Cora Gold Limited Update on US$25m Term Sheet for Sanankoro Project (2009Q)
27 June 2022 - 4:00PM
UK Regulatory
TIDMCORA
RNS Number : 2009Q
Cora Gold Limited
27 June 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
27 June 2022
Cora Gold Limited ('Cora' or 'the Company')
Update on US$25m Term Sheet for the Construction of Sanankoro
Gold Project, Mali
Cora Gold Limited, the West African focused gold company, is
pleased to provide an update on the US$25m Mandate and Term Sheet
(the 'Term Sheet') with Lionhead Capital Advisors Proprietary
Limited ('Lionhead') to fund the future development of Cora's
flagship Sanankoro Gold Project ('Sanankoro' or 'the Project') in
Southern Mali (the 'Project Financing'). The key terms and
conditions of the Project Financing were set out in an announcement
by Cora on 08 September 2021. On 24 June 2022 Lionhead confirmed to
the Company that, while reserving its rights under the Term Sheet,
it does not intend to terminate the Term Sheet should the Company
fail to deliver a Definitive Feasibility Study ('DFS') on the
Project by 30 June 2022.
Following the completion of a 2022 drill programme, which
targeted converting existing Inferred Mineral Resources to
Indicated Mineral Resources and identified new discoveries close to
existing Mineral Resources, on 30 May 2022 the Company
announced:
-- its intention to update its Mineral Resource Estimate ('MRE') for Sanankoro;
-- the updated MRE will then be incorporated into the Mining Study for the DFS; and
-- as a result, the DFS is expected to be completed in Q3 2022.
Bert Monro, Chief Executive Officer of Cora, commented, "We are
pleased and encouraged by the commitment of Lionhead, acting as
lead investor and arranger on behalf of a consortium of investors,
in their continued support for Cora and the Sanankoro Gold Project.
We look forward to completing the DFS during Q3 2022 and achieving
another significant milestone along the path towards developing
Sanankoro."
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement.
* * ENDS * *
For further information, please visit http://www.coragold.com or
contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett finnCap Ltd
Charlie Beeson (Nomad & Joint Broker) +44 (0)20 7220 0500
-------------------------- ---------------------
Andy Thacker Turner Pope Investments
James Pope (Joint Broker) +44 (0)20 3657 0050
-------------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Charlotte Page (Financial PR)
Selina Lovell
-------------------------- ---------------------
Notes
Cora is an emerging West African gold developer with three
principal de-risked project areas within two known gold belts in
Mali and Senegal covering c.1,000 sq. km. Led by a team with a
proven track record in making multi-million-ounce gold discoveries
that have been developed into operating mines, its primary focus is
on developing the Sanankoro Gold Project in the Yanfolila Gold
Belt, Southern Mali, where Cora hopes to commence construction of
an open pit oxide focussed gold mine in 2022. An updated mineral
resource estimate on the Project was published in November 2021
which increased the Resources by over 200% (from the 2019 Maiden
resource) to 809,300oz Au. A Definitive Feasibility Study is
expected to be completed in Q3 2022.
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END
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