African Mining and Exploration plc.
("AME" or "the Company")
Appointment of Head of Exploration and Karan Permit Update
Appointment of Head of Exploration
African Mining & Exploration plc. (AME), the AIM listed mining company with exploration licences in West Africa, is pleased to announce the appointment of Ebo Bakker as Head of Exploration with effect from August 15th. He will be based at our West African headquarters in Bamako, Mali.
Ebo, a Dutch National, is a Geologist with over 30 years' experience gained in diverse geographical areas across Europe, North America and West Africa. Throughout his career Ebo has taken on roles of increasing responsibility and in addition to his extensive field geology experience he has been involved in leading business case evaluations for mining and exploration opportunities.
The Board has also determined to grant Ebo Bakker 300,000 options over ordinary shares in the Company under the Share Option Plan A.. In accordance with the rules of Share Option Plan A, the vesting of these options is linked to the success of the Company's exploration program.
Mark Jones, AME's CEO commented that:
"We are delighted to welcome Ebo to the AME Management team. We are confident that his wealth of experience and skills will be key in shaping our exploration strategy, and further developing our strong technical team of geologists. This appointment means that AME's management structure is now well equipped to meet our strategic goals and provides further testament to the Company's potential."
Karan Permit Update
Screened fire assay results confirm original routine fire assay results. Geophysical survey work now underway over Kouroudjin target.
AME also announces that screened fire assay results have been received from the recent RC drilling programme at its 100% owned Karan project in Southern Mali. An induced polarization survey is also underway over the Kouroudjin target, an area that identified the highest gold values during this year's RC drill programme. Follow-up drilling is scheduled for October 2011.
Following encouraging gold intercepts during drilling across targets on AME's Karan project, a number of samples were submitted for further screened fire assay in order to test for the effect of coarse (or nugget) gold. Screened fire assay offers a more accurate analysis of gold content when coarse gold is present in the mineralized system. Early indications suggested that coarse gold may be present at the Karan permit due to the presence of intense artisanal mining activity, and from panning samples during the drilling phase.
Analysis of the samples confirms consistency with the original results published May 20th 2011. The fine gold content across both procedures remained within acceptable variations, and no statistically significant increase in gold content from coarse gold was established.
Following encouraging drill results from the Kouroudjin target (the "King's Mines") a 3.5 line-km IP survey is underway and is due to be complete within the next month. The data from the survey will be processed and results are expected to be released in August 2011. It is expected that the geophysical survey results coupled with drill hole data will lead to a greater understanding of the structures that control mineralization in this part of the project area. The results are expected in time to plan and execute a follow-up drill programme to investigate the oxide potential of the prospect scheduled to commence in October 2011.
African Mining & Exploration plc.
44 (0)207 499 4059
Mark Jones (Chief Executive Officer)
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Singer Capital Markets Limited (Nomad and Broker)
44 (0)20 3205 7500
James Maxwell / Jenny Wyllie
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Farm Street Communications
The technical information contained in this announcement has been reviewed and approved by Mr. RN Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of Mining and metallurgy (Aus.I.M.M).
This information is provided by RNS