Akobo Minerals continues to intersect visible gold, in addition to ongoing exploration and mining studies - despite announcement of Ethiopian State of Emergency

Despite the announcement of the State of Emergency in Ethiopia (3rd November 2021), Akobo Minerals is continuing its operations with the completion of a successful hole which has intersected around 10m* of core with visible gold today (hole SEDD55).

Akobo Minerals has an organisation consisting of highly qualified Ethiopian staff and is not reliant on the physical presence of expatriates. From 2016 to 2018, a similar State of Emergency was in place in Ethiopia and the COVID-19 pandemic has also posed a challenge to exploration operations. Nevertheless Akobo Minerals has successfully continued exploration throughout both previous periods.

The company has not experienced any change in its ability to operate at the Akobo project or in Addis Ababa and the majority of plans are unaffected. Akobo Minerals is currently drilling at the Segele project and Joru projects simultaneously. To complement the drilling, surface exploration is underway in the areas surrounding the Segele project with the intention of identifying new targets. Work on the mining studies is also ongoing with social baseline study in progress at the project. Desk studies are continuing apace with cost assessments of processing plant requirements and contract mining. The company is in the process of engaging geotechnical consultants and mine waste specialists.

Visible gold in hole SEDD55 between 170.60-171m*

*: Intersection widths reported here are not true width.

About Akobo Minerals:  

Akobo Minerals, is a Norway-based gold exploration company, currently with ongoing exploration and small-scale mine development in the Gambela region and Dima Woreda, southwest Ethiopia. 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 a mining licence and an exploration license over key targets in the area. Economic mineralisation was discovered and the company is engaged in mining studies to advance the project to production, alongside exploration core drilling. Akobo Minerals is transforming its organisation to support an increased pace of core drilling. At both the key targets Segele and Joru the company has so far released exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. A scoping study for Segele includes an up-front capital expenditure of USD $8m and all-in sustaining cost of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities - a ground-breaking community program is being planned.

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.