|By Marketwired .||
|May 30, 2014 07:00 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 05/30/14 -- Amara Mining plc (AIM: AMA)
Amara Mining plc
("Amara" or "the Company")
INITIAL IN-FILL DRILLING RESULTS FROM YAOURE GOLD PROJECT, INCLUDING 31M AT 5.4G/T
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:
- 11m at 4.4g/t from 213m in hole YRC0678
- 31m at 5.4g/t from 184m in hole YRC0682
- 6m at 10.4g/t from 149m and 6m at 6.6g/t from 171m in hole YRC0686
- 22m at 9.1g/t from 48m and 11m at 5.5g/t from 80m in hole YRC0688*
- 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:
- First update to expand current resource base expected in Q3 2014
- 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 http://www.amaramining.com/Operations/Yaoure 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 +44 (0)20 7398 1420 John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations Peel Hunt LLP +44 (0)20 7418 8900 (Nominated Adviser & Joint Broker) Matthew Armitt Ross Allister GMP Securities Europe LLP +44 (0)20 7647 2800 (Joint Broker) Richard Greenfield David Wargo Farm Street Communications +44 (0)7593 340 107 (Media Relations) Simon Robinson
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 70 222 9.13 YRC0688 80 91 112 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.
The consumption economy is here and so are cloud applications and solutions that offer more than subscription and flat fee models and at the same time are available on a pure consumption model, which not only reduces IT spend but also lowers infrastructure costs, and offers ease of use and availability. In their session at 15th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed this shifting dynamic with an ...
Jan. 25, 2015 09:00 AM EST Reads: 1,919
More and more file-based and machine generated data is being created every day causing exponential data and content growth, and creating a management nightmare for IT managers. What data centers really need to cope with this growth is a purpose-built tiered archive appliance that enables users to establish a single storage target for all of their applications - an appliance that will intelligently place and move data to and between storage tiers based on user-defined policies. In her session a...
Jan. 25, 2015 09:00 AM EST Reads: 2,262
Recurring revenue models are great for driving new business in every market sector, but they are complex and need to be effectively managed to maximize profits. How you handle the range of options for pricing, co-terming and proration will ultimately determine the fate of your bottom line. In his session at 15th Cloud Expo, Brendan O'Brien, Co-founder at Aria Systems, session examined: How time impacts recurring revenue How to effectively handle customer plan changes The range of pricing a...
Jan. 25, 2015 09:00 AM EST Reads: 2,348
Mobile, the cloud and data have upended traditional ways of doing business. Agile, continuous delivery and DevOps have stepped in to hasten product development, but one crucial process still hasn't caught up. Continuous content delivery is the missing limb of the success ecosystem. Currently workers spend countless, non-value add hours working in independent silos, hunting for versions, manually pushing documents between platforms, all while trying to manage the continuous update and flow of mul...
Jan. 25, 2015 09:00 AM EST Reads: 2,134
Over the last few years the healthcare ecosystem has revolved around innovations in Electronic Health Record (HER) based systems. This evolution has helped us achieve much desired interoperability. Now the focus is shifting to other equally important aspects - scalability and performance. While applying cloud computing environments to the EHR systems, a special consideration needs to be given to the cloud enablement of Veterans Health Information Systems and Technology Architecture (VistA), i.e....
Jan. 25, 2015 09:00 AM EST Reads: 2,446
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 09:00 AM EST Reads: 2,029
After a couple of false starts, cloud-based desktop solutions are picking up steam, driven by trends such as BYOD and pervasive high-speed connectivity. In his session at 15th Cloud Expo, Seth Bostock, CEO of IndependenceIT, cut through the hype and the acronyms, and discussed the emergence of full-featured cloud workspaces that do for the desktop what cloud infrastructure did for the server. He also discussed VDI vs DaaS, implementation strategies and evaluation criteria.
Jan. 25, 2015 09:00 AM EST Reads: 2,251
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 25, 2015 09:00 AM EST Reads: 2,346
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 09:00 AM EST Reads: 1,726
Bring the world's best IaaS to the world's best PaaS. In their session at 15th Cloud Expo, Animesh Singh, a Senior Cloud Architect and Strategist for IBM Cloud Labs, and Jason Anderson, a Cloud Architect for IBM Cloud Labs, shared their experiences running Cloud Foundry on OpenStack. They focused on how Cloud Foundry and OpenStack complement each other, how they technically integrate using cloud provider interface (CPI), how we could automate an OpenStack setup for Cloud Foundry deployments, an...
Jan. 25, 2015 09:00 AM EST Reads: 2,192
"Application monitoring and intelligence can smooth the path in a DevOps environment. In a DevOps environment you see constant change. If you are trying to monitor things in a constantly changing environment, you're going to spend a lot of your job fixing your monitoring," explained Todd Rader, Solutions Architect at AppDynamics, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 09:00 AM EST Reads: 2,425
"Desktop as a Service is emerging as a very big trend. One of the big influencers of this – for Esri – is that we have a large user base that uses virtualization and they are looking at Desktop as a Service right now," explained John Meza, Product Engineer at Esri, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 25, 2015 09:00 AM EST Reads: 2,017
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among the benefits of the relationship, Anthem has the ability to leverage IBM Cloud solutions that will help increase the ease, availability and speed of adding infrastructure to support new business requirements.
Jan. 25, 2015 08:00 AM EST Reads: 1,072
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
Jan. 25, 2015 07:00 AM EST Reads: 1,326
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
Jan. 25, 2015 03:30 AM EST Reads: 1,499