http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 21 Aug 2017 05:13:19 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Azumah Resources readies raising for Wa Gold Project in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/182296/azumah-resources-readies-raising-for-wa-gold-project-in-ghana-182296.html Azumah Resources Ltd (ASX:AZM) is progressing towards raising circa $2.3mln through a 1:5 non-renounceable rights issue, which is to be fully underwritten by Perth broker, Patersons Securities.

Azumah has now lodged its prospectus with ASIC, with the ex-date of 15th August 2017.

The prospectus will then be sent to shareholders on the 18th August 2017.

The funds raised through the rights issue will strengthen the company’s ability to deliver on a variety of initiatives in the coming months at its Wa Gold Project in Ghana, West Africa.

WATCH LATEST VIDEO - Details on A$17mln earn-in deal

The deal with Perth-managed Ibaera Capital GP Limited will see a two-stage cash injection over two years of up to US$13.5mln (~A$17mln) for up to a 47.5% interest in Azumah’s wholly owned Ghana operating company, Azumah Resources Ghana Limited.

This structure will limit the dilution that shareholders would normally encounter for a market-based raising at the corporate level.

The objective of the deal is to boost gold resources and reserves above the present 2.1 mln ounces and 624,000 ounces respectively.

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Fri, 11 Aug 2017 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182296/azumah-resources-readies-raising-for-wa-gold-project-in-ghana-182296.html
<![CDATA[News - Azumah Resources outlines fully underwritten rights issue ]]> http://www.proactiveinvestors.com.au/companies/news/181956/azumah-resources-outlines-fully-underwritten-rights-issue-181956.html Azumah Resources (ASX:AZM) will raise circa $2.3 million through a 1:5 non-renounceable rights issue, which is to be fully underwritten by Perth broker, Patersons Securities.

The funds raised through the rights issue will strengthen the company’s ability to deliver on a variety of initiatives in the coming months at its Wa Gold Project in Ghana, West Africa.

The positive momentum continues for Azumah who earlier this week outlined a transformational $17 million earn-in detail with new partner Ibaera Capital.

Stephen Stone, managing director, commented: “The rights issue enables shareholders to add to their existing share holdings at a generously discounted and broker fee exempt price at a pivotal point for the company as it sets out to boost resources and reserves.

“With the additional support to come from the earn-in deal struck this week with Ibaera, we will be able to accelerate the overall development of the project.”

Rights issue details

Azumah eligible shareholders will be able to acquire one new share for every five shares held at 5.00PM (Perth time) on 16 August 2017, also known as the record date.

The issue price is $0.02, which represents a ~20% discount to the 30-day volume-weighted average price (VWAP) on ASX of ~$0.025 and a 28.5% discount to the last sale price of $0.028.

The funds from the rights issue will be applied to in-country operating commitments, $250,000 to complete the acquisition of the Julie West Licence and the high-grade Mineral Resources it hosts, working capital and to maintain balance sheet strength.

The prospectus is planned to be lodged with ASIC on 10 August and the rights issue is expected to close 1 September.

Further details of the offer will be outlined in the prospectus.

$17 million earn-in deal

The deal with Perth-managed Ibaera Capital GP Limited will see a two-stage cash injection over two years of up to US$13.5 million (~A$17 million) for up to a 47.5% interest in Azumah’s wholly owned Ghana operating company, Azumah Resources Ghana Limited.

This structure will limit the dilution that shareholders would normally encounter for a market based raising at the corporate level.

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

Furthermore it aims to deliver within a two-year time frame, or less, a revised feasibility study to support the funding and development of the presently proposed 90,000 ounce per year gold operation.

Execution of the full earn-in, investment and joint venture agreement (EIJVA) is expected by 31
August 2017.

