AMN - BURKINA FASO: Avesoro considers acquisitions

West African gold producer Avesoro Resources is considering a range of growth opportunities, including potential acquisition of the Youga Gold Mine and Balogo deposit in Burkina Faso. These considerations form part of the company’s stated strategy to become a premier mid-tier African gold producer.

Independent technical reports are being prepared on the assets by CSA Global to provide a guide as to their valuation in any potential future transaction. Majority shareholder Avesoro Holdings Limited owns these properties.

Avesoro’s assets include the New Liberty Gold Mine in Liberia, which has an estimated proven and probable mineral reserve of 8.5 million tonnes with 924,000 ounces of gold grading 3.4 g/t. It has an estimated measured and indicated resource of 9.796 million tonnes with 1.143 million ounces of gold grading 3.63 g/t and an inferred resource of 5.73 million tonnes with 593,000 ounces of gold grading 3.2 g/t.

A definitive feasibility study has been completed, the first gold pour has taken place and commercial production has been declared.

New Liberty is within the Southern Block of the Bea Mountain mining licence, which covers 478sqkm and has a 25-year, renewable, mineral development agreement. The licence also hosts additional gold projects of Ndablama, Gondoja, Weaju and Leopard Rock, which are the focus of exploration programs.

The company also has a gold exploration permit in Cameroon.

www.avesoro.com