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Akobo Minerals significantly increases it drilling capacity by buying 3 second hand Diamec 262 drill rigs

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OSLO, 20 December 2021: Akobo Minerals (Euronext Oslo – “AKOBO”) announces that it has acquired 3 second hand Diamec 262 drill rigs including many spare parts from Protek Norr AB. The agreed tender is 400 000 SEK for the following items;

  • Three Diamec 262 core drill rigs - two which are operational and one to be upgraded
  • Three electrically powered hydraulic units
  • Several spare rotation units
  • Spare core winches
  • One pallet of spare parts, including hydraulic valve blocks, pipe clamps, hydraulic motors etc.

 

The drill rigs are of the same model that is already owned and operated by the Akobo Minerals drill crew, and has been so for the last 1,5 years with an outstanding performance.

The acquisition of the drill rigs will enable Akobo Minerals to continue its low cost operations, and also have the flexibility to expand the exploration program at a much higher pace. Three drill rigs are in operation already in Akobo; one is owned and operated by Akobo Minerals and two are sourced from and operated by Midroc. The drill rig owned and operated by Akobo Minerals has a much lower operating cost.

Cost efficient and fast core drilling is critical to success in mineral exploration and Akobo Minerals’ ability to operate high production low cost drilling has been important in the success at Segele. This acquisition enhances the company’s resilience in exploration drilling in addition to expanding overall capacity. It is anticipated that this development will be of considerable value in discovering the exciting potential of the licences at the Akobo Project.

The new drill rigs can also be used in underground mining operations, and have a capacity to drill down to 300 meters depth. We expect the drill rigs to be phased into our operations around the middle of 2022, alongside  expansion of the company’s competent drill crew.

- ENDS –

About Akobo Minerals

Akobo Minerals is a Norway-based gold exploration company, with ongoing exploration and small-scale mining developments in the Gambela region and Dima district of southwest Ethiopia. Operations were established in 2009 by people with long experience from both the public mining sector in Ethiopia and the Norwegian oil service industry. Following mineral discoveries, the company is engaged in mining studies to advance the project to production, alongside exploration core drilling.

 

Akobo Minerals is transforming itself to support an increased pace of core drilling. At both its key targets - in Segele and Joru - the company has released exceptionally high-grade gold results in the Segele deposit, while core drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near the surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities – including a ground-breaking community program.

 

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.

 

 

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

Web: https://akobominerals.com

 

 

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.

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