reached a depth of 9m.
The gold processing plant design and fabrication process is very close to completion with only a few minor parts remaining. Plant contractor Solo Resources have successfully navigated the challenging processes of timely shipping from South Africa, Canada, Australia and China. A total of 19 shipments are on their way to site of which 5 are being processed at Ethiopian customs as of writing and 2 have arrived at site.
An Ethiopian civil engineering firm is in the process of completing geotechnical investigations and foundation designs for the processing plant. Once the foundations are in place, construction and commissioning will be supervised by Solo Resources and Akobo Minerals. With that mind, Akobo is delighted to announce that it has recruited an experienced processing plant specialist to lead the construction, commissioning and operation of the processing plant. Manie Nianaber from South Africa has experience of all the major equipment and systems used in the Segele process plant. Manie will train and lead a team of Ethiopian employees to first production in the near future.
The ball mill and other major equipment for the crushing circuit have arrived at site. This is the first of many shipments which are advanced.
For more information, contact:
Jørgen Evjen, CEO Akobo Minerals
Mob: +47 92 80 40 14
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.