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Fri, 04 Aug 2017 11:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181956/azumah-resources-outlines-fully-underwritten-rights-issue-181956.html
<![CDATA[Media files - Azumah Resources' Stephen Stone reveals details on a A$17 million earn-in deal ]]> http://www.proactiveinvestors.com.au/companies/stocktube/7871/azumah-resources-stephen-stone-reveals-details-on-a-a17-million-earn-in-deal-7871.html Thu, 03 Aug 2017 08:30:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/7871/azumah-resources-stephen-stone-reveals-details-on-a-a17-million-earn-in-deal-7871.html <![CDATA[News - Azumah Resources does A$17 million earn-in deal ]]> http://www.proactiveinvestors.com.au/companies/news/181813/azumah-resources-does-a17-million-earn-in-deal-181813.html Azumah Resources (ASX:AZM) has entered into a binding term sheet detailing an earn-in of up to 47.5% of its Wa Gold Project in Ghana for an expenditure of US$13.5 million ~(A$17 million).

The two-stage earn-in is over two years and is with Perth managed private equity group, Ibaera Capital GP Limited.

The deal’s objective is to boost resources and reserves and deliver a fundable development project.

Under the deal, Ibaera also has the option to invest up to A$2 million in Azumah shares at a premium of 10% above the 10-day volume-weighted average price by 31 August 2017.

Execution of the full earn-in, investment and joint venture agreement (EIJVA) is expected by 31
August 2017.

Stephen Stone, managing director, commented

“This transaction represents a game changer for the company and another important step in unlocking fundamental value and achieving a market rerating.

“It’s been a tough environment in which to build new projects and having carefully considered several options, we are very pleased to be partnering with Ibaera.

“We are looking forward to working with its team of focused and highly regarded mining industry professionals who have a proven capability in discovery and for driving major projects to production whilst employed at WorleyParsons Ltd (ASX:WOR), Fortescue Metals Group Ltd (ASX:FMG) and BHP Billiton Limited (ASX:BHP).

“Shareholders can expect an increased news flow reflecting a range of value adding investment catalysts as the Ibaera funding injection drives an acceleration of activities.”

Building towards a 90,000 ounce per year gold operation

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

Furthermore it aims to deliver within a two-year time frame, or less, a revised feasibility study to support the funding and development of the presently proposed 90,000 ounce per year gold operation.

Transaction details

The key provisions of the upcoming EIJVA to be executed by 31 August 2017 include:

- Ibaera may spend an initial US$11.25 million (~A$14.3 million) within two years, in accordance with quarterly cash calls, to earn an initial 42.5% interest;
- If additional funds are required to achieve the key objectives of the joint venture, and Azumah elects not to pro-rata co-fund, Ibaera may sole fund the next US$2.25 million (~A$2.8 million) and earn an additional 5% interest - total of US$13.50 million (~A$17 million) and 47.5%;
- If Ibaera does not fulfil its initial funding obligations of US$11.25 million, subject to provisions to rectify this, it will withdraw from and not hold any equity in Azumah’s African subsidiary;
- The parties will then work together to co-fund all future expenditures and/or secure project development funding with each party having the right to match third party funding terms; and
- Ibaera will have the right, but not the obligation, to subscribe prior to 31 August 2017 (or the date of execution of the EIJVA if earlier) for A$2 million and an absolute maximum of 65 million new ordinary shares in Azumah at a 10% premium to the 10-day VWAP on the date it subscribes for the shares.

Wa Gold Project

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

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Wed, 02 Aug 2017 12:17:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181813/azumah-resources-does-a17-million-earn-in-deal-181813.html
<![CDATA[News - Azumah Resources granted trading halt ahead of transaction details ]]> http://www.proactiveinvestors.com.au/companies/news/181809/azumah-resources-granted-trading-halt-ahead-of-transaction-details-181809.html Azumah Resources (ASX:AZM) has been granted a trading halt by the ASX ahead of a pending material announcement.

The upcoming news is regarding a material earn-in, investment and joint venture transaction as well as a capital raising.

The halt will remain in place until the earlier of Friday, 4 August morning trading commencement or the announcement of relevant information.

