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Clogau Gold Mine Update
Revised Dewatering Permits Granted
Alba Mineral Resources Plc (AIM: ALBA) is very pleased to announce that Natural Resources Wales ("NRW") has granted the Company's applications for formal variations to its existing discharge and abstraction permits to enable it to dewater the Lower Llechfraith workings, its principal gold target at the Company's 100% owned Clogau-St David's Gold Mine in north Wales ("Clogau" or the "Mine"), at significantly higher rates.
As a result, the Company expects to be able to proceed to a successful completion of the dewatering exercise at the Lower Llechfraith workings in the first two weeks of January.
Key Points
· Revised discharge and abstraction permits have been granted to Alba, allowing the Company to dewater the Lower Llechfraith workings at a rate of up to 250 cubic metres per day, a significant increase to the previous maximum of up to 100 cubic metres per day.
· Safety and access works on Level 3 and towards Level 4 have now been substantially completed.
· Higher-rate dewatering will commence from early January, with completion of the dewatering exercise targeted for mid-January.
· Once Level 4 has been fully dewatered, Alba and its contractors will access Level 4 to carry out a risk assessment, plan and execute any further safety works required and carry out initial exploration surveys.
· In respect of the airborne geophysical survey being undertaken over Alba's key regional gold targets, Alba's contractors have advised that due to the weather conditions it has not been possible to date to survey the Hafod Owen, Gwynfynydd and Castle Carndochan target areas and that this will now be deferred to January, weather permitting.
George Frangeskides, Executive Chairman, commented:
"We are delighted to have now received the revised permits which will allow us to complete the dewatering of the Lower Llechfraith workings. I would like to acknowledge the cooperation of the NRW permitting teams in helping us to achieve this outcome before the year's end.
"We look forward to completing the dewatering as soon as possible in January and then finally setting foot on Level 4, the first time this key gold target will have been accessible to anyone for decades."
Refinance for Italy Market Development Centre
This update follows the Company's announcement on 4 September 2023 that it had entered into a loan facility of €2.9 million (the "Facility") with Banca del Fucino S.p.A. (the "Lender") to refinance the Plant.
The Company can now confirm that it has successfully completed all performance improvements and achievement of performance criteria set by the Lender. The Lender has not been available to visit the Plant prior to the holiday period in December 2023, however it has now arranged to visit in early January 2024. The Company expects to be able to draw down the amount of the full Facility shortly after that visit, and will make a further announcement accordingly.
The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to EQTEC Italia MDC Srl ("Italia MDC") in June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations.