REG - Alba Mineral Resrcs. - Clogau Gold Mine Update

Alba Mineral ResourcesAnnouncement

22/12/2023 07:00

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RNS Number : 6979X  Alba Mineral Resources PLC  22 December 2023

Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector: Mining

22 December 2023

Alba Mineral Resources Plc

("Alba" or the "Company") 

 

Clogau Gold Mine Update

Revised Dewatering Permits Granted

Alba Mineral Resources Plc (AIM: ALBA) is very pleased to announce that
Natural Resources Wales ("NRW") has granted the Company's applications for
formal variations to its existing discharge and abstraction permits to enable
it to dewater the Lower Llechfraith workings, its principal gold target at the
Company's 100% owned Clogau-St David's Gold Mine in north Wales ("Clogau" or
the "Mine"), at significantly higher rates.

As a result, the Company expects to be able to proceed to a successful
completion of the dewatering exercise at the Lower Llechfraith workings in the
first two weeks of January.

Key Points

·     Revised discharge and abstraction permits have been granted to
Alba, allowing the Company to dewater the Lower Llechfraith workings at a rate
of up to 250 cubic metres per day, a significant increase to the previous
maximum of up to 100 cubic metres per day.

 

·     Safety and access works on Level 3 and towards Level 4 have now
been substantially completed.

 

·     Higher-rate dewatering will commence from early January, with
completion of the dewatering exercise targeted for mid-January.

 

·     Once Level 4 has been fully dewatered, Alba and its contractors
will access Level 4 to carry out a risk assessment, plan and execute any
further safety works required and carry out initial exploration surveys.

 

·     In respect of the airborne geophysical survey being undertaken over
Alba's key regional gold targets, Alba's contractors have advised that due to
the weather conditions it has not been possible to date to survey the Hafod
Owen, Gwynfynydd and Castle Carndochan target areas and that this will now be
deferred to January, weather permitting.

George Frangeskides, Executive Chairman, commented:

"We are delighted to have now received the revised permits which will allow us
to complete the dewatering of the Lower Llechfraith workings. I would like to
acknowledge the cooperation of the NRW permitting teams in helping us to
achieve this outcome before the year's end.

"We look forward to completing the dewatering as soon as possible in January
and then finally setting foot on Level 4, the first time this key gold target
will have been accessible to anyone for decades."

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information provided herein
as a result of numerous known and unknown risks and uncertainties and other
factors.

**ENDS**

For further information, please visit www.albamineralresources.com
(http://www.albamineralresources.com/)  or contact:

 Alba Mineral Resources plc                 +44 20 3950 0725

 George Frangeskides, Executive Chairman
 SPARK Advisory Partners Limited (Nomad)    +44 20 3368 3555

 Andrew Emmott
 CMC Markets plc (Broker)                   +44 20 3003 8632

 Thomas Smith / Douglas Crippen

 

 

 Alba's Projects & Investments
 Projects Operated by Alba          Location   Ownership
 Clogau (gold)                      Wales      100%
 Dolgellau Gold Exploration (gold)  Wales      100%
 Gwynfynydd (gold)                  Wales      100%
 Investments Held by Alba           Location   Ownership
 GreenRoc Mining Plc (mining)       Greenland  37.49%
 Horse Hill (oil)                   England    11.765%

 

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