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

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Wed, 02 Aug 2017 10:42:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181809/azumah-resources-granted-trading-halt-ahead-of-transaction-details-181809.html
<![CDATA[News - Azumah Resources lays out plan to grow West African gold inventory ]]> http://www.proactiveinvestors.com.au/companies/news/181309/azumah-resources-lays-out-plan-to-grow-west-african-gold-inventory-181309.html Azumah Resources (ASX:AZM) has identified 140 target areas within its 2,400 square kilometre Wa Gold Project located in Ghana, West Africa.

Of the 140 targets, 18 are considered very-high priority and 32 are considered high priority.

The findings are a result of an updated targeting study by geological consultants CSA Global Pty Ltd.

The study will underpin Azumah’s post-seasonal rains exploration push to increase total gold JORC resources to over 3.0 million ounces and Ore Reserves to over 1 million ounces.

Stephen Stone, managing director, commented: “Whilst we have sufficient Ore Reserves to firmly underpin a seven-year, 100,000 ounces per year gold mining operation with robust operating margins, we recognise the need to increase Ore Reserves to reduce the establishment capital cost assigned to each reserve ounce and to enhance overall project metrics.”

Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

Proven exploration methods

Azumah has a good track record of discovery plus its regional-scale footprint of prospective Birimian geological terrain supports its strategy to grow resources and reserves.

The company will systematically test its new and extensive array of priority targets, initially using low-cost auger or aircore drilling.

Follow-up reverse circulation drilling will take place as warranted.

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Mon, 24 Jul 2017 12:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181309/azumah-resources-lays-out-plan-to-grow-west-african-gold-inventory-181309.html
<![CDATA[News - Azumah Resources samples more high grade gold in West Africa ]]> http://www.proactiveinvestors.com.au/companies/news/178221/azumah-resources-samples-more-high-grade-gold-in-west-africa-178221.html Azumah Resources (ASX:AZM) has sampled grades of up to 60.0 g/t gold in another batch of rock chip samples from its regional-scale Wa Gold Project located in Ghana.

Additional reconnaissance stage mapping and rock chip sampling has identified several new areas of interest within its Julie West licence.

Drilling campaigns are being designed to test and extend the recently discovered mineralisation at a growing pipeline of targets.

Stephen Stone, managing director, commented: “Julie West now stands as an excellent project in its own right and continues to excite our geological team, who keep finding new zones of mineralisation”.

“There is considerably more work to be undertaken at Wa East and we have the right team with a strong track record of discovery to deliver additional ounces.”


Julie West exploration results

Exploration at Julie West continues to develop targets with recent reconnaissance stage mapping and rock chip sampling returning high- grade values including:

ABC Area (Delta): 12.30 g/t, 11.40 g/t, 4.75 g/t and 4.49 g/t gold;
ABC Area (Bravo): 37.70 g/t, 6.17 g/t and 3.56 g/t gold;
Danyawu Area: 60.0 g/t gold;
JW5: 26.10 g/t, 9.49 g/t and 3.18 g/t gold;
JW2: 18.80 g/t and 6.00 g/t gold;
Koda Hill: 5.11 g/t gold; and
Northwest: 0.32 g/t, 0.25 g/t and 0.15 g/t gold.

This adds to the March rock chip samples from JW1, JW2, JW3 and JW4 of 17.4 g/t, 4.01 g/t, 3.93 g/t, 3.63 g/t, 2.48 g/t, 2.29 g/t, 2.03 g/t and 1.72 g/t gold.

Follow-up trenching at the new JW5 target identified a 9 metre wide mineralised quartz vein containing a high-grade intercept of 2 metres at 27.9 g/t gold.


Work continues

Generative auger and rock chip sampling, trenching and mapping campaigns continue across Azumah’s extensive West African tenure.
Furthermore, a formal update of the 2013 Targeting Study has been commissioned and will be available in coming weeks.

A component of the new study will be to interrogate the vast quantity of multi-element data that Azumah routinely collects from its geochemical, aircore and reverse circulation drilling activities.


