TIDMASO
RNS Number : 7836R
Avesoro Resources Inc.
19 June 2018
19 June 2018
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
AVESORO REPORTS A 29% INCREASE IN MINERAL RESERVES
AT THE YOUGA GOLD MINE
Avesoro Resources Inc. ("Avesoro" or the "Company"), the TSX and
AIM listed West African gold producer, is pleased to announce the
results of an updated Mineral Resource and Mineral Reserve Estimate
for its Youga Gold Mine ("Youga") in Burkina Faso.
Mineral Reserve and Resource Estimate Highlights (as at December
31, 2017)
-- Total Mineral Reserve increased by 29%, or 147.4koz to 660.1koz of gold;
-- Total Measured and Indicated Mineral Resource increased by
15% to 924.2koz of gold grading 1.73g/t Au;
-- Mine life extended by two years to 2027, with total forecast gold production of 614koz;
-- Pre-tax NPV(1) increased by 42% to US$188.3 million and
post-tax NPV(1) increased to US$151.6 million;
-- Life of mine ("LOM") operating cash costs reduced to US$860/oz;
-- LOM all-in-sustaining costs reduced to US$920/oz; and
(--) Further Mineral Resource and Mineral Reserve upgrades at
Youga expected to be announced in Q1 2019 from ongoing infill
drilling programmes with six diamond drill rigs currently
active.
(1) 5% discount rate; and US$1,300/oz Au
Commenting, Serhan Umurhan, Chief Executive Officer of Avesoro
Resources, said: "This updated Mineral Resource and Mineral Reserve
estimate for Youga consolidates the results of the successful 2017
drilling campaign undertaken in Burkina Faso, and increases the
Mineral Resources and Reserves at the Youga mine itself as well as
at the high grade Balogo deposit that provides ore to the Youga
processing plant.
We see the announcement today, which adds two years to Youga's
mine life, as an interim step. We have added substantially to the
value of the Youga Gold Mine since the Company acquired it for
US$70.2 million in December 2017 and with our ongoing drilling
programme of 139,000 metres in Burkina Faso this year we fully
expect to add further years to the Youga life of mine.
In anticipation of further growth in Mineral Reserves, we are
evaluating options for optimising the Youga process plant to allow
the 2018 annual production guidance of 110 - 120koz to be
maintained in subsequent years by increasing mill throughput.
I also look forward to updating the market in Q3 2018 on the
results of our Mineral Resource upgrade work at New Liberty in
Liberia, following the successful conclusion of the in-pit infill
drilling programme earlier this year."
Updated Mineral Resource and Reserve Estimate
Following the acquisition of the Youga Gold Mine by Avesoro on
December 18, 2017, the updated Mineral Resource and Reserve
estimates were produced by CSA Global (UK) Ltd with an effective
date of December 31, 2017 and reflect mining depletion from March
1, 2017 to December 31, 2017, during which time 110,000 ounces of
gold were produced. The mineralisation wireframes used within the
updated estimate are based on the results of the 2017 drilling
campaign received subsequent to the information cut-off date for
the previous estimation undertaken on February 28, 2017.
The Company plans to release a further Mineral Resource and
Mineral Reserve update for Youga and its satellite deposits upon
the conclusion of the on-going 139,000 metre drilling programme
focussed across its Burkina Faso licence portfolio during 2018. As
a part of this, a 20,000 metre infill drilling campaign has
recently commenced on the Ouaré deposit with the aim of upgrading a
portion of the 406koz of gold in the Inferred Mineral Resource
category into a higher level of confidence and subsequently into
Mineral Reserves.
The Company also recently completed a 13,000 metre diamond
drilling programme that targeted the prospects of Panga and Cobra
Hill, located a short distance along strike from the Balogo
deposit. Following a review of the first phase of drilling a
decision has been taken to undertake a second phase of drilling in
Q3 2018 exploring further along strike to follow up on prospects
identified during the 2017 drilling campaign with the aim of
further delineating the strike extent of the mineralisation.
Additional drilling underneath the main Balogo pit will also be
undertaken in H2 2018 targeting the down dip extension of
mineralisation at the main Balogo pit where mineralisation has
already been defined to depths of 140 metres below the existing
planned pit floor. This down dip drilling programme has the
potential to further increase the mine life of the Balogo deposit
and also aims to define an underground Mineral Resource at
Balogo.
