African Mining and Exploration plc.
("AME" or "the Company")
AME granted exclusive option on the Tekeledougou exploration permit
African Mining & Exploration plc (AME), the AIM listed mining company focusing on exploration in West Africa, is pleased to update the market on the Company's exploration activities.
Further to our last announcement in which we highlighted our ongoing discussions to secure rights through acquisition or joint venture on additional properties in the region, AME announces that it has signed a Memorandum of Understanding (MOU) with Sahelienne des Mines SARL, a Malian registered company that owns the Tekeledougou exploration permit in Southern Mali.
The Tekeledougou exploration permit lies within the Yanfolila Greenstone Belt which consists of felsic to mafic volcanic rocks and sedimentary rocks which are closely associated with gold deposits in Mali. The permit lies within a gold belt where a number of projects are currently being developed, including Gold Fields' Komana project. Initial reconnaissance by AME's geologists has confirmed that the quartz veins mined by artisanal miners on the Tekeledougou permit are similar to those in the artisanal mines on the Komana permit.
The MOU gives AME an exclusive option to enter into an exploration joint venture following a six month due diligence period during which time AME will complete a preliminary exploration programme. The programme will consist of a study of available data on the property including an investigation of present and previous exploration and mining operations and field work which may include mapping, sampling, trenching, ground magnetic surveys and RAB and auger drilling where appropriate.
Mark Jones, AME's CEO commented that:
"We are delighted to have signed this MOU as it provides an excellent opportunity to establish the potential for economic gold mineralization in a highly prospective area on an exclusive basis and confirms that the investment we made in operational drilling capability does provide AME with a strong competitive advantage when looking for JV opportunities."
African Mining & Exploration plc.
44 (0)207 499 5881
Mark Jones (Chief Executive Officer)
Singer Capital Markets Limited (Nomad and Broker)
44 (0)20 3205 7500
James Maxwell / Jenny Wyllie
The technical information contained in this announcement has been reviewed and approved by Mr. Ebo Bakker. Mr. Bakker 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. Bakker is an employee of African Mining & Exploration Plc.
This information is provided by RNS