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Analysis

These latest results confirm mineralisation is very widespread across the 142 square kilometre Julie West licence.

Significantly, the widespread mineralisation indicates numerous opportunities for resource increases at Julie West.

Drilling programs which are being planned will further confirm the extent of this sampled gold mineralisation and has the potential to be a value catalyst for the company.

The company remains leveraged to short term news flow with exploration field work continuing across the project.

Azumah is at a pivotal point in its growth cycle and the substantial 2.1 million ounce gold resource provides the company with development optionality.

At its current share price, the company has a market cap of A$15.7 million, which is a compelling valuation given the company’s gold resource inventory.

Azumah has previously outlined that it is talking at the corporate and direct project level with a number of international groups with the aim being to advance the project through to development.

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Wed, 24 May 2017 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178221/azumah-resources-samples-more-high-grade-gold-in-west-africa-178221.html
<![CDATA[News - Azumah Resources samples high grade gold in West Africa ]]> http://www.proactiveinvestors.com.au/companies/news/174069/azumah-resources-samples-high-grade-gold-in-west-africa-174069.html Azumah Resources (ASX:AZM) has sampled grades of up to 17.4 g/t gold in recent rock chip sampling at its regional-scale Wa Gold Project located in Ghana.

44 rock chip samples were collected from four prospects on the 146 square kilometre Julie licence, which included the Georgie target and three new targets.

First pass drilling at the Georgie target in late 2016 produced 3 metres at 9.78 g/t gold from 12 metres and 2 metres at 4.35 g/t gold from 7 metres.

Geochemical sampling and mapping underway to screen and delineate the sampled targets and additional targets for drill testing.

Stephen Stone, managing director, commented: “The 5,885 metre multi-target drilling program completed in late 2016 delivered four new discoveries of primary mineralisation for the Wa East region, including at the Georgie prospect on the Julie West licence.

“We look forward to the eventual drilling of these latest targets and to hopefully replicating these successes.”


Rock chip assays

Forty-four rock chip samples were collected from generally limited areas of outcrop in or around the areas of gold-in-soil anomalism or from shallow artisanal workings.

The four prospects have been named JW1, JW2, JW3 and JW4.

Assay highlights from each prospect include:

- JW1: 17.40 g/t gold, 2.48 g/t gold and 2.03 g/t gold in quartz veins and 3.63 g/t gold from the host tonalite rock confirm and extend previous sampling;
- JW2: 4.01 g/t gold and 3.93 g/t gold and 0.46 g/t gold from the host tonalite;
- JW3: 0.99 g/t gold and 0.61 g/t gold; and
- JW4: 2.29 g/t gold.


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Analysis

The recently acquired Julie West licence continues to deliver new targets highlighting its prospectivity and capacity to deliver more mineralisation into Azumah’s growing 2.1 million ounce gold platform.

The follow up mapping, trenching and auger work will help Azumah understand the value of these prospects and advance them towards becoming a potential gold resource.

During the current March quarter, Azumah plans to:

Exploration.

- Review drilling results from all targets and plan follow-up programmes as warranted;
- Progress exploration at several other prospects within the Company’s target pipeline; and
- Continue evaluating the newly acquired Julie West licence.

Wa Gold Project Development.

- Progress discussions with parties interested in project financing and development co-participation;
- Advance discussions with the Ghana Government on securing material fiscal concessions (a new government was elected on 7 December, 2016 with the New Patriotic Party lead by Nana Akufo-Addo replacing the National Democratic Congress); and
- Progress applications for environmental licences for the proposed Kunche-Bepkong and Julie Project sites.

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Thu, 02 Mar 2017 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174069/azumah-resources-samples-high-grade-gold-in-west-africa-174069.html
<![CDATA[News - Azumah Resources makes fourth discovery at West African gold project ]]> http://www.proactiveinvestors.com.au/companies/news/170294/azumah-resources-makes-fourth-discovery-at-west-african-gold-project-170294.html Azumah Resources (ASX:AZM) has received final results from its recently completed drill program confirming a fourth discovery of primary gold mineralisation at the Wa gold project located in Ghana.

