Last checked at 27 Jun 2022 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
27 June 2022
Cora Gold Limited ('Cora' or 'the Company')
Update on US$25m Term Sheet for the Construction of Sanankoro Gold Project, Mali
Cora Gold Limited, the West African focused gold company, is pleased to provide an update on the US$25m Mandate and Term Sheet (the 'Term Sheet') with Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the future development of Cora's flagship Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali (the 'Project Financing'). The key terms and conditions of the Project Financing were set out in an announcement by Cora on 08 September 2021. On 24 June 2022 Lionhead confirmed to the Company that, while reserving its rights under the Term Sheet, it does not intend to terminate the Term Sheet should the Company fail to deliver a Definitive Feasibility Study ('DFS') on the Project by 30 June 2022.
Following the completion of a 2022 drill programme, which targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources and identified new discoveries close to existing Mineral Resources, on 30 May 2022 the Company announced:
● its intention to update its Mineral Resource Estimate ('MRE') for Sanankoro;
● the updated MRE will then be incorporated into the Mining Study for the DFS; and
● as a result, the DFS is expected to be completed in Q3 2022.
Bert Monro, Chief Executive Officer of Cora, commented, "We are pleased and encouraged by the commitment of Lionhead, acting as lead investor and arranger on behalf of a consortium of investors, in their continued support for Cora and the Sanankoro Gold Project. We look forward to completing the DFS during Q3 2022 and achieving another significant milestone along the path towards developing Sanankoro."
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
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For further information, please visit http://www.coragold.com or contact:
Bert Monro Craig Banfield | Cora Gold Limited | info@coragold.com |
Christopher Raggett Charlie Beeson | finnCap Ltd (Nomad & Joint Broker) | +44 (0)20 7220 0500 |
Andy Thacker James Pope | Turner Pope Investments (Joint Broker) | +44 (0)20 3657 0050 |
Susie Geliher Charlotte Page Selina Lovell | St Brides Partners (Financial PR) | pr@coragold.com |
Notes
Cora is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering c.1,000 sq. km. Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022. An updated mineral resource estimate on the Project was published in November 2021 which increased the Resources by over 200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility Study is expected to be completed in Q3 2022.