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Azumah Resources commences final phase of feasibility study and notes upside from gold price move

Proactive Investors Wednesday, 11 September 2019
Azumah Resources Ltd (ASX:AZM) has commenced the final phase of works to complete the feasibility study for its flagship Wa Gold Project in Ghana. Azumah owns the project in a joint venture with its funding partner Ibaera Capital, who can increase its interest in the project from 42.5% to 46.5% by sole funding the remaining feasibility study costs of US$2.25 million. Notably, Azumah has pointed out that the feasibility study progress update in January 2019 used a US$1,300 per ounce gold price. If a US$1,500 per ounce gold price were to be used for those preliminary project valuation estimates, the net present valuation (NPV) would rise over 70% to US$309 million. Azumah’s managing director Stephen Stone said: “It’s a particularly exciting time right now for Azumah and the Wa Gold Project as we are on the home straight to deliver an economically robust, long-life gold mine development for Ghana’s Upper West region, fully supported by the local community and Ghanaian Government at all levels. “Assuming a gold price of US$1,500 per ounce and with all other inputs being the same as were used in the 30 January 2019 Feasibility Study progress update, the estimated pre-tax post-Government Royalty NPV and IRR could increase to approximately US$309 million and 54% respectively, illustrating the considerable gold price leverage that is inherent in the Project.” Government discussions continue Discussions are progressing with the Ghana Government on a fiscal stability agreement, which is a regular requirement in Ghana when establishing a mining operation. Regarding environmental licences, the Ghana Environmental Protection Agency (EPA) is presently evaluating final submissions for the issue of EPA licences for the Kunche-Bepkong and the Julie deposits. Wa Project background The 2.77-million-ounce Wa Gold Project hosts 12 deposits split into two areas, Wa-Lawra and Wa-East. The three main deposits are Kunche, Bepkong, and Julie and most recently a scoping study was completed on the Bepkong deposit. The feasibility study assessing the Wa Gold Project will allow the company to make a development decision.

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