The 93 hole, 5,885 metre combined reverse circulation and aircore program returned 3 metres at 9.78 g/t gold from 12 metres depth at the Georgie anomaly.

A follow-up reverse circulation drilling program is planned at Georgie to test for strike and depth continuity.

The Wa gold project is comprised of a number of separate licences and the Georgie discovery is located within the Julie West licence, which was only recently acquired.

Stephen Stone, managing director, commented:

"These final results confirm the just completed 5,885 metre multi-target drilling program to have been an outstanding success, delivering four new discoveries of primary mineralisation at previously undrilled anomalies and all proximal to the main ore deposits and proposed mining infrastructure."


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.
 
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Drill result details

Highlights from the final drill results from the recently completed program include:

Julie West Licence (recently acquired)

- 3 metres at 9.78 g/t gold from 12 metres (Georgie); and
- 2 metres at 4.35 g/t gold from 7 metres (Georgie).

Josephine Licence Area

- 9 metres at 3.64 g/t gold from 55 metres including 1 metre at 16.8 g/t gold (Manwe);
- 8 metres at 2.53 g/t gold from 70 metres including 1 metre at 9.2 g/t gold (Manwe);
- 5 metres at 3.46 g/t gold from 89 metres including 1 metre at 7.9 g/t gold (Josephine);
- 13 metres at 2.43 g/t gold from 74 metres including 2 metres at 4.15 g/t gold (Josephine); and
- 12 metres at 1.66 g/t gold from 149 metres including 2 metres at 4.15 g/t gold (Josephine).

Julie Licence

- 1 metre at 1.11 g/t gold from 12 metres (Madam’s Farm);
- 1 metre at 1.39 g/t gold from 17 metres (Madam’s Farm);
- 4 metres at 7.64 g/t gold (Kjersti East trenching); and
- 2 metres at 1.21 g/t gold (Kjersti East trenching).


Analysis

The final drill results reinforce the gold endowment at Azumah’s regional-scale Wa gold project that already hosts a 2.06 million ounce  gold resource with 624,000 ounces of Ore Reserves.

The drill program was successful in making four discoveries proximal to main ore deposits and proposed mining infrastructure.

Final results reveal a fourth discovery of primary gold mineralisation at the recently acquired Julie West licence.

Results at the evolving Manwe discovery also confirmed strike and depth continuity.

Furthermore, final results confirm the Josephine prospect as a consistently mineralised system over a strike length of 400 metres and to a vertical depth of 130 metres where it remains open.

This has now advanced this prospect to a stage where a maiden resource estimate can be commissioned.

Azumah is in the process of finalising its environmental impact statement to obtain a Ghana environmental protection agency license for the project.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

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Mon, 12 Dec 2016 12:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170294/azumah-resources-makes-fourth-discovery-at-west-african-gold-project-170294.html
<![CDATA[News - Azumah Resources Ltd drills up to 28.9g/t gold in West Africa ]]> http://www.proactiveinvestors.com.au/companies/news/167799/azumah-resources-ltd-drills-up-to-289gt-gold-in-west-africa-167799.html Azumah Resources Ltd (ASX:AZM) has received mid-program results grading up to 28.9 g/t gold from its multi-target drilling at the Wa Gold Project located in Ghana.

Results have confirmed extensions to existing mineralisation at the Josephine prospect with a best intercept of 10 metres grading 7.43 g/t gold from 97 metres.

First pass drilling at Manwe South, Madam’s Farm and Julie Far East have all successfully confirmed near-surface primary mineralisation.

A total of 74 holes for 4,831 metres out of a planned 5,500 metres have been completed.

Results from 27 holes have been received with the remaining assays expected within weeks.

