Azumah Resources Limited reported that Ore Reserves at its Wa Gold Project, Ghana have been boosted 65% or 404,178oz to 1,028,178oz gold. A Feasibility Study Update ("FSU") based on the Ore Reserves is well advanced and has outlined a very robust, 11-year operational-life mine producing an average of 107,000oz gold per year in its first six years and returning a pre-tax NPV 5% of USD 177 Million, an IRR of 35% and a pre-tax net cash flow of USD 270 Million, inclusive of government royalties. The Project compares extremely well with its operating peers given its low establishment capital intensity of USD 114 per ore reserve ounce and an All-In-Sustaining Cost of USD 886/oz underpinning strong operating margins that see its USD 117 Million establishment capital paid back in 1.6 years. The average grade of ore processed over the first eight years of operations is 2.06g/t Au, the average life-of-mine gold recovery is 91% and the average LOM plant throughput is 1.6Mtpa, with it able to treat up to 2.3Mtpa of softer oxide ore. With 15-year mining leases granted, EPA operating permits well advanced, excellent existing infrastructure, a safe operating jurisdiction and strong local endorsement, the Project is now extremely well positioned to move towards the completion of its Feasibility Study in Third Quarter 2019 and then, a development decision. The fast-evolving prospect of underground mining and a vast prospective tenure bode well for production growth. AZG holds a mining lease encompassing the Kunche, Bepkong and Aduane deposits (ML10/1). The Julie deposit is situated on a separate mining lease (ML10/5) held through Phoenix Resources Ltd, a wholly owned subsidiary of AZG. Now that there has been estimated Ore Reserves for the Julie West, Manwe, Josephine and Danyawu deposits a mining lease will be applied for to encompass these deposits which account for 86,700oz (8%) of the total Ore Reserve.