TIDMCORA
RNS Number : 5545F
Cora Gold Limited
11 July 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
11 July 2023
Cora Gold Limited
('Cora' or 'the Company')
Senior Management Appointments & Construction Tendering for
Sanankoro
Cora Gold Limited, the West African focused gold company, is
pleased to announce the appointment of key management personnel and
the commencement of the construction tender process as it focuses
on transitioning its flagship Sanankoro Gold Project in south Mali
('Sanankoro' or the 'Project') into a producing mine.
Overview
-- Key management personnel appointed with experience of moving
gold projects through to production:
o Lourens Steenekamp appointed as Project Director - an
experienced mining professional with +30 years' experience with
gold producers including Gold Fields, Barrick Gold, Resolute Mining
and Perseus Mining.
o Frikkie Fourie appointed as Mining Consultant - a senior
mining engineer responsible for providing direct technical support
to various mines, including Asanko Gold, who will be overseeing the
planning process, optimisations, and project execution.
o Murray Paterson appointed as Head of Geology - an accomplished
geologist with extensive experience of exploration and mine
start-up in West Africa.
-- Commenced tender process - FEED and construction, turn-key
hybrid power solution and mine camp, with contract mining tender
due to commence in due course.
-- New Minister of Mines Appointed - Amadou Keita has been
appointed the new Minister of Mines in Mali.
Bert Monro, Chief Executive Officer of Cora, commented,
"Following the recent signing of a US$70m debt mandate letter, I am
delighted to welcome Lourens, Frikkie and Murray to the Cora team
as we move Sanankoro towards the construction phase. We are
fortunate to have found people of their calibre and specific skill
sets with experience of moving West African gold projects through
the planning phase to construction and production.
"Additionally, we have been running a series of tenders for
various aspects of the construction process and look forward to
providing further updates on these in due course."
Details
Key Management Appointments
As part of its strategy to advance the construction of an open
pit oxide mine at Sanankoro and following the recent signing of a
US$70m debt mandate letter, the Company has appointed key
management personnel to broaden its in-house capabilities. These
include:
Lourens Steenekamp - Project Manager. Mr Steenekamp is an
experienced mining professional with a career spanning over three
decades. Having begun his mining career with Gold Fields, he held
engineering roles in Ghana and Tanzania where he progressed to
construction projects. More recently, he has worked as Project
Manager on various projects including a greenfield oxide operation
at the Syama and Tabakaroni mines in Mali for Resolute Mining and
in a Project Manager role at Sissingue and Fimbiasso mines for
Perseus Mining in the Côte d'Ivoire.
Frikkie Fourie - Mining Consultant. Mr Fourie started his career
on the platinum mines in Rustenburg in South Africa, working at the
Bathopele underground mechanised mine before joining a mining
consultancy as a mining engineer where he advised on over 30
projects. He then moved back into operations at Galiano Gold in
Ghana in 2016, where he started as Senior Mining Engineer and was
later promoted to Vice President of Mining, responsible for
providing direct technical support to the mine, the planning
process, compliance to plan, optimisation, design, and strategic
planning.
Murray Paterson - Head of Geology. Mr Paterson is an
accomplished technical geologist with 30 years of experience. He
has worked in all aspects of geological related disciplines, from
exploration, mineral resources, mine geology and feasibility
studies, and across multiple metal commodities and locations. Mr
Paterson has held previous roles working in West Africa, primarily
at the start of operations, including at Syama Gold Mine in Mali
under Randgold ownership and more recently at Hummingbird's
Yanfolila Gold Mine in Mali.
A full list of senior management can be found at
www.coragold.com/management/ .
Construction Tendering
The Company has commenced tendering processes for the Front-End
Engineering and Design ('FEED') and construction of the Sanankoro
Gold Mine, as well as the hybrid power solution, mine camp
construction and other areas. The tendering process for the
contract mining will formally commence once the Mali Government's
permit moratorium has been lifted.
The Mali Government's moratorium on reviewing and issuing
permits announced on the 28 November 2022 remains in place; at this
time, the Government stated it would make a further announcement
when lifted. Cora has prepared its application for the Sanankoro
mining permit ready for submission once the moratorium is lifted.
Due to the nature of the Project layout, the Company has been
working with the relevant Malian authorities to re-draw various
permit boundaries in order to create a 100 sq km area for the
mining permit. This re-drawing process will be formally completed
once the moratorium is lifted. The total area of the five
contiguous permits that together make up the Sanankoro Project Area
will remain the same following the re-drawing exercise.
In a move that the Company believes is a positive step towards
ending the moratorium, Amadou Keita has been appointed as the new
Mining Minister in Mali, replacing Lamine Traore who resigned on 31
May 2023.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement.
**ENDS**
For further information, please visit www.coragold.com or
contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett finnCap Ltd
Charlie Beeson (Nomad & Broker) +44 (0)20 7220 0500
--------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Isabelle Morris (Financial PR)
Isabel de Salis
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Notes
Cora is a West African gold developer with de-risked project
areas within two known gold belts in Mali and Senegal. Led by a
team with a proven track-record in making multi-million-ounce gold
discoveries that have been developed into operating mines, its
primary focus is on developing the Sanankoro Gold Project in the
Yanfolila Gold Belt, south Mali, into an open pit oxide mine. Based
on a gold price of US$1,750/oz and a Maiden Probable Reserve of 422
koz at 1.3 g/t Au, the Project has strong economic fundamentals,
including 52% IRR, US$234 million Free Cash Flow over life of mine
and all-in sustaining costs of US$997/oz.
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END
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