Stephen Stone, managing director, commented: “This bodes well for the eventual estimation of a maiden Mineral Resource to supplement Azumah’s existing 2.1 million ounce Mineral Resources.”


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Licences cover 2,400 square kilometres and encompass over 150 kilometres strike of the prospective Birimian terrain, the rocks that host the majority of West Africa’s major gold mines.
 
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

Azumah anticipates Mineral Resources will continue to grow through the systematic testing of its pipeline of specific targets, prospects and many areas of interest.

Azumah holds a 16.5% interest in its neighbour and junior Ghana explorer, Castle Minerals NL which has circa 10,000 square kilometres of licences adjacent to Azumah.


Mid-program drill results

Mid-program results have been received from Josephine Main, Manwe South, Julie Far East and Madam’s Farm.


Josephine Main

Drilling has extended mineralisation to 400 metres of strike and remains open at depth.

All six holes intersected mineralisation, which includes 10 metres at 7.43 g/t gold from 97 metres including 2 metres at 28.95 g/t gold.

The broader mineralised envelope has been expanded with intercepts of 14 metres at 1.19 g/t gold from 74 metres, 9 metres at 1.08 g/t gold from 47 metres and 9 metres at 1.34 g/t gold from 61 metres.

Drilling is advancing towards a maiden Mineral Resource estimate.


Manwe South

First pass drilling intercepted 2 metres at 22.99 g/t gold from 46 metres, 4 metres at 2.14 g/t gold from 16 metres and 9 metres at 2.01 g/t gold from 22 metres.

Additional holes are planned.


Julie Far East

First pass drilling intercepted 7 metres at 3.00 g/t gold from 44 metre and 8 metres at 1.50 g/t gold from 18 metres.

This likely confirms an eastern offset to the main Julie ore deposit trend and additional holes are planned.


Madam’s Farm

First pass drilling intercepted 2 metres at 3.29 g/t gold from 32 metres and 4 metres at 2.20 g/t gold from 34 metres.

Additional holes have already been drilled with results available in the coming weeks.


Analysis

These mid-program results demonstrate the potential the Wa Gold Project has to host shallow gold mineralisation.

The results from Josephine are encouraging and confirm extensions to the current mineralisation, which increases the likelihood of a maiden Mineral Resource estimate at the prospect.

First pass testing at Manwe South, Julie Far East and Madam’s Farm is a further indicator of the prospectivity of Azumah’s 2,400 square kilometre project area.

Azumah will stay leveraged to exploration news flow over the coming weeks with the majority of drill results still to come.

Extensive metallurgical test work has been undertaken to confirm a high average overall gold recovery of circa 92% for the Kunche, Bepkong and Julie gold deposits.

Azumah has had two, 15-year mining leases granted over its key deposits and is now moving to obtain environmental operating permits.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

Company shares are up over 55% year to date, last trading at $0.044.

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Mon, 24 Oct 2016 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167799/azumah-resources-ltd-drills-up-to-289gt-gold-in-west-africa-167799.html
<![CDATA[News - Azumah Resources updates resource to over 2M gold ounces ]]> http://www.proactiveinvestors.com.au/companies/news/167252/azumah-resources-updates-resource-to-over-2m-gold-ounces-167252.html Azumah Resources Ltd (ASX:AZM) has updated its JORC compliant resources at the Wa Gold Project in Ghana to 2.06 million ounces of gold.

The project hosts 7 gold deposits, has had a feasibility study completed and two mining leases granted.

The resource increase totalled 69,000 ounces gold grading 4.4 g/t gold and came from the outcropping Julie West and Danyawu deposits.

These deposits are only 7 kilometres from the granted mining lease and the project’s largest gold resource, the 834,000 ounce gold Julie deposit. 

Stephen Stone, managing director, commented: “The outcropping Julie West and Danyawu Mineral Resources totalling 69,000 ounces at 4.4 g/t gold are expected to provide high-value incremental ounces to Azumah’s existing 624,000 ounce Ore Reserve and enhance the company’s already advanced plans for the development of an initial seven year, 90,000 ounces per year gold operation.”


