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Avesoro Resources Inc.
Summary
| Project: | Youga | |
|---|---|---|
| Deposit: | Youga | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 5/8/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 8-5-2019: Avesoro Resources Inc. announces a Resource Estimation report for its Youga deposit at the Youga project. Updated mineral resources and ore reserves at project. Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed West Af | |
| Resources: | (Reserve. P+P): 14.74Mt @ 1.72g/t Au for 814.9Koz Au contained | |
| CP/QP: | [Resources]: Belinda van Lente (CSA Global Pty Ltd.) | |
| ABSTRACT: | Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed West African gold producer, is pleased to announce the results of an upgraded Mineral Resource and Mineral Reserve Estimate, and an updated Life of Mine (“LOM”) plan, for its Youga Gold Mine (“Youga”) in Burkina Faso. Serhan Umurhan, Chief Executive Officer of Avesoro, commented: “Following the previous announcement of the updated Mineral Reserve and Mineral Resource estimates for the New Liberty gold mine in March 2019 and now the Youga gold mine today, I am pleased to confirm that we have successfully added 950,000 ounces of gold to the Company’s combined Mineral Reserve inventory, net of mining depletion, as a result of the Company’s 2018 exploration campaign across its license portfolio in Liberia and Burkina Faso. Each of our assets experienced an increase in Mineral Reserves, net of depletion, and as a result, we have substantially extended the lives of both our mines. I now expect the Company to sustain group level gold production above 200,000 ounces per annum for each of the next four years as indicated by the updated mine plans. Following the Mineral Resource and Mineral Reserve upgrades for both New Liberty and Youga, the combined project level post tax Net Present Value (NPV5%) is indicated to be US$428.6 million after project and equipment finance debt repayments of US$100 million, and the combined project level post-debt and post-tax LOM cash flows are indicated as US$556.8 million, at US$1,300/oz gold price. We are continuing to assess a number of optimisation options, including ore sorting and heap leach scenarios, to further improve the economics of both projects in addition to the significant potential to add further economic ounces to the projects with additional drilling.” | |
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