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2021-10-08

Akobo Minerals AB: Akobo Minerals signs contract with MIDROC for a second core-drilling rig - significantly expanding production capacity

Akobo Minerals will soon be working with a total of three core drilling rigs in field, including one company owned drill rig. The experience and performance with the first drill rig from MIDROC Geo/Exploration Services PLC ("MIDROC") has met expectations hence a contract amendment has been signed for a second drill rig to be engaged. This allows for much faster development towards mining and extension of the Segele mineral resource;

  • Core drilling is a critical step in the extension and advancement of mining planning at the Segele Mineral Resource; while also advancing scout drilling at Joru
  • So far Akobo Minerals has produced a total of 9,400 m drilling with its own drill rig and a contract rig from MIDROC
  • With the third drill rig in operation a production rate of 90 - 120 meters per day is expected

This new drill rig is already located at the Segele project and is expected to be in operation within a few days. The additional core drilling capacity will allow the company to perform extension drilling and infill drilling simultaneously at Segele, while also advancing the scout drilling program at Joru.

MIDROC Geo/Exploration Services PLC is a subsidiary of MIDROC - Mohammed International Development Research and Organization Companies (MIDROC Group). While the MIDROC Group has Swedish and global operations, within Ethiopia the organization made important contributions to Ethiopian society through operation of the Lega Dembi Gold Mine since 1998. MIDROC also owns 70% of National Oil Ethiopia, the Tossa Steel Plant, cement production facilities and many other operations. 

The drilling arm of MIDROC has completed well over 80,000m of core drilling in throughout Ethiopia and has a fleet of 5 drill rigs and an operations team of well over 50 people.

For more information contact

Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com

About Akobo Minerals:

Akobo Minerals, is a Norway-based gold exploration company, currently with ongoing exploration and small-scale mine development in the Gambela region and Dima Woreda, southwest Ethiopia. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds a mining licence and an exploration license over key targets in the area. Economic mineralisation was discovered and the company is engaged in mining studies to advance the project to production, alongside exploration core drilling. Akobo Minerals is transforming its organisation to support an increased pace of core drilling. At both the key targets Segele and Joru the company has so far released exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. A scoping study for Segele includes an up-front capital expenditure of USD $8m and all-in sustaining cost of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities - a ground-breaking community program is being planned.

Important information:

This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.

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