Wa Gold Project

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.
  
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Current drilling

Azumah is nearing the end of a multi-target, 5,500 metre drilling campaign investigating several new targets.

The key objective is advancing the Josephine and Manwe prospects closer to maiden resource estimates.


Analysis

The resource increases at the Julie West and Danyawu deposits are valuable due to their shallow depth and high grade.

These attributes mean they have the potential to be cost effectively mined.

Azumah has further potential to expand its resource base at the Wa Gold Project through the ongoing drill program targeting maiden resource estimates at the Josephine and Manwe prospects.

Azumah is in the process of finalising its environmental impact statement to obtain a Ghana environmental protection agency license for the project.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

Company shares are up over 40% year to date, last trading at $0.04.

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Wed, 12 Oct 2016 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167252/azumah-resources-updates-resource-to-over-2m-gold-ounces-167252.html
<![CDATA[News - Azumah Resources Ltd begins drilling to expand Ghana gold resources ]]> http://www.proactiveinvestors.com.au/companies/news/165845/azumah-resources-ltd-begins-drilling-to-expand-ghana-gold-resources-71008.html Azumah Resources Ltd (ASX:AZM) has commenced a 5,500 metres drilling campaign to test several high-priority targets at its Wa Gold Project in north-west Ghana.

The Wa Gold Project contains an ore reserve of 624,000 ounces gold at 2.14 g/t gold.

Azumah had completed a feasibility study, which estimated an initial 7 year mine-life for Wa, producing 90,000 ounces of gold per annum.

The new drilling will test multiple targets at Manwe for depth and strike extensions to the high-grade mineralisation discovered earlier in the year.

At Madam’s Farm, 4 kilometres northwest of the main Julie deposit, drilling will test a new area of auger and rock chip anomalism trending parallel to the Julie mineralisation.

Additionally, reverse circulation drilling at Kjersti East has been designed to follow-up high grade anomalism identified in recent trenching that returned up to 4 metres at 7.64g/t gold.

The aircore and reverse circulation programs are expected to be completed by end-September with results in October.

Azumah is presently progressing discussions with parties interested in project financing and development co-participation for the Wa project.

The company is also progressing on obtaining Ghana Environmental Protection Agency license for the project.

Azuma raised $4.65 million in July from a share placement and a share purchase plan.

The company’s share price has increased by 64% since the beginning of 2016, last trading at $0.046.

 

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Wed, 14 Sep 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165845/azumah-resources-ltd-begins-drilling-to-expand-ghana-gold-resources-71008.html
<![CDATA[News - Azumah Resources Ltd raising cash for African exploration ]]> http://www.proactiveinvestors.com.au/companies/news/149950/azumah-resources-ltd-raising-cash-for-african-exploration-69239.html Ghana focused gold explorer and developer Azumah Resources Ltd (ASX:AZM) is heading to market with a capital raising.

Azumah's Wa Gold Project hosts 2 million gold ounces, with 1.3 million ounces in the higher confidence measured and indicated categories.

The ASX has granted a trading halt, which will remain in place until the opening of trade on Monday 20th June 2016, or earlier if an announcement is made to the market.

 

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Thu, 16 Jun 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149950/azumah-resources-ltd-raising-cash-for-african-exploration-69239.html
<![CDATA[News - Azumah Resources Ltd looks to expand 2M ounce gold bounty in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149949/azumah-resources-ltd-looks-to-expand-2m-ounce-gold-bounty-in-ghana-68937.html Azumah Resources Ltd (ASX:AZM) has completed an auger drilling program at the Manwe prospect that has extended to 3 kilometres zones the anomalous zone at the prospect, part of the Wa Gold Project in Ghana.

Azumah is looking to add to the gold resource of 2 million ounces and 624,000 ounces of reserves at Wa.

Azumah previously received excellent results from Phase 1 drilling at Manwe, including 12 metres at 5.28 g/t gold from 49 metres and 32 metres at 2.18 g/t gold from surface.

