Akobo Minerals reports good progress in the Segele mine development

OSLO, 19 September 2024: Akobo Minerals AB (Euronext and Frankfurt: AKOBO) (OTCQX:AKOBF).

Akobo Minerals, a prominent gold exploration and mining company based in Scandinavia with operations in Ethiopia, is pleased to announce significant progress in the development of the Segele mine. The completion of the crosscut between the Western and Eastern tunnels marks a major milestone, paving the way for the commencement of first stoping activities into the richest part of the Segele ore body.

In the recent development phase, the mining team successfully reached the orebody in both the Western and Eastern tunnels. The completion of the crosscut is a crucial achievement, as it connects the two tunnels and enhances several aspects of the mining operation. This crosscut not only provides a secondary exit, thereby improving safety, but also optimizes ventilation and logistics, laying the groundwork for the transition from mine development to focusing on stoping.

First view between the Western and Eastern tunnels

Stoping is a critical process in underground mining, involving the extraction of ore from a series of large inclined openings, known as stopes, which are created in the orebody. Essentially, stoping creates voids or spaces where the ore has been removed.

The strategic positioning of the crosscut between the Trial Stope and Stope 01 provides the company with the flexibility to investigate both stopes in parallel rather than in sequence. This parallel approach allows for the possibility of prioritizing Stope 01, which is located in the richest part of the ore body.

Table 1: Details of initial stope-groups to be mined. Showing gold endowment from Segele SRK Mineral Resource Estimate*

 * Mineral Resource Estimate of 94ktons at an average grade of 22.7g/t and totally 69k ounces. The Mineral Resources are reported above a 2.65g/t Au cut off (22 April 2022)

** Source: 22nd April 2022. Press release: Akobo Minerals reports significant gold mineral resource increase and classification upgrade which underpins strong mine economics.

Akobo Minerals remains committed to advancing its operations at the Segele mine, with these developments reflecting the company’s strategic focus on safe, efficient, and productive mining practices. The successful completion of the crosscut between the Western and Eastern tunnels is a key step forward, bringing the company closer to realizing the full potential of the Segele mine.

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 

Web: www.akobominerals.com  

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and boutique 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 the leading gold exploration company in Ethiopia through more than 14 years of on-the-ground activity, which has now been enhanced further with the development 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.