Académique Documents
Professionnel Documents
Culture Documents
Cape Town
December 2011
February 2017
Page 1
Overview
Page 2
Overview of projects
Page 3
Avocet Group
Souma and
Tri-K project - Inata Gold Mine
Ouzeni/Pali –
Guinea – Burkina Faso
Burkina Faso
• Mining permit for Heap Leach • In production since 2009 • Satellite deposits to Inata –
granted March 2015 • 3 yrs of reserves remaining, 240k under exploration permits
• JV signed with Managem Oct 2016 oz at cash cost of cUS$900/oz (75- • Souma most prospective – 675k
• Managem to obtain 70% interest by 85k oz pa) resource, expected to increase,
completing BFS for a CIL plant, • Debts of US$60m - bank debt of 20km from site.
increasing reserve to 1moz and US$24m (Ecobank and Coris), trade • Funding of US$10-12m
investing US$10m creditors of US$29m, government exploration capex required
• Capex for CIL plant est US$200- debts of US$7m • Ouzeni/Pali 15km from Inata
300m . Avocet to contribute its post- • Funding of US$1-2m
debt share to retain 30% interest exploration and capex required
Page 4
Listed on London and Oslo
1 Elliott is also interested in Ordinary Shares held through contracts for difference (CFDs), representing a further 14.2% of the Company’s
issued share capital
Page 5
Burkina Faso – Inata,
Bélahouro and Souma
Page 6
Burkina Faso – 8 mines in operation
Page 7
Inata
• Focus since 2013 has been reducing costs, however this has also limited
expansion work to extend mine life
• Latest Inata LoMP shows reserve of 340k oz, and production continuing to
2019 but not beyond – which will make repaying the mine’s US$60m of
creditors challenging
Page 8
Inata production – past, future and potential
20 200
0 -
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Production Cash cost Av realised gold price
Page 9
Overview – plan of mine area
Page 10
Inata – 2017 outlook and challenges
Page 11
Inata and satellite deposits
5km
Souma
Filio
Pali
Ouzeni
Page 12
Souma – overview
Miilam
South
Page 13
Souma - location 20km from Inata plant
INATA PIT
MINERALIZED
SOUMA ZONE
GOMBE DAM/
IMPOUNDMENT
PERMIT
BOUNDARY
INATA MINE
2.5 Km
FILIO, PALI,
OUZENI BELAHOUROU
0.48 Moz Au
Page 14
Souma – current resource
Measured - - -
Page 15
Satellite deposit for Inata
Page 16
Ouzeni/Pali
Page 17
Guinea – Tri-K
Page 18
Tri-K location – in Siguiri basin
Severstal
(Lefa – 5.9Moz Au) Anglogold Ashanti
(Siguiri – 5.6Moz Au)
Kankan
Conakry
SEMAFO
(Kiniero – 0.9Moz Au)
Burey Gold
(Mansounia – 0.8Moz Au)
Birimian geology
Page 19
Summary
Page 20
Permits
Page 21
Tri-K – 3m ounce resource
Measured
- - - - - - - - -
Indicated
31,500 1.38 1,402 9,700 1.91 596 41,200 1.51 1,998
Meas+Ind
31,500 1.38 1,402 9,700 1.91 596 41,200 1.51 1,998
Inferred
22,800 1.22 892 2,400 1.66 128 25,200 1.26 1,020
Meas+Ind+
Inf 54,300 1.31 2,294 12,100 1.86 724 66,400 1.41 3,018
Page 22
The deposits
Page 23
Tri-K district - additional exploration targets
KOULÉKOUN
Gbinli
Koroma
Marina
KODIÉRAN
Fowara
Kodiafaran
Drilling and arsenic in termite mounds
on VTEM conductivity and Quickbird
Page 24