REG - Cora Gold Limited - Update on US$25m Term Sheet for Sanankoro Project

Cora GoldAnnouncement

27/06/2022 07:00

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RNS Number : 2009Q  Cora Gold Limited  27 June 2022

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

27 June 2022

Cora Gold Limited ('Cora' or 'the Company')

Update on US$25m Term Sheet for the Construction of Sanankoro Gold Project,
Mali

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on the US$25m Mandate and Term Sheet (the 'Term Sheet') with
Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the future
development of Cora's flagship Sanankoro Gold Project ('Sanankoro' or 'the
Project') in Southern Mali (the 'Project Financing'). The key terms and
conditions of the Project Financing were set out in an announcement by Cora on
08 September 2021. On 24 June 2022 Lionhead confirmed to the Company that,
while reserving its rights under the Term Sheet, it does not intend to
terminate the Term Sheet should the Company fail to deliver a Definitive
Feasibility Study ('DFS') on the Project by 30 June 2022.

 

Following the completion of a 2022 drill programme, which targeted converting
existing Inferred Mineral Resources to Indicated Mineral Resources and
identified new discoveries close to existing Mineral Resources, on 30 May 2022
the Company announced:

●     its intention to update its Mineral Resource Estimate ('MRE') for
Sanankoro;

●     the updated MRE will then be incorporated into the Mining Study
for the DFS; and

●     as a result, the DFS is expected to be completed in Q3 2022.

 

Bert Monro, Chief Executive Officer of Cora, commented, "We are pleased and
encouraged by the commitment of Lionhead, acting as lead investor and arranger
on behalf of a consortium of investors, in their continued support for Cora
and the Sanankoro Gold Project. We look forward to completing the DFS during
Q3 2022 and achieving another significant milestone along the path towards
developing Sanankoro."

 

Market Abuse Regulation ('MAR') Disclosure

 

Certain information contained in this announcement would have been deemed
inside information for the  purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, until the release of this announcement.

 

* * ENDS * *

 

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

 

 Bert Monro           Cora Gold Limited            info@coragold.com (mailto:info@coragold.com)

 Craig Banfield
 Christopher Raggett  finnCap Ltd                  +44 (0)20 7220 0500

 Charlie Beeson       (Nomad & Joint Broker)
 Andy Thacker         Turner Pope Investments      +44 (0)20 3657 0050

 James Pope           (Joint Broker)
 Susie Geliher        St Brides Partners           pr@coragold.com (mailto:pr@coragold.com)

 Charlotte Page       (Financial PR)

 Selina Lovell

 

Notes

 

Cora is an emerging West African gold developer with three principal de-risked
project areas within two known gold belts in Mali and Senegal covering c.1,000
sq. km. Led by a team with a proven track record in making multi-million-ounce
gold discoveries that have been developed into operating mines, its primary
focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
Southern Mali, where Cora hopes to commence construction of an open pit oxide
focussed gold mine in 2022. An updated mineral resource estimate on the
Project was published in November 2021 which increased the Resources by over
200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility
Study is expected to be completed in Q3 2022.

 

 

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