21 Apr 2016 13:01
21 April 2016
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Statement re share price movement
The Board of Directors of SMA notes the movement in the Company's share price today and confirms that it knows of no reason for the price movement. The Board continues to develop its plans for the business, as well as seeking a partner to advance the Company's Mandiana gold project in Guinea, and will update shareholders when there is a material development.
Ends
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke - Chairman designate c/o Billy Clegg +44 20 3757 6983
Nathan Steinberg - Finance Director +44 20 7269 7680
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs/Bidhi Bhoma - Corporate Finance
Jerry Keen - Corporate Broking +44 207 408 4090
CAMARCO
Billy Clegg / Gordon Poole +44 20 3757 6983
About Sovereign Mines:
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 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 very highly prospective properties, any of which could, in the Directors' opinion, become a significant gold asset. SMA has financed and managed the building of a preliminary JORC-compliant inferred maiden gold resource of 610,000 ounces of gold at its flagship Manadiana gold project where a relatively small amount of drilling consisting of only 16,880 metres has tested only 10 per cent of the potential strike gold project of the gold mineralising system. SMA also has two other compelling early-stage gold exploration projects in guinea called Dalagna and Marela.
Sovereign Mines of Guinea is ultimately owned 75% by Sovereign Mines of Africa plc and 25% by SOGUIPAMI, the Guinea Government Mining Representative.
The project is held in SMG's 100% Guinea's subsidiary, GUIORD SA.