TSX: ASO
AIM: ASO
TORONTO, June 19, 2018
/CNW/ - Avesoro Resources Inc. ("Avesoro" or the "Company"),
the TSX and AIM listed West African gold producer, is pleased to
announce the results of an updated Mineral Resource and Mineral
Reserve Estimate for its Youga Gold Mine ("Youga") in Burkina Faso.
Mineral Reserve and Resource Estimate Highlights (as at
December 31, 2017)
- Total Mineral Reserve increased by 29%, or 147.4koz to 660.1koz
of gold;
- Total Measured and Indicated Mineral Resource increased by 15%
to 924.2koz of gold grading 1.73g/t Au;
- Mine life extended by two years to 2027, with total forecast
gold production of 614koz;
- Pre-tax NPV1 increased by 42% to US$188.3 million and post-tax NPV1
increased to US$151.6 million;
- Life of mine ("LOM") operating cash costs reduced to
US$860/oz;
- LOM all-in-sustaining costs reduced to US$920/oz; and
- Further Mineral Resource and Mineral Reserve upgrades at Youga
expected to be announced in Q1 2019 from ongoing infill drilling
programmes with six diamond drill rigs currently active.
1
|
5% discount rate; and
US$1,300/oz
Au
|
Commenting, Serhan Umurhan, Chief Executive Officer of
Avesoro Resources, said: "This updated Mineral Resource
and Mineral Reserve estimate for Youga consolidates the results of
the successful 2017 drilling campaign undertaken in Burkina Faso, and increases the Mineral
Resources and Reserves at the Youga mine itself as well as at the
high grade Balogo deposit that provides ore to the Youga processing
plant.
We see the announcement today, which adds two years to
Youga's mine life, as an interim step. We have added substantially
to the value of the Youga Gold Mine since the Company acquired it
for US$70.2 million in December 2017 and with our ongoing drilling
programme of 139,000 metres in Burkina
Faso this year we fully expect to add further years to the
Youga life of mine.
In anticipation of further growth in Mineral Reserves, we are
evaluating options for optimising the Youga process plant to allow
the 2018 annual production guidance of 110 - 120koz to be
maintained in subsequent years by increasing mill
throughput.
I also look forward to updating the market in Q3 2018 on the
results of our Mineral Resource upgrade work at New Liberty in
Liberia, following the successful
conclusion of the in-pit infill drilling programme earlier this
year."
Updated Mineral Resource and Reserve Estimate
Following the acquisition of the Youga Gold Mine by Avesoro on
December 18, 2017, the updated
Mineral Resource and Reserve estimates were produced by CSA Global
(UK) Ltd with an effective date of December
31, 2017 and reflect mining depletion from March 1, 2017 to December
31, 2017, during which time 110,000 ounces of gold were
produced. The mineralisation wireframes used within the updated
estimate are based on the results of the 2017 drilling campaign
received subsequent to the information cut-off date for the
previous estimation undertaken on February
28, 2017.
The Company plans to release a further Mineral Resource and
Mineral Reserve update for Youga and its satellite deposits upon
the conclusion of the on-going 139,000 metre drilling programme
focussed across its Burkina Faso
licence portfolio during 2018. As a part of this, a 20,000 metre
infill drilling campaign has recently commenced on the Ouaré
deposit with the aim of upgrading a portion of the 406koz of gold
in the Inferred Mineral Resource category into a higher level of
confidence and subsequently into Mineral Reserves.
The Company also recently completed a 13,000 metre diamond
drilling programme that targeted the prospects of Panga and Cobra
Hill, located a short distance along strike from the Balogo
deposit. Following a review of the first phase of drilling a
decision has been taken to undertake a second phase of drilling in
Q3 2018 exploring further along strike to follow up on prospects
identified during the 2017 drilling campaign with the aim of
further delineating the strike extent of the mineralisation.