Table 1: Updated Mineral Resource Estimate, prepared in
accordance with CIM Standards.
Mineral Resource Estimate for the Youga Gold Mine, Burkina Faso,
as at 31(st) December 2017
Deposit Measured Indicated Measured & Indicated Inferred
-------------- ------------------------ ------------------------ ------------------------ ------------------------
Tonnes Au Au Tonnes Au Au Tonnes Au Au Tonnes Au Au
Mt Grade Metal Mt Grade Metal Mt Grade Metal Mt Grade Metal
g/t Koz g/t Koz g/t Koz g/t Koz
-------------- ------- ------ ------- ------- ------ ------- ------
Balogo 0.16 9.81 49.0 0.16 6.98 36.8 0.32 8.36 85.8 0.0 2.2 2.0
------- ------ ------- ------- ------ ------- ------
Main
Pit - - - 2.96 1.53 145.6 2.96 1.53 145.6 0.8 1.4 36.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Zergoré - - - 2.57 1.20 99.1 2.57 1.20 99.1 1.0 1.2 39.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
NTV - - - 1.88 1.10 66.6 1.88 1.10 66.6 1.5 1.3 61.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
A2NE - - - 0.21 1.38 9.2 0.21 1.38 9.2 0.1 1.6 6.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
A2N
Mid 0.08 5.52 14.0 0.09 5.60 16.6 0.17 5.56 30.6 0.0 6.0 5.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Gassore - - - 1.2 3.89 150.3 1.20 3.90 150.3 0.5 4 62.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
East
Pit - - - 0.68 1.55 33.8 0.68 1.55 33.8 0.0 1.2 2.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
West
Pit
3 - - - 0.64 1.53 31.5 0.64 1.53 31.5 0.2 1.2 7.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
West
Pit
2 - - - 0.57 1.46 26.8 0.57 1.46 26.8 0.2 1.5 8.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
West
Pit
4 - - - 0.34 1.53 16.6 0.34 1.52 16.6 0.4 0.9 13.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
West
Pit
1 - - - - - - - - - 0.1 1.6 5.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
LeDuc - - - - - - - - - 1.0 1.0 34.0
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
Ouaré - - - 5.10 1.39 228.3 5.10 1.39 228.3 7.2 1.8 406.0
------- ------ -------
Total 0.24 8.20 63.0 16.40 1.63 861.1 16.64 1.73 924.2 13.0 1.7 685.0
------- ------ -------
Notes:
1. Reporting cut-off is 0.55 g/t Au for all deposits.
2. The Mineral Resource Estimate has been depleted for mining
up to 31(st) December 2017. The effective date of the Mineral
Resource is December 2017.
3. Figures have been rounded to the appropriate level of precision
for the reporting of Resources.
4. Due to rounding, some columns or rows may not compute exactly
as shown.
5. The Mineral Resources are stated as in situ dry tonnes. All
figures are in metric tonnes.
6. The Mineral Resource has been classified under the guidelines
of the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Standards on Mineral Resources and Reserves, Definitions
and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council, and procedures for classifying
the reported Mineral Resources were undertaken within the context
of the Canadian Securities Administrators National Instrument
43-101 (NI 43-101).
7. The model is reported above a surface based on the Whittle
shell from a US$1,500 gold price pit optimisation run to support
assumptions relating to reasonable prospects of eventual economic
extraction.
8. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
is not known to be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues.
9. Mineral Resources have been reported inclusive of Mineral Reserves,
where applicable.
10. No Mineral Reserves have been estimated for the Ouaré,
West Pit 1 and LeDuc deposits.
11. Those deposits highlighted in bold are those updated. All
other deposits remain unchanged from previous disclosure.
----------------------------------------------------------------------------------------------------------------------
Table 2: Updated Mineral Reserve Estimate, prepared in
accordance with CIM Standards.
