1 Oct 2014 07:00
01 October 2014 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 a site visit to its Yaoure Gold Project in central Côte d'Ivoire for equity analysts and investors and Côte d'Ivoire-based journalists on Monday and Tuesday of this week.
The group viewed the Yaoure Central pit, which was previously mined by Amara, where a large scale drilling programme is underway. They also visited the core sheds and 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 drilling programme and the on-going work on the Pre-Feasibility Study, which is expected to be released in Q1 2015. The presentation is available at www.amaramining.com
Background on Yaoure Gold Project
Amara delivered a Preliminary Economic Assessment for Yaoure in Q1 2014. It demonstrated that the project has the potential to be one of the top 10 gold mines in Africa by production and top 50 in the world. With average production of 325,000 ounces per annum over a 12 year mine life and all-in sustaining costs of US$691 per ounce, the headline 8Mtpa scenario delivers an IRR of 32% at a gold price of US$1,250 per ounce and an NPV of US$688 million. Yaoure is one of the few development projects in West Africa that remains resilient at low gold prices, with an IRR of 23% at US$1,100 per ounce. The project is flexible and delivers similarly strong returns over a range of alternative throughput scenarios. 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. With 83,000 metres of drilling planned in 2014, there is expected to be strong exploration upside potential.
For more information please contact:
Amara Mining plc John McGloin, Chairman and Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations
| +44 (0)20 7398 1420 |
Peel Hunt LLP (Nominated Adviser & Joint Broker) Matthew Armitt Ross Allister
| +44 (0)20 7418 8900 |
GMP Securities Europe LLP (Joint Broker) Richard Greenfield Alex Carse
| +44 (0)20 7647 2800 |
Farm Street Communications (Media Relations) Simon Robinson | +44 (0)7593 340 107
|
About Amara Mining plc
Amara is a gold explorer/developer with assets in West Africa. The Company 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 the Company progresses it through to Pre-Feasibility Study and 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.