Additional drilling underneath the main Balogo pit will also be
undertaken in H2 2018 targeting the down dip extension of
mineralisation at the main Balogo pit where mineralisation has
already been defined to depths of 140 metres below the existing
planned pit floor. This down dip drilling programme has the
potential to further increase the mine life of the Balogo deposit
and also aims to define an underground Mineral Resource at
Balogo.
Table 1: Updated Mineral Resource Estimate, prepared in
accordance with CIM Standards.
Mineral Resource
Estimate for the Youga Gold Mine, Burkina Faso, as at
31st December 2017
|
Deposit
|
Measured
|
Indicated
|
Measured &
Indicated
|
Inferred
|
Tonnes
Mt
|
Au
Grade
g/t
|
Au
Metal
Koz
|
Tonnes
Mt
|
Au
Grade
g/t
|
Au
Metal
Koz
|
Tonnes
Mt
|
Au
Grade
g/t
|
Au
Metal
Koz
|
Tonnes
Mt
|
Au
Grade
g/t
|
Au
Metal
Koz
|
Balogo
|
0.16
|
9.81
|
49.0
|
0.16
|
6.98
|
36.8
|
0.32
|
8.36
|
85.8
|
0.0
|
2.2
|
2.0
|
Main Pit
|
-
|
-
|
-
|
2.96
|
1.53
|
145.6
|
2.96
|
1.53
|
145.6
|
0.8
|
1.4
|
36.0
|
Zergoré
|
-
|
-
|
-
|
2.57
|
1.20
|
99.1
|
2.57
|
1.20
|
99.1
|
1.0
|
1.2
|
39.0
|
NTV
|
-
|
-
|
-
|
1.88
|
1.10
|
66.6
|
1.88
|
1.10
|
66.6
|
1.5
|
1.3
|
61.0
|
A2NE
|
-
|
-
|
-
|
0.21
|
1.38
|
9.2
|
0.21
|
1.38
|
9.2
|
0.1
|
1.6
|
6.0
|
A2N
Mid
|
0.08
|
5.52
|
14.0
|
0.09
|
5.60
|
16.6
|
0.17
|
5.56
|
30.6
|
0.0
|
6.0
|
5.0
|
Gassore
|
-
|
-
|
-
|
1.2
|
3.89
|
150.3
|
1.20
|
3.90
|
150.3
|
0.5
|
4
|
62.0
|
East Pit
|
-
|
-
|
-
|
0.68
|
1.55
|
33.8
|
0.68
|
1.55
|
33.8
|
0.0
|
1.2
|
2.0
|
West Pit 3
|
-
|
-
|
-
|
0.64
|
1.53
|
31.5
|
0.64
|
1.53
|
31.5
|
0.2
|
1.2
|
7.0
|
West Pit 2
|
-
|
-
|
-
|
0.57
|
1.46
|
26.8
|
0.57
|
1.46
|
26.8
|
0.2
|
1.5
|
8.0
|
West Pit 4
|
-
|
-
|
-
|
0.34
|
1.53
|
16.6
|
0.34
|
1.52
|
16.6
|
0.4
|
0.9
|
13.0
|
West Pit 1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
1.6
|
5.0
|
LeDuc
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.0
|
1.0
|
34.0
|
Ouaré
|
-
|
-
|
-
|
5.10
|
1.39
|
228.3
|
5.10
|
1.39
|
228.3
|
7.2
|
1.8
|
406.0
|
Total
|
0.24
|
8.20
|
63.0
|
16.40
|
1.63
|
861.1
|
16.64
|
1.73
|
924.2
|
13.0
|
1.7
|
685.0
|
Notes:
|
1. Reporting cut-off
is 0.55 g/t Au for all deposits.
|
2. The Mineral
Resource Estimate has been depleted for mining up to
31st December 2017. The effective date of the Mineral
Resource is December 2017.
|
3. Figures have been
rounded to the appropriate level of precision for the reporting of
Resources.
|
4. Due to
rounding, some columns or rows may not compute exactly as
shown.