Mineral Reserve Estimated for the Youga Gold Mine, Burkina Faso,
as at 31(st) December 2017
Deposit Cut-off Proved Probable Total Mineral Reserve
Grade
(g/t)
-------- --------------------------- --------------------------- ---------------------------
Tonnes Au Au Metal Tonnes Au Au Metal Tonnes Au Au Metal
(Mt) Grade (koz) (Mt) Grade (koz) (Mt) Grade (koz)
(g/t) (g/t) (g/t)
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Balogo 1.10 0.2 8.88 45.9 0.2 5.91 31.8 0.3 7.36 77.7
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
A2NE 0.70 0.0 2.12 1.6 0.0 2.12 1.6
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Mid Pit
(A2NW) 0.70 0.1 5.02 13.3 0.1 5.04 12.4 0.2 5.03 25.7
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Gassore 0.70 1.0 3.99 125.0 1.0 3.99 125.0
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Zergoré 0.70 1.5 1.22 57.1 1.5 1.22 57.1
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
West Pit
2 0.70 0.4 1.34 15.8 0.4 1.34 15.8
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
West Pit
3 0.70 0.4 1.61 20.2 0.4 1.61 20.2
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
West Pit
4 0.70 0.3 1.53 12.9 0.3 1.53 12.9
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Main Pit 0.70 1.3 1.63 66.6 1.3 1.63 66.6
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
East Pit 0.70 0.5 1.47 22.4 0.5 1.47 22.4
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
NTV 0.70 1.2 1.07 41.6 1.2 1.07 41.6
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Ouaré 0.82 2.6 1.67 141.4 2.6 1.67 141.4
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Total
(Excl.
Stocks) 0.3 7.59 59.2 9.3 1.83 548.8 9.7 1.97 608.0
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
ROM Stockpiles
(LG, MG,
HG) - Balogo 0.1 7.12 13.0 0.1 7.12 13.0
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
ROM LG
Stockpiles
- Youga 0.2 1.14 6.3 0.2 1.14 6.3
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
ROM LLG
Stockpiles
- Youga 1.4 0.73 32.8 1.4 0.73 32.8
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Total
(Incl.
Stocks) 0.3 7.59 59.2 10.9 1.71 600.9 11.2 1.84 660.1
-------- ------- ------- --------- ------- ------- --------- ------- ------- ---------
Notes:
1. The Mineral Reserves have been depleted for mining up to the
31(st) December 2017
2. Figures have been rounded to the appropriate level of precision
for reporting
3. Due to rounding, some columns or rows may not compute exactly
as shown
4. The Mineral Reserves are stated as dry metric tonnes
5. The Mineral Reserves were prepared under the guidelines of the
CIM, for reporting under NI 43-101
6. The Mineral Reserve is reported at a US$ 1,300 / oz gold price
7. A cut-off grade of 0.70 g/t Au was applied to all of the Youga
deposits
8. A cut-off grade of 0.82 g/t Au was applied to the Ouaré
deposit
9. Modifying factors for mining recovery of 95% and waste dilution
of 10% at 0g/t Au have been applied to A2NE, Mid Pit and Gassore
10. Modifying factors for mining recovery of 90% and waste dilution
of 10% at 0g/t Au have been applied to all other deposits
11. Probable Mineral Reserves were derived from Indicated Mineral
Resources
12. Mineral Reserves are inclusive of Mineral Resources
13. There are no known legal, political, environmental, or other
risks that could materially affect the Mineral Reserves
14. An additional Marginal grade surface stockpile of 6.7kt at 0.62g/t
Au was not included
15. Those deposits highlighted in bold are those updated. All other
deposits remain unchanged from previous disclosure.
Table 3: Summary of Forecast Project Physicals for each Full
Year of Production
Total 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Ore Mined kt 9,030 645 644 811 1,803 1,504 1,677 563 1,382 - -
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
RoM
Rehandle kt 7,735 1,210 1,200 1,200 746 798 500 881 1,200 - -
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Waste kt 101,385 15,699 16,484 15,747 13,084 12,568 11,137 10,044 6,621 - -
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Stripping
Ratio t/t 11.2 24.3 25.6 19.4 7.3 8.4 6.6 17.8 4.8 - -
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Ore to
Plant kt 11,356 1,210 1,200 1,203 1,200 1,200 1,200 1,203 1,200 1,200 539
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Head Grade g/t 1.86 3.25 1.97 2.31 2.48 1.69 1.56 1.19 1.62 1.01 0.99
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Gold
Content kg 21,082 3,929 2,365 2,776 2,982 2,025 1,867 1,436 1,949 1,217 536
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Gold
Recovered koz 614.0 114.9 69.2 81.2 86.8 58.5 53.7 41.7 57.0 35.5 15.3
=========== ===== ======== ======== ======= ======= ======= ======= ======= ======= ======= ======= ======
Following the increase in Mineral Reserves, the Company is now
undertaking a technical study to optimise the Youga process plant
and increase plant throughput with the goal of enabling yearly gold
production of 110 - 120koz for the life of the Project.
Table 4: Key LOM Financial Parameters (Reported at US$1,300/oz
Au)
Youga
Gold
Mine
Gold
recovered
(koz) 614
==========
Undiscounted
cashflow
(US$
m,
before
tax) 225,510
==========
Undiscounted
cashflow
(US$
m,
after
tax) 181,720
==========
NPV
US$m
(5%
discount
rate,
before
tax) 188,320
==========
NPV
US$m
(5%
discount
rate,
after
tax) 151,580
==========
Cash
cost
(US$/oz) 860
==========
All
in
sustaining
cost
(US$/oz) 920
==========
Technical Report
Supporting Technical Reports, prepared in accordance with the
requirements of National Instrument 43-101, for the Youga Gold Mine
(including the Ouaré and Balogo deposits) will be filed within 45
days of this release on SEDAR at www.sedar.com and on the Company's
corporate website www.avesoro.com.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contact Information
Avesoro Resources Inc.
Geoff Eyre / Nick Smith
Tel: +44(0) 20 3405 9160
Camarco finnCap
(Financial PR / IR) (Nominated Adviser and Joint Broker)
Gordon Poole / Nick Hennis Christopher Raggett / Scott Mathieson
Tel: +44(0) 20 3757 4980 Tel: +44(0) 20 7220 0500
Berenberg Hannam & Partners (Advisory) LLP
(Joint Broker) (Joint Broker)
Matthew Armitt / Sara MacGrath Rupert Fane / Ingo Hofmaier /
/ Charlotte Sutcliffe Ernest Bell
Tel: +44(0) 20 3207 7800 Tel: +44(0) 20 7907 8500
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX") and the
AIM market operated by the London Stock Exchange ("AIM"). The
Company's assets include the New Liberty Gold Mine in Liberia ("New
Liberty") and the Youga Gold Mine in Burkina Faso ("Youga").
New Liberty has an estimated Proven and Probable Mineral Reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated Measured and Indicated Mineral Resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated Inferred
Mineral Resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith,
prepared in accordance with CIM guidelines, is set out in an NI
43-101 compliant Technical Report dated November 1, 2017 and
entitled "New Liberty Gold Mine, Bea Mountain Mining Licence
Southern Block, Liberia, West Africa" and is available on SEDAR at
www.sedar.com.
Youga has an estimated Proven and Probable Mineral Reserve of
11.2Mt with 660,100 ounces of gold grading 1.84g/t and a combined
estimated Measured and Indicated Mineral Resource of 16.64Mt with
924,200 ounces of gold grading 1.73g/t and an Inferred Mineral
Resource of 13Mt with 685,000 ounces of gold grading 1.70g/t.
The information in this announcement relating to the Mineral
Resource Estimates for the Youga Gold mine (comprising A2NE Mid,
Gassore and Balogo) has been prepared by Ms. Maria O'Connor, who is
a Member of the Australian Institute of Geologists. Ms. O'Connor is
a full-time employee of CSA Global (UK) Ltd and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she
has undertaken to qualify as a "Qualified Person" as defined in
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators. Ms O'Connor
has reviewed and approved this announcement and consents to the
inclusion in the announcement of the matters based on her
information, in the form and context in which this appears.
The information in this announcement relating to the Mineral
Resource Estimates for the Youga Gold mine, and Ouaré deposit
(comprising Main Pit, Zergoré, NTV, A2NE East, East Pit, West Pit
1-4, Le Duc and Ouaré) which remain unchanged from the current
Mineral Resources disclosed in the Technical Reports, dated June
16, 2017 entitled "Mineral Resource and Mineral Reserve Update for
the Balogo Project" and dated June 19, 2017 and entitled "Mineral
Resource and Mineral Reserve Update for the Youga and Ouaré
Projects" has been prepared by Malcolm Titley, who is a Member of
the Australian Institute of Geologists. Mr Titley is an Associate
Consultant to CSA Global (UK) Ltd and has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he has
undertaken to qualify as a "Qualified Person" as defined in
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators. Mr Titley has
reviewed and approved this announcement and consents to the
inclusion in the announcement of the matters based on his
information in the form and context in which this appears.
