Akobo Minerals hits gold in first drill hole at new mineralisation

03 Feb 2023 10:29 CET

OSLO, 03 February 2023: Akobo Minerals (Euronext Oslo - "AKOBO"), the
Scandinavian-based Ethiopian gold exploration and boutique mining company, today
announces that it has hit visible gold in its first drill hole at the third
mineralisation style 140 meters from main Segele.

Following the recent announcement of the discovery of the third mineralisation
style, the exploration team has continued work to understand the host structure
by mapping and sampling. This work has led to three trenches being dug where the
host rock was uncovered. Following the trench work, the team developed the first
drill hole which intersected 5cm of mineralisation with visible gold at 30
meters down hole depth.  However the hole also intersected an artisanal
("kofari") mining pit where 1-1.5m of potentially mineralised material had been
mined in direct contact with the gold-bearing intersection.

Jørgen Evjen, CEO of Akobo Minerals, stated: "Is this the next Segele?  Only
time will tell. But the fact that we are hitting gold in our first drill hole is
very promising. Our exploration team will follow up this target and many others
in the near future. "

[image]

Happy exploration team!

Following this very encouraging result, a second hole has already been started
and will target the mineralisation about 5 m below the first intersection. The
trenches have been examined in detail in the last few days and gives the company
a good understanding of the structural geology that controls the gold
mineralisation. The current drill program will be adapted to target the
structures in the host lithology based on these results.

If the current drill program is successful, this mineralisation will immediately
be accessible for mining and it will be a direct addition to the mine life of
the Segele mine. Since the process plant and mine is already under construction
the lead times from discovery to extraction can be very short, essentially
mining can start as soon as the mineralisation is defined and deemed economic.
The close proximity of this new discovery to the active mining area and
processing plant enables a quick assessment of economic factors and possible
fast-track to production.

[image] [A picture containing sky, outdoor, ground, transport

Description automatically generated] [A close-up of a book

Description automatically generated with low confidence]

More information on the current Segele mining progress will follow soon.

For more information, contact:
Jørgen Evjen, CEOAkobo Minerals
Mob: +4792 80 40 14
Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Twitter: @akobominerals
Web: https://akobominerals.com

About Akobo Minerals
Akobo Minerals is a Scandinavia-based gold exploration and boutique mining
company, currently holding an exploration license covering 182 km2 and with an
ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The
company has established itself as the leading gold exploration company in
Ethiopia through more than 12 years of on-the-ground activity.
Akobo Minerals holds a 16 km2 mining license and is working to start up mining
of its very promising Segele target. It has an Inferred and Indicated Mineral
Resource yielding a world-class gold grade of 22.7 g/ton, combined with an
estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open at
depth, the gold mineralized zone continues to expand and will have a positive
impact on future resource estimates and mine-life. The exploration license holds
numerous promising exploration resource-building prospects in both the vicinity
of Segele and in the wider license area.
Akobo Minerals has an excellent relationship with local communities all the way
up to national authorities and it places environment, social and governance
(ESG) at the heart of its activities - as demonstrated by an industry-leading
community program.
Akobo Minerals has built a strong local foothold based upon the principles of
sound ethics, transparency, and communication, and is ready to take on new
opportunities and ventures as they arise. The company is uniquely positioned to
become a major player in the future development of the very promising Ethiopian
mining industry.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, while adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange under the ticker symbol AKOBO.

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.
For further information, see https://www.jorc.org/

Competent Person for Exploration Results

The Competent Person who has overall responsibility for the exploration results
is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of
the Australasian Institute of Mining and Metallurgy which is a Recognized
Professional Organization ("RPO") included in a list promulgated by the
Australian Securities Exchange ("ASX") from time to time. He is a full time
employee of Akobo Minerals AB and has sufficient experience that is relevant to
the style of mineralization and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Dr Matt Jackson consents to the inclusion
in the report of the matters based on his information in the form and context in
which it appears.

More information:
Access the news on Oslo Bors NewsWeb site