|
5. The Mineral
Resources are stated as in situ dry tonnes. All figures are in
metric tonnes.
|
6. The Mineral
Resource has been classified under the guidelines of the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared
by the CIM Standing Committee on Reserve Definitions and adopted by
CIM Council, and procedures for classifying the reported Mineral
Resources were undertaken within the context of the Canadian
Securities Administrators National Instrument 43-101 (NI
43-101).
|
7. The model is
reported above a surface based on the Whittle shell from a US$1,500
gold price pit optimisation run to support assumptions relating to
reasonable prospects of eventual economic extraction.
|
8. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. The estimate of Mineral Resources is not known to be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant
issues.
|
9. Mineral Resources
have been reported inclusive of Mineral Reserves, where
applicable.
|
10. No Mineral
Reserves have been estimated for the Ouaré, West Pit 1 and LeDuc
deposits.
11. Those deposits
highlighted in bold are those updated. All other deposits remain
unchanged from previous disclosure.
|
Table 2: Updated Mineral Reserve Estimate, prepared in
accordance with CIM Standards.
Mineral Reserve
Estimated for the Youga Gold Mine, Burkina Faso, as at
31st December 2017
|
Deposit
|
Cut-
off
Grade
(g/t)
|
Proved
|
Probable
|
Total Mineral
Reserve
|
Tonnes
(Mt)
|
Au
Grade
(g/t)
|
Au
Metal
(koz)
|
Tonnes
(Mt)
|
Au
Grade
(g/t)
|
Au
Metal
(koz)
|
Tonnes
(Mt)
|
Au
Grade
(g/t)
|
Au
Metal
(koz)
|
Balogo
|
1.10
|
0.2
|
8.88
|
45.9
|
0.2
|
5.91
|
31.8
|
0.3
|
7.36
|
77.7
|
A2NE
|
0.70
|
|
|
|
0.0
|
2.12
|
1.6
|
0.0
|
2.12
|
1.6
|
Mid Pit
(A2NW)
|
0.70
|
0.1
|
5.02
|
13.3
|
0.1
|
5.04
|
12.4
|
0.2
|
5.03
|
25.7
|
Gassore
|
0.70
|
|
|
|
1.0
|
3.99
|
125.0
|
1.0
|
3.99
|
125.0
|
Zergoré
|
0.70
|
|
|
|
1.5
|
1.22
|
57.1
|
1.5
|
1.22
|
57.1
|
West Pit 2
|
0.70
|
|
|
|
0.4
|
1.34
|
15.8
|
0.4
|
1.34
|
15.8
|
West Pit 3
|
0.70
|
|
|
|
0.4
|
1.61
|
20.2
|
0.4
|
1.61
|
20.2
|
West Pit 4
|
0.70
|
|
|
|
0.3
|
1.53
|
12.9
|
0.3
|
1.53
|
12.9
|
Main Pit
|
0.70
|
|
|
|
1.3
|
1.63
|
66.6
|
1.3
|
1.63
|
66.6
|
East Pit
|
0.70
|
|
|
|
0.5
|
1.47
|
22.4
|
0.5
|
1.47
|
22.4
|
NTV
|
0.70
|
|
|
|
1.2
|
1.07
|
41.6
|
1.2
|
1.07
|
41.6
|
Ouaré
|
0.82
|
|
|
|
2.6
|
1.67
|
141.4
|
2.6
|
1.67
|
141.4
|
Total
(Excl.
Stocks)
|
|
0.3
|
7.59
|
59.2
|
9.3
|
1.83
|
548.8
|
9.7
|
1.97
|
608.0
|
ROM Stockpiles (LG,
MG, HG) - Balogo
|
|
|
|
|
0.1
|
7.12
|
13.0
|
0.1
|
7.12
|
13.0
|
ROM LG Stockpiles -
Youga
|
|
|
|
|
0.2
|
1.14
|
6.3
|
0.2
|
1.14
|
6.3
|
ROM LLG Stockpiles -
Youga
|
|
|
|
|
1.4
|
0.73
|
32.8
|
1.4
|
0.73
|
32.8
|
Total
(Incl.
Stocks)
|
|
0.3
|
7.59
|
59.2
|
10.9
|
1.71
|
600.9
|
11.2
|
1.84
|
660.1
|
Notes:
|
1. The Mineral
Reserves have been depleted for mining up to the 31st
December 2017
|
2. Figures have been
rounded to the appropriate level of precision for
reporting
|
3. Due to rounding,
some columns or rows may not compute exactly as shown
|
4. The Mineral
Reserves are stated as dry metric tonnes
|
5. The Mineral
Reserves were prepared under the guidelines of the CIM, for
reporting under NI 43-101
|
6. The Mineral
Reserve is reported at a US$ 1,300 / oz gold price
7. A cut-off grade of
0.70 g/t Au was applied to all of the Youga deposits
8. A cut-off grade of
0.82 g/t Au was applied to the Ouaré deposit
|
9. Modifying factors
for mining recovery of 95% and waste dilution of 10% at 0g/t Au
have been applied to A2NE, Mid Pit and Gassore
10. Modifying factors
for mining recovery of 90% and waste dilution of 10% at 0g/t Au
have been applied to all other deposits
|
11. Probable Mineral
Reserves were derived from Indicated Mineral Resources
|
12. Mineral Reserves
are inclusive of Mineral Resources
|
13. There are no
known legal, political, environmental, or other risks that could
materially affect the Mineral Reserves
|
14. An additional
Marginal grade surface stockpile of 6.7kt at 0.62g/t Au was not
included
15. Those deposits
highlighted in bold are those updated. All other deposits remain
unchanged from previous disclosure.
|
Table 3: Summary of Forecast Project Physicals for each
Full Year of Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
Ore
Mined
|
kt
|
9,030
|
645
|
644
|
811
|
1,803
|
1,504
|
1,677
|
563
|
1,382
|
-
|
-
|
RoM
Rehandle
|
kt
|
7,735
|
1,210
|
1,200
|
1,200
|
746
|
798
|
500
|
881
|
1,200
|
-
|
-
|
Waste
|
kt
|
101,385
|
15,699
|
16,484
|
15,747
|
13,084
|
12,568
|
11,137
|
10,044
|
6,621
|
-
|
-
|
Stripping
Ratio
|
t/t
|
11.2
|
24.3
|
25.6
|
19.4
|
7.3
|
8.4
|
6.6
|
17.8
|
4.8
|
-
|
-
|
Ore to
Plant
|
kt
|
11,356
|
1,210
|
1,200
|
1,203
|
1,200
|
1,200
|
1,200
|
1,203
|
1,200
|
1,200
|
539
|
Head
Grade
|
g/t
|
1.86
|
3.25
|
1.97
|
2.31
|
2.48
|
1.69
|
1.56
|
1.19
|
1.62
|
1.01
|
0.99
|
Gold
Content
|
kg
|
21,082
|
3,929
|
2,365
|
2,776
|
2,982
|
2,025
|
1,867
|
1,436
|
1,949
|
1,217
|
536
|
Gold
Recovered
|
koz
|
614.0
|
114.9
|
69.2
|
81.2
|
86.8
|
58.5
|
53.7
|
41.7
|
57.0
|
35.5
|
15.3
|
Following the increase in Mineral Reserves, the Company is now
undertaking a technical study to optimise the Youga process plant
and increase plant throughput with the goal of enabling yearly gold
production of 110 – 120koz for the life of the Project.
Table 4: Key LOM Financial Parameters (Reported at
US$1,300/oz Au)
|
Youga Gold
Mine
|
Gold recovered
(koz)
|
614
|
Undiscounted
cashflow (US$ m, before tax)
|
225,510
|
Undiscounted
cashflow (US$ m, after tax)
|
181,720
|
NPV US$m (5%
discount rate, before tax)
|
188,320
|
NPV US$m (5%
discount rate, after tax)
|
151,580
|
Cash cost
(US$/oz)
|
860
|
All in sustaining
cost (US$/oz)
|
920
|
Technical Report
Supporting Technical Reports, prepared in accordance with the
requirements of National Instrument 43-101, for the Youga Gold Mine
(including the Ouaré and Balogo deposits) will be filed within 45
days of this release on SEDAR at www.sedar.com and on the
Company's corporate website www.avesoro.com.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
About Avesoro Resources Inc.
Avesoro Resources is a West
Africa focused gold producer and development company that
operates three gold mines across West
Africa and is listed on the Toronto Stock Exchange ("TSX")
and the AIM market operated by the London Stock Exchange ("AIM").
The Company's assets include the New Liberty Gold Mine in
Liberia ("New Liberty") and the
Youga Gold Mine in Burkina Faso
("Youga").
New Liberty has an estimated Proven and Probable Mineral Reserve
of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an
estimated Measured and Indicated Mineral Resource of 9.6Mt with
985,000 ounces of gold grading 3.2g/t and an estimated Inferred
Mineral Resource of 6.4Mt with 620,000 ounces of gold grading
3.0g/t. The foregoing Mineral Reserve and Mineral Resource
estimates and additional information in connection therewith,
prepared in accordance with CIM guidelines, is set out in an NI
43-101 compliant Technical Report dated November 1, 2017 and entitled "New Liberty Gold
Mine, Bea Mountain Mining Licence Southern Block, Liberia, West
Africa" and is available on SEDAR at www.sedar.com.
Youga has an estimated Proven and Probable Mineral Reserve of
11.2Mt with 660,100 ounces of gold grading 1.84g/t and a combined
estimated Measured and Indicated Mineral Resource of 16.64Mt with
924,200 ounces of gold grading 1.73g/t and an Inferred Mineral
Resource of 13Mt with 685,000 ounces of gold grading 1.70g/t.
The information in this announcement relating to the Mineral
Resource Estimates for the Youga Gold mine (comprising A2NE Mid,
Gassore and Balogo) has been prepared by Ms. Maria O'Connor, who is a Member of the
Australian Institute of Geologists. Ms. O'Connor is a full-time
employee of CSA Global (UK) Ltd and has sufficient experience which
is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which she has undertaken to
qualify as a "Qualified Person" as defined in National Instrument
43-101 "Standards of Disclosure for Mineral Projects" of the
Canadian Securities Administrators. Ms O'Connor has reviewed and
approved this announcement and consents to the inclusion in the
announcement of the matters based on her information, in the form
and context in which this appears.
The information in this announcement relating to the Mineral
Resource Estimates for the Youga Gold mine, and Ouaré deposit
(comprising Main Pit, Zergoré, NTV, A2NE East, East Pit, West Pit
1-4, Le Duc and Ouaré) which remain unchanged from the current
Mineral Resources disclosed in the Technical Reports, dated
June 16, 2017 entitled "Mineral
Resource and Mineral Reserve Update for the Balogo Project" and
dated June 19, 2017 and entitled
"Mineral Resource and Mineral Reserve Update for the Youga and
Ouaré Projects" has been prepared by Malcolm Titley, who is a Member of the
Australian Institute of Geologists. Mr Titley is an Associate
Consultant to CSA Global (UK) Ltd and has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he has
undertaken to qualify as a "Qualified Person" as defined in
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators. Mr Titley has
reviewed and approved this announcement and consents to the
inclusion in the announcement of the matters based on his
information in the form and context in which this appears.
The information in this announcement relating to the Mineral
Reserve Estimates for the Youga Gold Mine and its Balogo and Ouaré
deposits has been prepared by Dr Matthew
Randall, who is a registered Fellow of the Institute of
Materials, Minerals and Mining. Dr Randall is an Associate
Consultant to CSA Global (UK) Ltd and has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he has
undertaken to qualify as a "Qualified Person" as defined in
National Instrument 43-101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators. Dr Randall has
reviewed and approved this announcement and consents to the
inclusion in the announcement of the matters based on his
information in the form and context in which this appears.
