Last checked at 4 May 2020 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
04 May 2020
Cora Gold Limited ('Cora', 'Cora Gold' or 'the Company')
Digby Wells appointed to conduct an Environmental and Social Impact Assessment
for the Sanankoro Gold Project
Cora Gold Limited, the West African focused gold company, is pleased to announce that it has appointed international environmental consultants Digby Wells Environmental ('Digby Wells') to undertake the Environmental and Social Impact Assessment ('ESIA') for its Sanankoro Gold Project ('Sanankoro' or 'the Project') in the Yanfolila Gold Belt, Southern Mali.
Cora continues to advance Sanankoro, which has a positive Scoping Study completed on it with an 84% IRR at a US$1,400 gold price. The Company is initially focused on Resource growth and then, if successful, the delivery of the Definitive Feasibility Study ('DFS') before the end of 2021. Due to this accelerated strategy for moving the Project forward, the Company has appointed Digby Wells to conduct an ESIA in accordance with the International Finance Corporation Performance Standards for the Project. The collection of baseline data for the ESIA has already commenced. Deliverables will include specialist studies, ranging from ecological, water and social studies, a conceptual closure and rehabilitation plan, a stakeholder engagement process, a resettlement policy framework and a community development plan.
Cora previously worked with Digby Wells to complete an initial environmental and social screening study in 2019 as part of the Project's Scoping Study. This Scoping Study showed Sanankoro's potential to be a highly profitable standalone oxide mine, delivering a high IRR and short capex payback period.
Bert Monro, CEO of Cora Gold, commented, "As one of the largest environmental consulting firms in Africa focused on the resources sector, with extensive in-house expertise in the environmental and social field, we are delighted to be working with the Digby Wells team again. The ESIA is critical to the success of the DFS, which we are focused on completing before the end of next year, following further exploration in 2020, and, as we look further ahead to transitioning from explorer to developer, will support our future Exploitation Permit application. We look forward to providing further updates on our progress in the future."
Permitting
As stated in the RNS released on 16 January 2020 and 25 February 2020, the Sanankoro Exploration Permit expired on 01 February 2020 in accordance with Mali's Mining Code. Prior to expiry the Company submitted an application for the award of a new permit over the area covered by the Sanankoro Permit. The Company looks forward to announcing the award of a new permit in due course once the necessary process set out in the Mining Code has occurred. The Sanankoro Permit was one of five permits that together comprise the Sanankoro Gold Project Area, these include Bokoro (permit expires August 2022), Bokoro Est (permit expires September 2026), Dako II (permit expires December 2025) and Kodiou (permit expires May 2022).
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
Bert Monro / Jon Forster | Cora Gold Limited | +44 (0) 20 3239 0010 |
Ewan Leggat / Charlie Bouverat | SP Angel (Nomad & Joint Broker) | +44 (0) 20 3470 0470 |
Andy Thacker / Zoe Alexander | Turner Pope Investments (Joint Broker) | +44 (0) 20 3657 0050 |
Megan Dennison / Susie Geliher | St Brides Partners (Financial PR) | +44 (0) 20 7236 1177 |
Notes
Cora Gold is a gold company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development. Sanankoro has a positive Scoping Study published on it showing an 84% IRR and US$30.9m NPV at a US$1,400 gold price. Cora's highly experienced management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.