Name of the Project
New Liberty underground gold mine project.

Location
Liberia.

Project Owner/s
Avesoro Resources.

Project Description
An updated prefeasibility study (PFS) has shown a significant positive impact on the value of New Liberty and the economics of the mine.

The PFS has revised the mining schedule to take into account the transition of New Liberty from a solely openpit operation to a combined openpit and underground mining operation.

New Liberty’s proven and probable mineral reserves have increased by 89% to 17-million tonnes containing 1.36-million ounces of gold grading 2.49 g/t, comprising:

• openpit mineral reserves of 4.91-million tonnes containing 494 000 oz of gold grading 3.12 g/t;

• underground mineral reserves of 4.66-million tonnes containing 461 000 oz of gold grading 3.08 g/t; and

• Ndablama openpit maiden mineral reserves of 7.28-million tonnes containing 400 000 oz of gold gold grading 1.71g/t.

Measured and indicated mineral resources are estimated at 20.47-million tonnes for 1.75-million ounces of gold grading 2.66 g/t, and inferred mineral resources of three-million tonnes for 271 000 oz of gold grading 2.8 g/t.

The mineral resource remains open down dip, while the Ndablama mineral resource remains open down dip and along strike. Additional resource development drilling in these areas has the potential to increase the resource base, and infill drilling has the potential to convert a further portion of the existing inferred mineral resources to the indicated mineral resource category.

The project is expected to recover 1.26-million ounces of gold over the life-of-mine (LoM) and produce about 114 500 oz/y over an 11-year LoM from 2019 to 2029.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $411-million.

Capital Expenditure
The project will cost about $35.9-million to implement.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Avesoro Resources, tel +44 20 3405 9160.