An independent NI 43-101 technical report with respect to the
Youga Gold Mine will be filed on SEDAR within 45 days of this
news release.
For more information, please visit www.avesoro.com
Qualified Persons
The Company's Qualified Person is Mark
J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy
from Aberdeen University, United Kingdom and is a Fellow of the
Geological Society of London, a
Fellow of the Society of Economic Geologists and a registered
Professional Natural Scientist (Pr. Sci.Nat) of the South African
Council for Natural Scientific Professions. Mark Pryor is an independent technical
consultant with over 25 years of global experience in exploration,
mining and mine development and is a "Qualified Person" as defined
in National Instrument 43 -101 "Standards of Disclosure for Mineral
Projects" of the Canadian Securities Administrators and has
reviewed and approved this press release. Mr. Pryor has verified
the underlying technical data disclosed in this press release.
Forward Looking Statements
Certain information contained in this press release constitutes
forward looking information or forward looking statements within
the meaning of applicable securities laws. This information or
statements may relate to future events, facts, or circumstances or
the Company's future financial or operating performance or other
future events or circumstances. All information other than
historical fact is forward looking information and involves known
and unknown risks, uncertainties and other factors which may cause
the actual results or performance to be materially different from
any future results, performance, events or circumstances expressed
or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "would", "project", "should", "believe", "target",
"predict" and "potential". No assurance can be given that
this information will prove to be correct and such forward looking
information included in this press release should not be unduly
relied upon. Forward looking information and statements speak
only as of the date of this press release.
Forward looking statements or information in this press release
include, among other things, statements relating to the issuance of
further Mineral Resource and Mineral Reserve upgrades at Youga
expected to be announced in Q1 2019, the evaluation of options for
optimising the Youga process plant to allow the 2018 annual
production guidance of 110-120koz to continue, drilling at
the Balogo deposit scheduled to commence during early Q3 2018 with
a 29,000 metre diamond drilling programme, that the drilling
programme at Balogo will further increase the mine life of the
Balogo deposit and will also aim to define an underground Mineral
Resource at Balogo, that the Company is undertaking a technical
study to optimise the Youga process plant and increase plant
throughput to 150,000 tonnes per month with the goal of enabling
yearly gold production 110 – 120koz for the life of the Youga
Project, and statements regarding increases to its Mineral Resource
and Reserve inventory and mine lives.
In making the forward looking information or statements
contained in this press release, assumptions have been made
regarding, among other things: general business, economic and
mining industry conditions; interest rates and foreign exchange
rates; the continuing accuracy of Mineral Resource and Reserve
estimates; geological and metallurgical conditions (including with
respect to the size, grade and recoverability of Mineral Resources
and Reserves) and cost estimates on which the Mineral Resource and
Reserve estimates are based; the supply and demand for commodities
and precious and base metals and the level and volatility of the
prices of gold; market competition; the ability of the Company to
raise sufficient funds from capital markets and/or debt to meet its
future obligations and planned activities and that unforeseen
events do not impact the ability of the Company to use existing
funds to fund future plans and projects as currently contemplated;
the stability and predictability of the political environments and
legal and regulatory frameworks including with respect to, among
other things, the ability of the Company to obtain, maintain, renew
and/or extend required permits, licences, authorizations and/or
approvals from the appropriate regulatory authorities; that
contractual counterparties perform as agreed; and the ability of
the Company to continue to obtain qualified staff and equipment in
a timely and cost-efficient manner to meet its demand.
