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

MSCSFEFMUFISEII

Amara (LSE:AMA)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Amara Charts.
Amara (LSE:AMA)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Amara Charts.