14 Jan 2014 07:00
14 January 2014
Sovereign Mines of Africa Plc
("Sovereign Mines" or "the Company")
Release of Competent Person's Report
Sovereign Mines of Africa Plc (AIM:SMA) is pleased to announce that SRK Consulting UK Limited (Cardiff) ("SRK"), an independent technical consultant has completed its JORC Mineral Resource Report ("Report") to support the release of the Maiden Resource Estimate for its flagship Mandiana Gold Project in Guinea. The Report includes detailed geological and technical information relating to the maiden resource announced by the Company on the 22nd of October 2013. The Mineral Resource Estimate was prepared in collaboration with the Company's technical team. The estimate has been reported according the guidelines and terminology given in the 2004 JORC Code. The Report is now available on the Company's website, http://www.sovmines.com/reports/.
The Resource is summarized in Table 1 below:
Table 1
Mandiana-Magana Inferred Mineral Resource
Grade Category | Tonnage (Mt) | Gold Grade (g/t) | Gold (ounces) |
High Grade >1g/t | 6 | 2.3 | 420,000 |
Low Grade 0.3-1.0 g/t | 10 | 0.6 | 190,000 |
Sub Total | 16 | 1.2 | 610,000 |
Table footnotes
Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.
All figures are rounded to reflect the relative accuracy of the estimate; any apparent errors are due to rounding and are not considered material to the estimate.
All composites have been capped where appropriate.
Exploration on the concession is operated by the Company.
The Competent Person responsible for the technical data provided in this announcement is Mr Martin Pittuck, C.Eng, MIOM3, a Corporate Consultant (Resource Geology) and Director of SRK Consulting (UK) Ltd. Mr. Pittuck has reviewed and approved the contents of this announcement.
ENDS
Enquiries:
Sovereign Mines of Africa PLC:
David Pearl F.C.A. - Chairman +353 696 8961david.pearl@sovmines.comJohn Barry - Exploration Director +353 8 7669 5608Nathan Steinberg - Finance Director +44 20 7269 7680
Shore Capital - Nominated Adviser & BrokerToby Gibbs / Bidhi Bhoma - Corporate FinanceJerry Keen - Corporate Broking +44 20 7408 4090
Square 1 Consulting LimitedDavid Bick / Mark Longson +44 20 7929 5599
Newgate ThreadneedleGraham Herring / Richard Gotla +44 20 7653 9858
About SMA:
Sovereign Mines of Africa Plc is a mineral exploration company incorporated in England and Wales and headquartered in London
At the end of 2007, the founders of the Company saw an opportunity to pool their collective expertise and experience in order to form joint ventures for mineral exploration with governments in Africa. The Republic of Guinea in West Africa was identified as the first target and this ultimately gave rise to the establishment of the Company in 2010.
The Company has entered into a cooperative joint-venture with the Government of Guinea (the "Sovereign Partnership Structure"), pursuant to which the Government was granted an equity stake in Sovereign Mines of Guinea, the operating company of the group. The Directors believe that this collaborative approach gives the Company unusual advantages compared with other small exploration companies and as a result it has been able to acquire early stage substantial and highly prospective properties, any of which could, in the Directors' opinion, become a significant gold asset.