Actual results could differ materially from those anticipated in
the forward looking information or statements contained in this
press release as a result of risks and uncertainties (both foreseen
and unforeseen), and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indicators of whether or not such results will be achieved. These
risks and uncertainties include the risks normally incidental to
exploration and development of mineral projects and the conduct of
mining operations (including exploration failure, cost overruns or
increases, and operational difficulties resulting from plant or
equipment failure, among others); the inability of the Company to
obtain required financing when needed and/or on acceptable terms or
at all; risks related to operating in West Africa, including potentially more
limited infrastructure and/or less developed legal and regulatory
regimes; health risks associated with the mining workforce in
West Africa; risks related to the
Company's title to its mineral properties; the risk of adverse
changes in commodity prices; the risk that the Company's
exploration for and development of mineral deposits may not be
successful; the inability of the Company to obtain, maintain, renew
and/or extend required licences, permits, authorizations and/or
approvals from the appropriate regulatory authorities and other
risks relating to the legal and regulatory frameworks in
jurisdictions where the Company operates, including adverse or
arbitrary changes in applicable laws or regulations or in their
enforcement; competitive conditions in the mineral exploration and
mining industry; risks related to obtaining insurance or adequate
levels of insurance for the Company's operations; that Mineral
Resource and Reserve estimates are only estimates and actual metal
produced may be less than estimated in a Mineral Resource or
Reserve estimate; the risk that the Company will be unable to
delineate additional Mineral Resources; risks related to
environmental regulations and cost of compliance, as well as costs
associated with possible breaches of such regulations;
uncertainties in the interpretation of results from drilling; risks
related to the tax residency of the Company; the possibility that
future exploration, development or mining results will not be
consistent with expectations; the risk of delays in construction
resulting from, among others, the failure to obtain materials in a
timely manner or on a delayed schedule; inflation pressures which
may increase the cost of production or of consumables beyond what
is estimated in studies and forecasts; changes in exchange and
interest rates; risks related to the activities of artisanal
miners, whose activities could delay or hinder exploration or
mining operations; the risk that third parties to contracts may not
perform as contracted or may breach their agreements; the risk that
plant, equipment or labour may not be available at a reasonable
cost or at all, or cease to be available, or in the case of labour,
may undertake strike or other labour actions; the inability to
attract and retain key management and personnel; and the risk of
political uncertainty, terrorism, civil strife, or war in the
jurisdictions in which the Company operates, or in neighbouring
jurisdictions which could impact on the Company's exploration,
development and operating activities.
This press release also contains Mineral Resource and Mineral
Reserve estimates. Information relating to Mineral Resource and
Mineral Reserve contained in this press release is considered
forward looking information in nature, as such estimates are
estimates only, and that involve the implied assessment of the
amount of minerals that may be economically extracted in a given
area based on certain judgments and assumptions made by qualified
persons, including the future economic viability of the deposit
based on, among other things, future estimates of commodity
prices. Such estimates are expressions of judgment and
opinion based on the knowledge, mining experience, analysis of
drilling results and industry practices of the qualified persons
making the estimate. Valid estimates made at a given time may
significantly change when new information becomes available, and
may have to change as a result of numerous factors, including
changes in the prevailing price of gold. By their nature, Mineral
Resource and Mineral Reserve estimates are imprecise and depend, to
a certain extent, upon statistical inferences which may ultimately
prove unreliable. If such Mineral Resource and Mineral Reserve
estimates are inaccurate or are reduced in the future (including
through changes in grade or tonnage), this could have a material
adverse impact on the Company and its operating and financial
performance. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. Due to the
uncertainty that may be attached to inferred mineral resources, it
cannot be assumed that all or any part of an inferred mineral
resource will be upgraded to an indicated or measured mineral
resource as a result of continued exploration.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, the Company cannot provide assurance that actual
results or performance will be consistent with these
forward-looking statements. The forward looking information and
statements included in this press release are expressly qualified
by this cautionary statement and are made only as of the date of
this press release. The Company does not undertake any
obligation to publicly update or revise any forward looking
information except as required by applicable securities laws.
SOURCE Avesoro Resources Inc.