Uncorking the Bottle
Stephen Stone Managing Director
ASX: AZM
AGM
13th November 2017
Cautionary Statement
The Company has not made a production decision and its strategic plan to develop a gold mining operation is subject to the results of the completion of a Feasibility Study and other factors, some of which are beyond the Company's "control. The Mineral Resources disclosed herein are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them to be categorised as Ore Reserves. There is no certainty that the Mineral Resources disclosed herein will be realised or converted to Ore Reserves. Inferred Mineral Resources captured in optimised pits may not all be converted to Measured and Indicated Resources. Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. Target, expected and anticipated numbers contained herein are not confirmed, are not JORC compliant and are indicative only.
Forward-Looking Statement
This release contains forward-looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved, and other similar expressions. In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) that the results of the feasibility study continue to be positive; and (iv) that future exploration results are as anticipated.
Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information.. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Azumah does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place reliance on forward-looking information and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company's continuous disclosure filings.
Competent Persons' Statements
The scientific and technical information in this report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is a full-time employee (Managing Director) of Azumah Resources Ltd. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Stone is the Qualified Person overseeing Azumah's exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration results.
Statements of Competent persons for the various Mineral Resource estimates, Ore Reserve estimates and process Metallurgy can all be found on the Azumah website at http;//www.azumahresources.com.au/projects-competent_persons.php
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2.1Moz Mineral Resource platform - $4 EV/Resource oz
624,000oz @ 2.14g/t Au Ore Reserve - $16 EV/Reserve oz ü 2,400km2 regional-scale footprint in fertile Birimian terrain ü ~A$80M expended over ten years
~A$40 drilling (10,000 drill holes. 500km)
Several advanced stage or drill-ready drill targets
Numerous untested or early-stage targets
Community and government support
Largely de-risked for rapid development
Excellent infrastructure. Grid power to gate
Next two years of exploration and development studies funded by PE group, Ibaera Capital Fund LP, for up to a 47.5% interest
Multi-disciplinary Ibaera team to manage all work
13.4% ($1.6M) Ghana neighbour Castle Minerals (CDT)(10,000km2)
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Capital Structure
Issued shares (proforma post rights) | 699M |
Market Capitalisation @ 2c | ~A$14M |
Cash | ~A$2.3M |
Castle (CDT) 13.4% | A$1.6M |
Enterprise Value | A$10.1M |
EV / Resource oz | ~A$4/oz |
EV / Reserve oz | ~A$16/oz |
Caitlyn (private) | 7.9% |
HSBC Custody (Small funds / privates) | 7.0% |
Ausdrill (Corporate) | 5.2% |
Stephen Stone (Management) | 1.3% |
Major shareholders
Board
Michael Atkins | Non-Executive Chairman Corporate finance, M&A - African company development |
Stephen Stone | Managing Director Mining geology and exploration. Corporate and management. Lived and worked in Africa |
Geoff Jones | Non Executive Director Engineer. Developed mines in Africa/Ghana. CEO GR Engineering Services |
Ghana
Paul Amoako-Atta | Director Azumah Resources Ghana |
Hector Nyinaku | Manager Administration & Logistics |
Dr Prince Ofori Amponsah | Senior Geologist |
Solomon Dery | Community Relations Officer |
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Azumah Resources Limited published this content on 13 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 November 2017 23:08:02 UTC.
Original documenthttp://azumahresources.com.au/documents/1738769.pdf
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