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Amara Ming LSE:AMA London Ordinary Share GB00B04M1L91 ORD 1P
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Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -7.9 -5.3 - 72

Amara Mining PLC Yaoure In-Fill Drilling Results

30/05/2014 7:00am

UK Regulatory (RNS & others)

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RNS Number : 3966I

Amara Mining PLC

30 May 2014

30 May 2014 AIM:AMA

Amara Mining plc

("Amara" or "the Company")


Amara Mining plc, the AIM-listed West African-focused gold mining company, is pleased to announce the first phase of results from its 2014 in-fill drilling programme at its Yaoure Gold Project ("Yaoure") in Côte d'Ivoire.


-- Results from the first 19 reverse circulation ("RC") holes confirm the high grade nature of the CMA zone, with the in-fill drilling intersecting the deposit as expected. Significant intercepts include:

o 11m at 4.4g/t from 213m in hole YRC0678

o 31m at 5.4g/t from 184m in hole YRC0682

o 6m at 10.4g/t from 149m and 6m at 6.6g/t from 171m in hole YRC0686

o 22m at 9.1g/t from 48m and 11m at 5.5g/t from 80m in hole YRC0688*

o 24m at 4.1g/t from 176m in hole YRC0690

-- In-fill drilling campaign at Yaoure commenced with one RC rig in early April 2014, with three diamond drill ("DD") rigs now also operating on site

-- RC drilling focused on the simple, high grade CMA zone, which comprises 30% of the current 6.3 million ounce Mineral Resource, and DD focused on the more complex Yaoure Central zone

-- Drilling programme anticipated to be completed in October 2014 and two Mineral Resource updates are expected in H2 2014:

o First update to expand current resource base expected in Q3 2014

o Second update to upgrade Inferred resources within US$950 per ounce pit design expected in Q4 2014

   --     Fully-funded to deliver Pre-Feasibility Study ("PFS") in Q1 2015 

*See Note 2 of Appendix

John McGloin, Executive Chairman of Amara, commented:

"These strong initial results from the Yaoure in-fill drilling campaign confirm the high grade nature of the CMA zone and increase our confidence in the deposit. I look forward to regularly reporting the drilling results from the ongoing programme and delivering the resulting Mineral Resource updates throughout the remainder of 2014."

Initial RC Drilling Programme

The in-fill drilling programme at Yaoure commenced on 11 April 2014 and the first 26 RC holes (5,763 metres) were completed on 17 May 2014, focusing on the CMA zone. The CMA zone is a north-south striking, easterly-dipping, mineralised shear zone, typically 20 metres thick and located approximately 140 metres above the Yaoure Central body. The assay results from the first 19 holes have been received and they confirm the continuity and high grade nature of the CMA zone, increasing Amara's confidence in the deposit. These results are reported in the Appendix and a drilling map is available on Amara's website at on the page named 'Exploration'.

In conjunction with the RC programme, nine DD holes have been completed and three are in progress for 2,832 metres, although no results have yet been received. Currently, there is one RC rig and three DD rigs at Yaoure and this will increase to seven DD rigs plus one RC rig as the drilling programme continues to ramp up.

Amara is on track to deliver two Mineral Resource updates for Yaoure in H2 2014. The first update is expected to increase the current 4.2 million ounces within the US$950 per ounce pit design and the second is expected to upgrade the Inferred resources to the Indicated category. This will allow Amara to deliver a PFS for Yaoure in Q1 2015.

Background on Yaoure Gold Project

Amara delivered a Preliminary Economic Assessment for Yaoure in Q1 2014. It demonstrated that the project has the potential to be one of the top 10 gold mines in Africa by production and top 50 in the world. With average production of 325,000 ounces per annum over a 12 year mine life and all-in sustaining costs of US$691 per ounce, the headline 8Mtpa scenario delivers an IRR of 32% at a gold price of US$1,250 per ounce and an NPV of US$688 million. Yaoure is one of the few development projects in West Africa that remains resilient at low gold prices, with an IRR of 23% at US$1,100 per ounce. The project is flexible and delivers similarly strong returns over a range of alternative throughput scenarios. The compelling economics are driven by the excellent existing infrastructure in Côte d'Ivoire, with low cost hydro-electric power from the Kossou dam (5km from site) and a dual carriageway to within 40km of site. With 80,000 metres of drilling planned in 2014, there is expected to be strong exploration upside potential on the current 6.3 million ounce resource base.