The information in this announcement relating to the Mineral
Reserve Estimates for the Youga Gold Mine and its Balogo and Ouaré
deposits has been prepared by Dr Matthew Randall, who is a
registered Fellow of the Institute of Materials, Minerals and
Mining. Dr Randall is an Associate Consultant to CSA Global (UK)
Ltd and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he has undertaken to qualify as a "Qualified Person"
as defined in National Instrument 43-101 "Standards of Disclosure
for Mineral Projects" of the Canadian Securities Administrators. Dr
Randall has reviewed and approved this announcement and consents to
the inclusion in the announcement of the matters based on his
information in the form and context in which this appears.
An independent NI 43-101 technical report with respect to the
Youga Gold Mine will be filed on SEDAR within 45 days of this news
release.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark J. Pryor, who holds a BSc
(Hons) in Geology & Mineralogy from Aberdeen University, United
Kingdom and is a Fellow of the Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr. Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an
independent technical consultant with over 25 years of global
experience in exploration, mining and mine development and is a
"Qualified Person" as defined in National Instrument 43 -101
"Standards of Disclosure for Mineral Projects" of the Canadian
Securities Administrators and has reviewed and approved this press
release. Mr. Pryor has verified the underlying technical data
disclosed in this press release.
Forward Looking Statements
Certain information contained in this press release constitutes
forward looking information or forward looking statements within
the meaning of applicable securities laws. This information or
statements may relate to future events, facts, or circumstances or
the Company's future financial or operating performance or other
future events or circumstances. All information other than
historical fact is forward looking information and involves known
and unknown risks, uncertainties and other factors which may cause
the actual results or performance to be materially different from
any future results, performance, events or circumstances expressed
or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "would", "project", "should", "believe", "target",
"predict" and "potential". No assurance can be given that this
information will prove to be correct and such forward looking
information included in this press release should not be unduly
relied upon. Forward looking information and statements speak only
as of the date of this press release.
Forward looking statements or information in this press release
include, among other things, statements relating to the issuance of
further Mineral Resource and Mineral Reserve upgrades at Youga
expected to be announced in Q1 2019, the evaluation of options for
optimising the Youga process plant to allow the 2018 annual
production guidance of 110-120koz to continue, drilling at the
Balogo deposit scheduled to commence during early Q3 2018 with a
29,000 metre diamond drilling programme, that the drilling
programme at Balogo will further increase the mine life of the
Balogo deposit and will also aim to define an underground Mineral
Resource at Balogo, that the Company is undertaking a technical
study to optimise the Youga process plant and increase plant
throughput to 150,000 tonnes per month with the goal of enabling
yearly gold production 110 - 120koz for the life of the Youga
Project, and statements regarding increases to its Mineral Resource
and Reserve inventory and mine lives.
In making the forward looking information or statements
contained in this press release, assumptions have been made
regarding, among other things: general business, economic and
mining industry conditions; interest rates and foreign exchange
rates; the continuing accuracy of Mineral Resource and Reserve
estimates; geological and metallurgical conditions (including with
respect to the size, grade and recoverability of Mineral Resources
and Reserves) and cost estimates on which the Mineral Resource and
Reserve estimates are based; the supply and demand for commodities
and precious and base metals and the level and volatility of the
prices of gold; market competition; the ability of the Company to
raise sufficient funds from capital markets and/or debt to meet its
future obligations and planned activities and that unforeseen
events do not impact the ability of the Company to use existing
funds to fund future plans and projects as currently contemplated;
the stability and predictability of the political environments and
legal and regulatory frameworks including with respect to, among
other things, the ability of the Company to obtain, maintain, renew
and/or extend required permits, licences, authorizations and/or
approvals from the appropriate regulatory authorities; that
contractual counterparties perform as agreed; and the ability of
the Company to continue to obtain qualified staff and equipment in
a timely and cost-efficient manner to meet its demand.
