TSX: ASO
AIM: ASO
TORONTO, Nov. 17, 2017 /CNW/ - Avesoro Resources Inc.
("Avesoro" or the "Company"), the TSX and AIM listed West African
gold producer, is pleased to announce that four diamond drill rigs
have been mobilised to its wholly owned New Liberty Gold Mine ("New
Liberty") and have commenced a 14,000 metre diamond core drilling
campaign targeting an area of the New Liberty resource model
containing an Inferred Mineral Resource of some 3.5Mt with a mean
grade of 2.8g/t Au and containing 315koz of gold.
This Inferred material is located within and below the current
pit design and is within the open pit reporting limits, but due to
its resource classification is currently treated as waste in the
Mineral Resource announced by the Company on 11 October 2017.
The objective of the 46 hole infill drilling programme is to
increase confidence in the continuity of the ore body and upgrade
the classification of a proportion of the Inferred material to an
Indicated Mineral Resource, and thereby increase the tonnage of
mineralisation that can be converted to a Mineral Reserve and
included in the economic model as required by NI 43-101.
It is anticipated that this drilling programme will be completed
during Q1 2018, at which time the Company will commence work on an
updated Mineral Resource and Reserve statement.
Serhan Umurhan, Chief Executive Officer of Avesoro
Resources, said: "I am pleased to announce the start of
this infill drilling programme at New Liberty. We expect
drilling operations to be completed during Q1 2018 and I look
forward to updating shareholders on the progress of this campaign
which we believe has the potential to increase the mine life and
significantly add to the value of New Liberty".
The 14,000 metre drilling programme contract (the "Drilling
Contract") has been entered into between the Company's wholly owned
subsidiary Bea Mountain Mining Corporation and Zwedru Mining Inc.,
a related party to the Company. The Drilling Contract has a value
of approximately US$1 million, which
will be paid in cash, with a HQ drilling cost of between
US$59 and US$69 per metre.
Zwedru Mining Inc. is 100% owned by Avesoro Jersey Limited, the
Company's majority shareholder, and therefore, entering into the
Drilling Contract constitutes a related party transaction for the
Company under the AIM Rules.
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.
About Avesoro Resources Inc.
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold
Mine," "New Liberty" or the "mine") which 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 will be set out in an NI 43-101 compliant Technical
Report for the New Liberty Project to be filed on SEDAR within 45
days of the Company's disclosure of the new Mineral Resource
estimate made on October 11,
2017.
The New Liberty Gold Mine is located within the Southern Block
of the 100% owned Bea Mountain mining licence. This licence covers
478 kmĀ² and has a 25 year, renewable, mineral development
agreement. The Bea Mountain mining license also hosts additional
gold projects of Ndablama, Gondoja, Weaju and Leopard Rock which
host indicated and inferred mineral resources. The Company also
owns the Yambesei, Archaen West, Mabong and Mafa West licences, in
addition to a gold exploration permit in Cameroon.
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 with 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
speaks only as of the date of this press release.
Forward looking statements or information in this press release
include, among other things, statements with respect to Mineral
Reserves and Mineral Resource estimates, upgrades of the
classification of Mineral Resources to Mineral Reserves and
increasing the New Liberty life of mine;
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.
SOURCE Avesoro Resources Inc.