Sumo Resources PLC: Business Update

DGAP-News: Sumo Resources PLC / Key word(s): Quarterly / Interim Statement Sumo Resources PLC: Business Update 19.01.2018 / 15:29 The issuer is solely responsible for the content of this announcement. 18 January 2018 - Sumo Resources Plc Business Update It is with pleasure that we provide an update of the business activities of Sumo Resources over the past months. Synopsis of Activities The following is a list of activities completed which are described in more detail further in this release: - SR Tanmin was granted exploration rights for an additional six concessions in Kampene, Maniema, DRC. - SR Tanmin was granted exploration rights for its concession in Nyunzu, Tangenyika, DRC. - SR Tanmin commenced Gold trading. SR Tanmin Maniema Exploration Operations Maniema Province is well known for deposits of Gold, Tantalite, Tin and Wolframite. All of the seven requests are now approved and exploration rights have been granted for all the concessions. The company has appointed an external contractor, BEEC in Kinshasa, to execute the environmental studies required before the actual research can commence. This activity is scheduled to be finalized and approved by April 2018. SR Tanmin Tanganyika Exploration Operations Tanganyika Province in the DRC is known for deposits of Tantalite and Tin. The exploration rights for the concession in Nyunzu has been granted. The company has appointed an external contractor, BEEC in Kinshasa, to execute the environmental study required before the actual research can be started. This activity is scheduled to be finalized and approved by April 2018. SR Tanmin Maniema Trading Operations The company's subsidiary SR Tanmin was granted a Gold Trading License and a Tantalite Treatment and Trading license for the Maniema Province in the Democratic Republic of Congo. The licenses enable SR Tanmin to source Gold and Tantalite from artisanal miners, co-operatives, local sellers and mines. The end product may be exported by SR Tanmin to its international trade partners. SR Tanmin has established a trading facility for Gold in Kindu, Maniema. The Gold trading commenced in October 2017 and the first export trade was completed in December 2017 via Sumo Resources FZC in Dubai. The company has entered into supply and purchase agreements with local miners and plans to export Gold on a monthly basis. The Tantalite treatment and trading business will start once SR Tanmin is vetted by the iTSCi. The iTSCi is a non-profit organization that assists companies to track the origin of product through the supply chain from the mines to the end product. Tagging of Tantalite is mandated by the DRC government before it can be exported. The vetting process has been ongoing for a couple of months and we expect this to be finalised soon. Summary The enterprise is progressing with its expansion at a steady pace and achieved its goals for 2017 with the exception of having the iTSCi vetting completed. We look forward to provide further progress updates in due course. Contact: [e-mail]   19.01.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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