Akobo Minerals Continues to Intersect Visible Gold, in Addition to Ongoing Exploration and Mining Studies - Despite Announcement of Ethiopian State of Emergency

Despite the announcement of the State of Emergency in Ethiopia (3rd November 2021), Akobo Minerals is continuing its operations with the completion of a successful hole which has intersected around 10m* of core with visible gold today (hole SEDD55).

Visible gold in hole SEDD55 between 170.60-171m*. Image Credit: Akobo Minerals

Akobo Minerals has an organisation consisting of highly qualified Ethiopian staff and is not reliant on the physical presence of expatriates. From 2016 to 2018, a similar State of Emergency was in place in Ethiopia and the COVID-19 pandemic has also posed a challenge to exploration operations. Nevertheless Akobo Minerals has successfully continued exploration throughout both previous periods.

The company has not experienced any change in its ability to operate at the Akobo project or in Addis Ababa and the majority of plans are unaffected. Akobo Minerals is currently drilling at the Segele project and Joru projects simultaneously. To complement the drilling, surface exploration is underway in the areas surrounding the Segele project with the intention of identifying new targets. Work on the mining studies is also ongoing with social baseline study in progress at the project. Desk studies are continuing apace with cost assessments of processing plant requirements and contract mining. The company is in the process of engaging geotechnical consultants and mine waste specialists.