OSLO, 27 November 2023: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).
The Scandinavian-based Ethiopian gold exploration and boutique mining company today announced that its mining operations has finally hit the Segele ore body seeing the familiar visible gold that has characterised the exploration phase. After 13 years of relentless exploration and dedication, and 12 months since breaking ground, the company has successfully reached the Segele gold ore body underground, marking a significant milestone in the company's history.
This achievement also highlights Akobo Minerals as one of few mining companies that have successfully navigated the path from exploration to mining. With an average grade of 22.7 grams of gold per ton of ore, Segele is one of the world's highest concentration gold resources. This high grade translates to remarkably low operating costs, especially noteworthy given the current gold price close to $2,000/oz.
Jørgen Evjen, CEO of Akobo Minerals, expressed, "After first encountering the mineralization in the early part of 2020 and now finally hitting this unique discovery underground, it is a significant moment for our organisation and all our supporters out there. "
He continued, "Only a handful of exploration companies successfully transition into mining operations. Witnessing the ore body and knowing that our processing plant is nearing completion fills me with great hope for the future. It has been a journey marked by hard work and countless challenges, and I am deeply grateful to the entire team for their unwavering dedication."
However, hitting the ore body has been delayed by several months due to rectifying major mistakes by the former contract miner. The knowledge acquired by the Akobo Minerals team during this period will enable more accurate extraction estimates from the underground mine and refined production schedules for the plant.
Evjen added, "With the lessons learned from overcoming challenges, we are better positioned to make precise production estimates and schedules. The commissioning of the main plant will kick off as soon as we extract meaningful material with gold from the mine. Further details will be provided in the Q3 presentation."
The next step for Akobo Minerals is to commence production from the pilot plant, which is already operational. In that regard the company together with the Ministry of Mines plan an official opening of the Segele mine with top federal officials, pending their availability.
Akobo Minerals is poised for the next phase of its journey, with the successful identification of the ore body marking a crucial step toward becoming a key player in the Ethiopian mining industry.
– Ends –
For more information, 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 reputable Scandinavian-based gold exploration and boutique mining company. The company currently holds an extensive exploration license encompassing 182 square kilometres and a 16 square kilometres mining license, with an active mining operation in the Gambela region and Dima Woreda, Ethiopia. Akobo Minerals has emerged as the foremost gold exploration company in Ethiopia, boasting over 13 years of dedicated on-the-ground experience.
What sets Akobo Minerals apart is its strong commitment to fostering positive relationships with local communities, extending all the way to national authorities. This commitment is underscored by the company's unwavering dedication to environmental and social governance (ESG), as evidenced by their groundbreaking shared value program.
Akobo Minerals has firmly established its presence in the region by upholding the principles of ethical conduct, transparency, and open communication. This foundation positions the company to embrace new opportunities and ventures as they emerge, making it a key player in the burgeoning Ethiopian mining industry.
Akobo Minerals has charted a clear course for its future growth, with a strategy centered around amassing a portfolio of valuable gold resources through high-impact exploration and mining activities, all while maintaining an efficient and streamlined business operation.
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.
