Amara Mining PLC Site Visit to the Yaoure Gold Project (6978N)
22 May 2015 - 4:00PM
UK Regulatory
TIDMAMA
RNS Number : 6978N
Amara Mining PLC
22 May 2015
22 May 2015 AIM:AMA
Amara Mining plc
("Amara" or "the Company")
ANALYST, INVESTOR AND MEDIA SITE VISIT TO YAOURE GOLD
PROJECT
Amara Mining plc, the AIM-listed West African focused gold
mining company, hosted yesterday a site visit to its 6.8 million
ounce Yaoure Gold Project in central Côte d'Ivoire for equity
analysts, investors and journalists.
The group viewed the Yaoure Central pit, which was previously
mined by Amara, where a 6,000 metre drilling programme is currently
underway. They also visited the core sheds and viewed the nearby
Kossou barrage, a 175MW hydro-electric power dam which is expected
to provide low-cost power for Yaoure.
A presentation was given by the senior management team on the
results of the Pre-Feasibility Study ("PFS"), which was announced
on 14 May 2015, and Yaoure's geology. The presentation is available
at www.amaramining.com
Background on Yaoure Gold Project
The Yaoure Gold Project is the largest gold development asset in
West Africa, with Mineral Resources of 4.4 million ounces Indicated
(106.3Mt at 1.29g/t) and 2.6 million ounces Inferred (63.0Mt at
1.19g/t). The recently announced PFS demonstrated that Yaoure has
the potential to be one of the top 20 gold mines in Africa by
production. With average production of 247,000 ounces per annum
over a 10 year mine life and all-in sustaining costs of US$648 per
ounce, the MII scenario delivers an IRR of 33% at a gold price of
US$1,250 per ounce and an NPV of US$513 million. Yaoure is one of
the few development projects in West Africa that remains resilient
at low gold prices, with an IRR of 24% at US$1,100 per ounce. The
compelling economics are driven by the excellent existing
infrastructure in Côte d'Ivoire, with low cost hydro-electric power
from the Kossou dam (5km from site) and a dual carriageway to
within 40km of site. Following a period of optimisation work, Amara
is fully-funded to deliver a Bankable Feasibility Study for Yaoure
in H1 2016.
For more information please contact:
Amara Mining plc
John McGloin, Chairman and Chief Executive
Officer
Pete Gardner, Finance Director
Katharine Sutton, Head of Investor +44 (0)20 7398
Relations 1420
Peel Hunt LLP
(Nominated Adviser & Joint Broker)
Matthew Armitt +44 (0)20 7418
Ross Allister 8900
GMP Securities Europe LLP
(Joint Broker)
Richard Greenfield +44 (0)20 7647
Alex Carse 2800
Farm Street Communications
(Media Relations) +44 (0)7593
Simon Robinson 340 107
About Amara Mining plc
Amara is a gold explorer/developer with assets in West Africa.
The Group is focused on unlocking the value in its development
projects. At Yaoure in Côte d'Ivoire, this will be done by
increasing the confidence in the existing Mineral Resource and
economics at the project as Amara progresses it through to Bankable
Feasibility Study. At Baomahun, this will be achieved by gaining an
improved understanding of the exploration upside potential and
underground opportunity. With its experience of bringing new mines
into production, Amara aims to further increase its production
profile with highly prospective opportunities across both
assets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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