OSLO, 27 October 2022: Akobo Minerals (Euronext Oslo – “AKOBO”), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has broken ground at its Segele gold mine. This marks an important milestone on the path to gold production in early 2023.
Jørgen Evjen, CEO of Akobo Minerals, stated: “When excavation began today to remove the overburden at our mining site in south-west Ethiopia, it was the culmination of over a decade of tireless work for the company.”
“The next steps will be to undertake a short geotechnical evaluation, after which the ground supports will be set in place to allow for the safe establishment of a portal and the subsequent start of underground mining of gold in the first quarter of 2023 – marking a true landmark moment in the development of Akobo Minerals.”
As well as ongoing mining development activities, the coming weeks will see the progression of civil engineering and construction of support facilities. The company also expects major equipment for the processing plant to be received shortly.
The primary short-term tasks for the newly arrived contract mining staff from IW Mining will be to work with Akobo’s engineers to develop the box cut for the incline shaft. The box cut is a small open cut built to supply a secure and safe entrance as access to a slope to an underground mine.
In addition, the contract staff will be recruiting and training local staff to join the company as they advance towards production. Securing positions for those living in the local community is a key element in Akobo Minerals’ environmental, social and governance (ESG) program.
Company geologists and surveyors lay out the location of the incline shaft.
The mine manager supervises the first earth being removed from the box cut location.
Company geologists, engineers and health & safety team, alongside contract miners from IW Mining.
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.