Name of the Project
Segele gold project.

Location
Ethiopia.

Project Owner/s
Scandinavian gold exploration and mining company Akobo Minerals.

Project Description
A scoping study has confirmed the potential economics of the project.

Akobo Minerals is planning to mine the gold mineralisation using methods such as shrinkage stoping. Ore will be brought to surface using an incline shaft.

At peak production, almost 6 000 t a month of rock will be mined and this material will be fed into an industry-standard crushing and gravity circuit, with cyanidation where necessary.

The mine life is estimated at 27 months.

The company plans to buy a plant capable of processing 20 t/h, but will initially operate it at 10 t/h. The mine plant will be a turnkey solution comprising a grinder, concentrator and cyanide leach containers.

Akobo will manage the processing plant, but will appoint a mining contractor to do the mining.

The plant is expected to extract 90% of all gold in the mineralisation; this will be confirmed by ongoing metallurgical testwork.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
None stated.

Capital Expenditure
Total capital expenditure for establishing the mine plant is estimated at $8-million.

Planned Start/End Date
Mining is expected to start in October, with first gold extraction to begin in the first quarter of 2023. Full production is expected by the end of the second quarter of 2023.

Latest Developments
Akobo Minerals has secured an $8.5-million gold loan facility from US-based Monetary Metals.

The net proceeds from the loan facility, secured through Akobo's wholly-owned subsidiary Abyssinia Resources Development, will ensure that Akobo has the wherewithal to accelerate the final phase of mine development the Segele project.

Gold production at Segele is on track to start in early 2023.

Key Contracts, Suppliers and Consultants
Peacocke and Simpson (metallurgical test work); and Solo Resources (processing plant).

Contact Details for Project Information
Akobo Minerals, tel +47 92 80 40 14 or email info@akobominerals.com.