Azumah Resources Limited advises that the final phase of works to complete the Feasibility Study for the Wa Gold Project, Ghana has commenced, with the funding and a well-defined programme now in place for an expected early-2020 delivery. Following Azumah's election to allow joint venture partner, Ibaera Capital, to sole fund the remaining USD 2.25 million budget to complete the Feasibility Study, the partners have agreed that Ibaera may increase its direct interest in the Project by 4%, to a total of 46.5%. Azumah will retain a majority ownership of 53.5%. As previously announced in the Feasibility Study progress update, based on open- pit optimisations and revenue estimates undertaken using a USD 1,300/oz gold price, the 1.03 million ounce Ore Reserve Project is expected to have an estimated pre-tax, post-Government royalty net cash flow of USD 270 million, NPV5% of USD 177 million, IRR of 35% and an establishment capital pay-back period of 1.6 years. At an assumed gold price of USD 1,500/oz, and with all other inputs and assumptions unchanged, it is estimated that the Project's pre-tax, post-Government royalty net cash flow could increase to USD 448 million, the NPV5% to approximately USD 309 million and the IRR to approximately 54%. This excludes any benefits arising from the development of the Bepkong underground deposit for which a Scoping Study was recently completed. Using a gold price of USD 1,300/oz, the Scoping Study estimated that an additional USD 32 million pre-tax, post-Government royalty cash flow would be generated from a production target of 154,000oz contained gold. Any incremental Ore Reserves delineated within a reasonable trucking distance from the proposed 1.8Mtpa regional processing facility at Kunche are also likely to have a materially positive impact on Project returns. Following the imminent cessation of seasonal rains, the geological team will be remobilised back to site to recommence target generation and evaluation work across the Project's 2,400km prospective licence holdings.