Amara Mining plc Commencement of Trucking of material from Sega
17.09.2013 | Marketwired
LONDON, UNITED KINGDOM -- (Marketwired - Sep 17, 2013) - Amara Mining plc ("Amara" or "the Company") (AIM:AMA / TSX:AMZ), the West African focused gold mining company, is pleased to announce that it has begun trucking material from its Sega Gold Project ("Sega") in Burkina Faso to the neighbouring processing plant at its Kalsaka Gold Mine ("Kalsaka").
Sega is approximately 20km from Kalsaka and was acquired by Amara from Orezone Gold Corporation in Q2 2012. Since then, Amara has successfully permitted the project, receiving the Mining Licence on 18 July 2013. The first material from Sega reached Kalsaka yesterday.
The average head grade of the Sega material is 2.41g/t (i), a 113% increase on the head grade achieved from the Kalsaka ore in H1 2013 (1.13g/t) (ii). Amara re-optimised the mine plan for Sega in Q2 2013 at a gold price of US$1,100 per ounce in order to adopt a lower risk approach during the current challenging market conditions. The material trucked from Sega is expected to strengthen production and generate robust cash flow in the near term. The re-optimised plan also has a positive impact on cash costs.
Peter Spivey, Chief Executive Officer of Amara, commented:"With the commencement of trucking, we are just days away from processing the first Sega material and stacking it on the heap leach pads at Kalsaka. We are firmly on track to deliver on our promise of successfully integrating the two projects and this is expected to strengthen production and reduce costs, as a result of the higher head grade of the Sega material. Production will continue in Burkina Faso in the near term and we remain focused on our strategy of using our cash flow to underpin our growth assets."
For more information please contact: Amara Mining plc +44 (0)20 7398 1420 John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations Canaccord Genuity Limited
+44 (0)20 7523 8000 (Nominated Adviser & Broker, London) Andrew Chubb Joe Weaving Tim Redfern Bell Pottinger - Pelham +44 (0)20 7861 3232 (Financial Public Relations) Charlie Vivian James Macfarlane
About Amara Mining plc
Amara is a gold developer-producer with assets in West Africa. The Company generates cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Cote d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning three countries, Amara aims to further increase its production profile with highly prospective opportunities across all assets.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, risks related to international operations, expected time for the construction of the road , the, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements 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 statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release and reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.
(i) See press release entitled "H1 and Q2 Results 2013", dated 10 September 2013 [ii] See press release entitled "H1 and Q2 Results 2013", dated 10 September 2013
This information is provided by RNS
The company news service from the London Stock Exchange END
Contacts:
RNS Customer Services
0044-207797-4400
Sega is approximately 20km from Kalsaka and was acquired by Amara from Orezone Gold Corporation in Q2 2012. Since then, Amara has successfully permitted the project, receiving the Mining Licence on 18 July 2013. The first material from Sega reached Kalsaka yesterday.
The average head grade of the Sega material is 2.41g/t (i), a 113% increase on the head grade achieved from the Kalsaka ore in H1 2013 (1.13g/t) (ii). Amara re-optimised the mine plan for Sega in Q2 2013 at a gold price of US$1,100 per ounce in order to adopt a lower risk approach during the current challenging market conditions. The material trucked from Sega is expected to strengthen production and generate robust cash flow in the near term. The re-optimised plan also has a positive impact on cash costs.
Peter Spivey, Chief Executive Officer of Amara, commented:"With the commencement of trucking, we are just days away from processing the first Sega material and stacking it on the heap leach pads at Kalsaka. We are firmly on track to deliver on our promise of successfully integrating the two projects and this is expected to strengthen production and reduce costs, as a result of the higher head grade of the Sega material. Production will continue in Burkina Faso in the near term and we remain focused on our strategy of using our cash flow to underpin our growth assets."
For more information please contact: Amara Mining plc +44 (0)20 7398 1420 John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations Canaccord Genuity Limited
+44 (0)20 7523 8000 (Nominated Adviser & Broker, London) Andrew Chubb Joe Weaving Tim Redfern Bell Pottinger - Pelham +44 (0)20 7861 3232 (Financial Public Relations) Charlie Vivian James Macfarlane
About Amara Mining plc
Amara is a gold developer-producer with assets in West Africa. The Company generates cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Cote d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning three countries, Amara aims to further increase its production profile with highly prospective opportunities across all assets.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, risks related to international operations, expected time for the construction of the road , the, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements 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 statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release and reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.
(i) See press release entitled "H1 and Q2 Results 2013", dated 10 September 2013 [ii] See press release entitled "H1 and Q2 Results 2013", dated 10 September 2013
This information is provided by RNS
The company news service from the London Stock Exchange END
Contacts:
RNS Customer Services
0044-207797-4400