Actual results could differ materially from those anticipated in
the forward looking information or statements contained in this
press release as a result of risks and uncertainties (both foreseen
and unforeseen), and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indicators of whether or not such results will be achieved. These
risks and uncertainties include the risks normally incidental to
exploration and development of mineral projects and the conduct of
mining operations (including exploration failure, cost overruns or
increases, and operational difficulties resulting from plant or
equipment failure, among others); the inability of the Company to
obtain required financing when needed and/or on acceptable terms or
at all; risks related to operating in West Africa, including
potentially more limited infrastructure and/or less developed legal
and regulatory regimes; health risks associated with the mining
workforce in West Africa; risks related to the Company's title to
its mineral properties; the risk of adverse changes in commodity
prices; the risk that the Company's exploration for and development
of mineral deposits may not be successful; the inability of the
Company to obtain, maintain, renew and/or extend required licences,
permits, authorizations and/or approvals from the appropriate
regulatory authorities and other risks relating to the legal and
regulatory frameworks in jurisdictions where the Company operates,
including adverse or arbitrary changes in applicable laws or
regulations or in their enforcement; competitive conditions in the
mineral exploration and mining industry; risks related to obtaining
insurance or adequate levels of insurance for the Company's
operations; that Mineral Resource and Reserve estimates are only
estimates and actual metal produced may be less than estimated in a
Mineral Resource or Reserve estimate; the risk that the Company
will be unable to delineate additional Mineral Resources; risks
related to environmental regulations and cost of compliance, as
well as costs associated with possible breaches of such
regulations; uncertainties in the interpretation of results from
drilling; risks related to the tax residency of the Company; the
possibility that future exploration, development or mining results
will not be consistent with expectations; the risk of delays in
construction resulting from, among others, the failure to obtain
materials in a timely manner or on a delayed schedule; inflation
pressures which may increase the cost of production or of
consumables beyond what is estimated in studies and forecasts;
changes in exchange and interest rates; risks related to the
activities of artisanal miners, whose activities could delay or
hinder exploration or mining operations; the risk that third
parties to contracts may not perform as contracted or may breach
their agreements; the risk that plant, equipment or labour may not
be available at a reasonable cost or at all, or cease to be
available, or in the case of labour, may undertake strike or other
labour actions; the inability to attract and retain key management
and personnel; and the risk of political uncertainty, terrorism,
civil strife, or war in the jurisdictions in which the Company
operates, or in neighbouring jurisdictions which could impact on
the Company's exploration, development and operating
activities.
This press release also contains Mineral Resource and Mineral
Reserve estimates. Information relating to Mineral Resource and
Mineral Reserve contained in this press release is considered
forward looking information in nature, as such estimates are
estimates only, and that involve the implied assessment of the
amount of minerals that may be economically extracted in a given
area based on certain judgments and assumptions made by qualified
persons, including the future economic viability of the deposit
based on, among other things, future estimates of commodity prices.
Such estimates are expressions of judgment and opinion based on the
knowledge, mining experience, analysis of drilling results and
industry practices of the qualified persons making the estimate.
Valid estimates made at a given time may significantly change when
new information becomes available, and may have to change as a
result of numerous factors, including changes in the prevailing
price of gold. By their nature, Mineral Resource and Mineral
Reserve estimates are imprecise and depend, to a certain extent,
upon statistical inferences which may ultimately prove unreliable.
If such Mineral Resource and Mineral Reserve estimates are
inaccurate or are reduced in the future (including through changes
in grade or tonnage), this could have a material adverse impact on
the Company and its operating and financial performance. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Due to the uncertainty that may be attached to
inferred mineral resources, it cannot be assumed that all or any
part of an inferred mineral resource will be upgraded to an
indicated or measured mineral resource as a result of continued
exploration.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, the Company cannot provide assurance that actual
results or performance will be consistent with these
forward-looking statements. The forward looking information and
statements included in this press release are expressly qualified
by this cautionary statement and are made only as of the date of
this press release. The Company does not undertake any obligation
to publicly update or revise any forward looking information except
as required by applicable securities laws.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSFMEFAFASEFM
(END) Dow Jones Newswires
June 19, 2018 02:00 ET (06:00 GMT)
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