TIDMASO
RNS Number : 4683I
Avesoro Resources Inc.
08 August 2019
8 August 2019
Avesoro Resources Inc.
TSX: ASO
AIM: ASO
Security Breach at Youga
Avesoro Resources announces that, on the morning of 8 August
2019, its Youga Gold Mine in Burkina Faso ("the Mine") experienced
a security breach by an armed group of artisanal miners seeking to
steal ore from the Mine's stockpile and who temporarily overran the
Mine camp. With the local Gendarme (Police), the Mine site has been
secured and is now again in the Company's control. All staff have
been accounted for with no serious injuries. Mining and processing
continued throughout the incident and were not impacted although
superficial damage was incurred to some of the Mine's living
quarters as well as a crane and a number of vehicles.
Contact Information
Avesoro Resources Inc.
Geoff Eyre / Nick Smith
Tel: +44(0) 20 3405 9160
Camarco finnCap
(IR / Financial PR) (Nominated Adviser and Joint Broker)
Gordon Poole / Nick Hennis Christopher Raggett / Scott Mathieson
/ Camille Gochez
Tel: +44(0) 20 3757 4980 Tel: +44(0) 20 7220 0500
Berenberg Hannam & Partners
(Joint Broker) (Joint Broker)
Matthew Armitt / Detlir Elezi Rupert Fane / Ingo Hofmaier / Ernest
Tel: +44(0) 20 3207 7800 Bell
Tel: +44(0) 20 7907 8500
About Avesoro Resources Inc.
Avesoro Resources is a West Africa focused gold producer and
development company that operates two 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 17Mt with 1,365,000 ounces of gold grading 2.49g/t and an
estimated Measured and Indicated Mineral Resource of 20.47Mt with
1,748,200 ounces of gold grading 2.66g/t and an estimated Inferred
Mineral Resource of 3.0Mt with 271,000 ounces of gold grading
2.8g/t. A supporting Technical Report summarising the PFS, prepared
in accordance with CIM guidelines, is set out in an NI 43-101
compliant Technical Report dated January 31, 2019 and entitled "NI
43-101 Pre-Feasibility Report, Mineral Resource and Mineral Reserve
Update for the New Liberty Gold Mine, Liberia" and is available on
SEDAR at www.sedar.com.
Youga has an estimated Proven and Probable Mineral Reserve of
14.7Mt with 814,900 ounces of gold grading 1.72g/t and a combined
estimated Measured and Indicated Mineral Resource of 22.16Mt with
1,189,100 ounces of gold grading 1.67g/t and an Inferred Mineral
Resource of 7.6Mt with 377,000 ounces of gold grading 1.5g/t. A
Technical Report dated 20 June 2019 prepared in accordance with the
requirements of National Instrument 43-101 and entitled " NI 43-101
Technical Report Mineral Resource and Mineral Reserve Update for
the Youga Gold Mine, Burkina Faso" is available on SEDAR at
www.sedar.com and on the Company's corporate website
www.avesoro.com.
For more information, please visit www.avesoro.com
Certain information communicated in this announcement was, prior
to its publication, inside information for the purposes of Article
7 of Regulation 596/2014.
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 statements regarding the Company's funding requirement
reducing to US$10 - US$15 million at a US$1,400 / oz gold price in
H2 2019; statements regarding the timing and delivery of HME to
Youga in Q3 2019; statements regarding the delivery of a minimum of
120,000 tonnes of ore to the ROM pad, per month; and statements
regarding potential reductions in capital expenditure requirements
that may also be realised at New Liberty.
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 and retain qualified staff
(including employees and contractors) 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 resign, 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.
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
MSCUWOVRKBAWRAR
(END) Dow Jones Newswires
August 08, 2019 11:40 ET (15:40 GMT)
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