8 Apr 2015 07:00
08 April 2015 AIM:AMA
Amara Mining plc
("Amara" or "the Company")
PUBLICATION OF TECHNICAL REPORT FOR 6.8 MILLION OUNCE MINERAL RESOURCE AT
YAOURE GOLD PROJECT
Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce that a National Instrument 43-101-compliant technical report entitled 'Yaoure Gold Project, Côte d'Ivoire, Technical Report and Mineral Resource Estimates for Amara Mining Côte d'Ivoire SARL', with an effective date of 05 January 2015, was published on its website yesterday. This follows the news release regarding the Mineral Resource update for the Yaoure Gold Project ("Yaoure") in Côte d'Ivoire dated 06 January 2015.
A copy of the technical report may be obtained on Amara's website at http://www.amaramining.com/Investor-Relations/NI43-101-Reports. A copy of the news release may also be obtained on Amara's website.
The previously announced highlights of the Yaoure Mineral Resource update are as follows:
HIGHLIGHTS
· Total Mineral Resources at Yaoure of 6.8 million ounces1: 4.4 million ounces Indicated (106.3Mt at 1.29g/t) and 2.4 million ounces Inferred (63.0Mt at 1.19g/t)
o 65% of Yaoure's Mineral Resources are in the higher confidence Indicated category, de-risking the deposit
o Yaoure is the largest gold development project in West Africa by Mineral Resource
o Amara's total Mineral Resources are 9.6 million ounces - the largest resource base of any London-listed junior miner2
· 1.7 million ounce (63%) increase in higher confidence Indicated Mineral Resources compared to the Mineral Resource update announced on 29 September 2014
· Higher grade Indicated Mineral Resources contained within US$950 and US$800 per ounce pit shells
o US$950/oz pit shell contains 3.1 million ounces (64.8Mt at 1.48g/t) in the Indicated category, a 32% increase compared to the September resource update
o US$800/oz pit shell contains 2.6 million ounces (50.7Mt at 1.57g/t) in the Indicated category, a 44% increase compared to the September resource update
· Further exploration upside as the deposit remains open along strike with indications of additional gold in parallel structures to the West (towards surface), as well as the opportunity to convert further Inferred Mineral Resources to the Measured and Indicated categories
Notes
1. Based on a pit optimisation using a US$1,500 gold price, and reported at a 0.5g/t cut-off. Compared to the 6.3 million ounce Mineral Resource (62.0Mt at 1.36g/t for 2.7 million ounces Indicated and 86.6Mt at 1.30g/t for 3.6 million ounces Inferred) with an effective date of 23 September 2014.
2. A junior miner is defined here as an explorer/developer or a producer with projected FY2014 production of less than 200,000 ounces.
For more information please contact:
Amara Mining plc John McGloin, Chairman 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.
The RC and DD drilling programmes at Yaoure were undertaken by two independent drilling contractors. Typically samples for assaying were taken at one metre intervals. Sample preparation was carried out at the Company's facility at Yaoure, prior to fire assay at Actlabs in Ouagadougou, Burkina Faso. The samples were crushed down to minus 2mm and then pulverised down to 90% passing 75 microns, prior to analysis for gold by 50g fire assay. As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted. Check assays are being carried out at ALS Geochemistry in Johannesburg, South Africa and Vancouver, Canada. The laboratories used are independent of the Company.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.
Mario Rossi is a "Qualified Person" within the definition of National Instrument 43-101 and is responsible for the estimation of the Yaoure Mineral Resource. He has reviewed and approved the relevant technical information relating to the resource estimates in this release. Mr Rossi (Fellow AusIMM, Member CIM, Member SME) is Principal Geostatistician of GeoSystems International, Inc.
Adam Wheeler is a "Qualified Person" within the definition of National Instrument 43-101 and is responsible for pit optimisation aspects of the Yaoure Mineral Resource. He has reviewed and approved the relevant technical information relating to the resource estimates in this release. Mr. Wheeler (Fellow IOM3, C.Eng) is an Independent Mining Consultant.