African Gold Group Receives Environmental Permit Approval for the Kobada Gold Project
28 Oktober 2021 - 9:00AM
African Gold Group, Inc. (TSX-V: AGG, OTCQX: AGGFF, FRA: 3A61)
(“
AGG” or the “
Company”) is
pleased to announce that the Ministry of Environment,
Sanitation and Sustainable Development of the Republic of Mali has
approved the Environmental and Social Impact Assessment
(“
ESIA”) for the Kobada Gold Project (the
“
Project” or “
Kobada”) and issued
an updated Environmental Permit. The ESIA marks a key milestone in
the permitting process and is the culmination of extensive
consultations and stakeholder engagement.
“The approval of the ESIA and issuance of the
Environmental Permit is a major achievement for our Company and
brings us to the final stages of the permitting process for
Kobada,” commented Danny Callow, Chief Executive Officer. “We would
like to thank the government of Mali and its permitting bodies as
well as our surrounding communities for the strong support they
have demonstrated for the project.”
The Company recently announced the results of
the Definitive Feasibility Study (“DFS”) for
the Kobada Gold Project on 29 September 2021, with the highlights
including:
- Significant Production Potential
- 3 Mtpa
operation producing 1.2 Moz of
gold over a 16-year
Life-of-Mine (“LOM”)
- Average annual gold production of 100,000 oz over
the first 10 years
- Strong Economics
- Pre-tax NPV5% of
US$506 million with an IRR of
45%
-
Post-tax-NPV5% of
US$355 million (57% increase compared to 2020 DFS)
with an IRR of 38%
- Pre-production capital requirement of
approximately US$152 million (excl. working capital
and contingencies)
- Total project cash flow pre-tax of US$733
million with net cash flow after tax and capital
expenditure of US$550 million
- Capital payback of 2.3 years upon
production commencement
- Environmentally and Socially Responsible
- A hybrid thermal and solar photovoltaic power
plant with battery energy storage, will be funded by
an independent power producer
- Power rate of estimated US$0.20 per kWh results in estimated
savings annually resulting from a 43% reduction in
fuel requirement versus conventional thermal power
plants
- Substantial reduction in greenhouse gas
emissions through utilisation of hybrid power plant,
including 39% less carbon dioxide, 34% less carbon monoxide, 39%
less sulfur dioxide and 26% less nitrogen oxides than conventional
thermal power plant
- Growing Resource with Substantial Exploration
Upside
- Total proven and probable mineral reserve has increased
to 1,252,522 ounces of gold, a 66% increase from the
mineral reserve estimate in the previous definitive feasibility
study report titled “NI 43-101 Technical Report on Kobada Gold
Project in Mali” with an effective date of June 17, 2020 (the
“2020 DFS”)
- Total measured and indicated resource increase by 44% to 1.71
million ounces and a Total resource (including
inferred resources) increase to 3.1 million ounces
- High measured and indicated resource to reserve conversion rate
of 73%
- Further potential remains to significantly increase the
resource and reserve along strike and depth at the Kobada Gold
Project
- Over 5,500 hectares of prospective
mineral trends within trucking distance yet to be explored
- Over 50 km of new potential mineralised shear zones
identified on Kobada and Kobada Est concessions
- Faraba concession renewed for 3 years with early
exploration indicating the potential to extend shear zones even
further
The Company`s last milestone at the Kobada Gold
Project is the receipt of the environmental permit addendum for the
sulphide portion of the project. The Company is continuing to
advance the project towards construction and receipt of the updated
environmental permit is one of the last crucial steps in that
process.
About African Gold Group
African Gold Group is a TSX Venture Exchange
(TSX-V: AGG) listed exploration and development company with a
focus on building Africa’s next mid-tier gold producer. The Company
has a highly experienced board and management team with a proven
track record in the African mining sector operating mines from
development through to production. AGG’s principal asset is the
Kobada Project in southern Mali, which is in an advanced stage of
development having completed the 2021 DFS and is targeting gold
production of 100,000 oz per annum with a mine life of 16 years. As
well as the initial Kobada Gold Project, other exploration
locations have been identified on the Kobada, Farada and Kobada Est
concessions, offering potential for an increase in resource. For
more information regarding African Gold Group visit our website at
www.africangoldgroup.com.
For more information:
Danny CallowPresident and Chief Executive Officer+
(27) 76 411 3803Danny.Callow@africangoldgroup.com |
Daniyal BaizakVice President, Corporate
Development +1 (647) 835
9617Daniyal.Baizak@africangoldgroup.com |
|
|
Scott EldridgeNon-Executive Chairman of the
Board+1 (604) 722 5381Scott.Eldridge@africangoldgroup.com |
Camarco (Financial PR)Gordon Poole / Nick Hennis
+44 (0) 20 3757 4997AfricanGoldGroup@camarco.co.uk |
|
|
Cautionary statements
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements regarding, the 2021 DFS, production
potential and economics of the Project, upside potential of the
Project, drilling and exploration plans of the Company, mine plan,
mine schedule, processing of materials, power and water
infrastructure, tailings management, logistics, refining,
environmental and social aspects, key impact, capital costs,
operating costs, financial metrics, project opportunities and
development timetable with respect the Project. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of AGG to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: receipt
of necessary approvals; general business, economic, competitive,
political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages; available
infrastructure and supplies; the COVID-19 pandemic and other risks
of the mining industry. Although AGG has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. AGG does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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