For more information please contact:

 Amara Mining plc 
  John McGloin, Chairman 
  Peter Spivey, Chief Executive Officer 
  Pete Gardner, Finance Director 
  Katharine Sutton, Head of Investor Relations    +44 (0)20 7398 1420 
 Peel Hunt LLP 
  (Nominated Adviser & Joint Broker) 
  Matthew Armitt 
  Ross Allister                                   +44 (0)20 7418 8900 
 GMP Securities Europe LLP 
  (Joint Broker) 
  Richard Greenfield 
  David Wargo                                     +44 (0)20 7647 2800 
 Farm Street Communications 
  (Media Relations)                               +44 (0)7593 340 
  Simon Robinson                                   107 

About Amara Mining plc

Amara is a gold developer-producer with assets in West Africa. The Company generates cash flow through its Kalsaka/Sega gold mine in Burkina Faso. Amara is focused on unlocking the value in its development projects. At Yaoure in Côte d'Ivoire, this will be done by increasing the confidence in the existing Mineral Resource and economics at the project as the Company progresses it through to Pre-Feasibility Study and Bankable Feasibility Study. At Baomahun, this will be done by gaining an improved understanding of the exploration upside potential and underground opportunity. With its experience of bringing new mines into production and a project pipeline spanning four countries, Amara aims to further increase its production profile with highly prospective opportunities across all assets.

APPENDIX: Results of initial RC holes

 Borehole ID    From (m)   To (m)   Interval (m)(1)   Au (g/t) 
 YRC0673        83         89       6                 2.13 
 YRC0674        98         103      5                 3.44 
 YRC0675        0          2        2                 0.86 
 YRC0675        21         28       7                 0.62 
 YRC0675        142        147      5                 3.37 
 YRC0676        29         31       2                 0.54 
 YRC0676        163        174      11                2.73 
 YRC0676        184        189      5                 0.68 
 YRC0676        198        208      10                3.08 
 YRC0677        3          5        2                 0.70 
 YRC0677        191        210      19                2.70 
 YRC0677        218        220      2                 2.37 
 YRC0678        9          15       6                 0.86 
 YRC0678        213        224      11                4.37 
 YRC0678        238        243      5                 3.14 
 YRC0679        215        219      4                 0.67 
 YRC0679        222        226      4                 0.58 
 YRC0679        229        242      13                3.23 
 YRC0680        7          9        2                 1.05 
 YRC0680        133        135      2                 12.45 
 YRC0680        176        182      6                 3.81 
 YRC0681        76         78       2                 4.04 
 YRC0681        85         87       2                 2.08 
 YRC0681        100        102      2                 0.57 
 YRC0682        184        215      31                5.40 
 YRC0683        219        230      11                2.20 
 YRC0683        264        267      3                 0.46 
 YRC0684        55         59       4                 0.64 
 YRC0684        71         73       2                 2.43 
 YRC0684        82         88       6                 2.54 
 YRC0685        68         70       2                 2.64 
 YRC0685        85         93       8                 0.91 
 YRC0685        96         105      9                 4.53 
 YRC0686        1          3        2                 0.63 
 YRC0686        6          8        2                 0.82 
 YRC0686        149        155      6                 10.42 
 YRC0686        171        177      6                 6.59 
 YRC0686        180        184      4                 1.44 
 YRC0687        0          3        3                 0.55 
 YRC0687        200        208      8                 2.28 
 YRC0687        217        228      11                1.06 
 YRC0688        48         70       22(2)             9.13 
 YRC0688        80         91       11(2)             5.49 
 YRC0688        121        125      4                 0.57 
 YRC0688        140        153      13                2.62 
 YRC0688        156        158      2                 0.64 
 YRC0688        241        250      9                 3.82 
 YRC0689        8          10       2                 1.34 
 YRC0689        88         95       7                 3.61 
 YRC0689        154        162      8                 4.98 
 YRC0689        176        179      3                 2.37 
 YRC0690        81         88       7                 0.61 
 YRC0690        176        200      24                4.05 
 YRC0690        218        221      3                 0.48 
 YRC0691        15         19       4                 0.49 
 YRC0691        199        204      5                 3.11 


1. Interval lengths are not true widths. Composite intersections are based on a minimum width of 2m and a cut-off of 0.40 g/t Au. Internal dilution of up to 2.00m at less than 0.40 g/t has been allowed for continuity.

   2.     Steep cross-cutting quartz vein 

Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has reviewed and approved the information contained within this announcement. Dr Brown (MIMMM) is the Group Exploration Manager.

This initial RC drilling programme at Yaoure was undertaken by an independent drilling contractor. RC samples for assaying were taken at one metre intervals. Sample preparation was carried out at the Company's facility at Yaoure, prior to fire assay at Actlabs in Ouagadougou, Burkina Faso. The samples were crushed down to minus 2mm and then pulverised down to 90% passing 75 microns, prior to analysis for gold by 50g fire assay. As part of the Company's QA/QC procedures, internationally recognised standards, duplicates and blanks were inserted. Check assays will be carried out at ALS Geochemistry in Johannesburg, South Africa. The laboratories used are independent of the Company.

This information is provided by RNS

The company news service from the London Stock Exchange



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