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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Avesoro Resources Inc       CA0515471070

AVESORO RESOURCES INC
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AVESORO RESOURCES : FILING OF NI 43-101 TECHNICAL REPORT FOR THE NEW LIBERTY GOLD MINE

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11/24/2017 | 02:48pm CET

Avesoro Resources Inc. ('Avesoro' or the 'Company'), the TSX and AIM listed West African gold producer, is pleased to announce that the Company has today filed an updated technical report pursuant to National Instrument 43-101 ('NI 43-101') relating to its 100% owned New Liberty Gold Mine in Liberia (the 'Report').

The Report supports the disclosure made by the Company in its announcement dated 11 October 2017 entitled 'New Liberty Updated Mineral Resource and Reserve Estimate and Q3 2017 Production Update' and there are no material differences in the Report from those disclosed in the announcement.

The Report has an effective date of 1 November 2017 and is entitled 'New Liberty Gold Mine, Bea Mountain Mining Licence Southern Block, Liberia, West Africa', and was prepared by SRK Consulting (UK) Limited. A copy of the Report is available for review on both SEDAR (www.sedar.com) and the Company's website (www.avesoro.com).

Contact:

Geoff Eyre

Tel: +44(0) 20 3874 4740

The Company's assets include the New Liberty Gold Mine in Liberia (the 'New Liberty Gold Mine,' 'New Liberty' or the 'mine') which has an estimated proven and probable mineral reserve of 7.4Mt with 717,000 ounces of gold grading 3.03g/t and an estimated measured and indicated mineral resource of 9.6Mt with 985,000 ounces of gold grading 3.2g/t and an estimated inferred mineral resource of 6.4Mt with 620,000 ounces of gold grading 3.0g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith will be set out in an NI 43-101 compliant Technical Report dated 1 November 2017 and entitled 'New Liberty Gold Mine, Bea Mountain Mining Licence Southern Block, Liberia, West Africa'.

The New Liberty Gold Mine is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 478 km-2 and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja, Weaju and Leopard Rock which host indicated and inferred mineral resources. The Company also owns the Yambesei, Archaen West, Mabong and Mafa West licences, in addition to a gold exploration permit in Cameroon.

(C) 2017 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2017 100,0 M
EBIT 2017 -7,65 M
Net income 2017 -16,5 M
Debt 2017 106 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 3,41
EV / Sales 2017 3,74x
EV / Sales 2018 1,36x
Capitalization 268 M
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Mean consensus BUY
Number of Analysts 2
Average target price 4,71 $
Spread / Average Target 47%
Managers
NameTitle
Serhan Umurhan Chief Executive Officer & Director
Mehmet Nazif Günal Non-Executive Chairman
Geoff Eyre Chief Financial Officer & Director
David George Netherway Independent Non-Executive Director
Jean-Guy Martin Independent Non-Executive Director
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