Akobo Minerals announces first gold bar produced from the Segele mine

08 Oct 2024 12:30 CEST

OSLO, 08 October 2024:Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_me
d
ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:
AKOBO) (OTCQX:AKOBF).


Akobo Minerals, a Scandinavian-based gold exploration and mining company with
operations in Ethiopia, is pleased to announce the successful production of the
first gold bar from its Segele Mine. This significant milestone marks the
beginning of gold production as the company moves forward with its operational
plans.

[image]

First Segele gold bar

The 1.4 kg gold bar was smelted from approximately 170 tons of lower-grade
material collected and processed from development tunnels, located on the edge
of the Segele ore body. This initial batch yielded an average grade of 8 grams
per ton. While the results are very promising, it is too early to provide a
definitive recovery rate or the gold purity grade, as the process is still in
its early stages. We anticipate mining higher-grade ore once stoping activities
begin.

Importantly, the tailings generated from this initial processing phase will be
stored and later reprocessed through Carbon-in-Leach (CIL) tanks once these are
fully operational. This additional step will allow us to maximize recovery and
ensure maximum extraction of gold from our mineral resources.

Next, we will continue blasting and stockpiling material from the Segele mine,
followed by further production batches. As production progresses, we expect both
an increase in the gold content from the mine and improved recovery rates from
the processing plant.

This achievement brings us closer to our goal of establishing Akobo Minerals as
a leading gold producer in the region. We look forward to providing further
updates as production continues to ramp up.

For further information, please contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Web: www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and mining company,
currently holding an exploration license covering 182 km2 and a mining license
covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The company has
established itself as a leading gold exploration company in Ethiopia through
more than 14 years of on-the-ground activity, which has now been enhanced
further with the startup of its Segele mine.

Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of
68,000 ounces, yielding a world-class gold grade of 22.7 g/ton. Still open to
depth, the gold mineralised zone continues to expand and will have a positive
impact on future resource estimates and the life expectancy of the mine. 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 the company places environment and social
governance (ESG) at the heart of its activities - as demonstrated by a planned,
industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on 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. The company is headquartered in Oslo and is publicly listed on
the Euronext Growth Oslo Exchange and the Frankfurt Stock Exchange under the
ticker symbol AKOBO. For US investors, Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_me
d
ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTCQX: AKOBF) is traded on
the OTCQX Best Market, adhering to high financial standards, best practice
corporate governance, and compliance with U.S. securities laws. Additionally,
the company has a professional third-party sponsor introduction, and investors
can access current financial disclosures and Real-Time Level 2 quotes for the
company on www.otcmarkets.com.

Akobo Minerals places great emphasis on meeting and exceeding industry
standards, fully complying with all aspects of the JORC code, 2012. For detailed
information on their adherence to this code, please refer to
https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical
practices, community engagement, and environmental responsibility positions them
as a formidable force in the evolving landscape of the Ethiopian mining sector.

More information:
Access the news on Oslo Bors NewsWeb site