The company is currently conducting another 21 square kilometres auger drilling programme aimed at defining the extremities to the northwest - southeast trending anomalism.

Earlier this month Azumah Resources reported several initiatives designed to achieve major capital cost reductions at the project.

These resulted from a review of the March 2015 feasibility study and included US$54 million from establishment costs and US$28 million from its mining fleet, which will now be provided by a contractor.

The cost savings will reduce the capital funding requirement for the development of the WA Project.  Taken with strengthening gold prices, and the resulting improved investor sentiment, this enhances the chances of securing development finance.

Shares in Azumah Resources are up nearly three-fold from their low in January 2015.

 

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Tue, 31 May 2016 12:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149949/azumah-resources-ltd-looks-to-expand-2m-ounce-gold-bounty-in-ghana-68937.html
<![CDATA[News - Azumah Resources on a funding drive ]]> http://www.proactiveinvestors.com.au/companies/news/149948/azumah-resources-on-a-funding-drive-65494.html Azumah Resources (ASX:AZM) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Azumah is focussed on the Wa Gold Project in Ghana, which currently hosts 2 million gold ounces, with over half in the higher confidence Measured & Indicated categories.

The halt will remain in place until the opening of trade on Wednesday 11th November 2015, or earlier if an announcement is made to the market.

 

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Mon, 09 Nov 2015 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149948/azumah-resources-on-a-funding-drive-65494.html
<![CDATA[News - Azumah Resources cornerstone investor adds to holdings at premium ]]> http://www.proactiveinvestors.com.au/companies/news/149947/azumah-resources-cornerstone-investor-adds-to-holdings-at-premium-57606.html Azumah Resources (ASX:AZM) should trade firmer after existing shareholder Caitlyn Limited committed to invest an additional $1.2 million, reinforcing its commitment to assist Azumah advance its Wa Gold Project in Ghana, West Africa.

Funds will be provided via the issue of 30 million Azumah shares at $0.04 and together with Caitlyn’s existing shareholding of 20 million shares, will elevate it to become Azumah’s largest shareholder at 13%.

Azumah’s working capital will increase to over $4 million with the new funds being applied to complete a Feasibility Study scheduled for Q4 2014, and to drill several high-priority exploration targets.

The increased commitment by Caitlyn provides a strong endorsement for the Wa Gold Project and complements Azumah's other key investors and project participants, Ausdrill (ASX:ASL) and Macquarie Bank.

Caitlyn is controlled by Indian industrialist Mr Agnivesh Agarwal who is Chairman of United Arab Emirates-based gold refiner Fujairah Gold, a 100%-owned subsidiary of listed British mining house, Vedanta Resources (LON:VED).

A subscription agreement also provides Caitlyn with a frontline opportunity to participate in a project development funding package structured by Azumah.

If Caitlyn decides to not participate, it has agreed not to use its shareholding to block progress of the funding or any related corporate transaction.

An anti-dilution provision allows Caitlyn to maintain its 13% equity holding for the next 12 months and a standstill undertaking prevents Caitlyn exceeding a 19.99% holding for 3 years.

Azumah recently increased Ore Reserves and Mining Inventory to over 650,000 gold ounces, underpinning an initial seven year mine life for the proposed 100,000 ounce per year operation.

The project is already substantially de-risked with mining leases granted, grid power to site, easily accessible water, sealed roads and community support.

There is also the untapped prospectivity of Azumah’s 2,800 square kilometre licence holdings.

In late January, Azumah entered into an innovative alliance with Ausdrill whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

 

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Tue, 16 Sep 2014 15:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149947/azumah-resources-cornerstone-investor-adds-to-holdings-at-premium-57606.html
<![CDATA[News - Azumah Resources clinches gold leases in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149946/azumah-resources-clinches-gold-leases-in-ghana-56537.html Azumah Resources (ASX:AZM) shares will trade higher after the Ghanaian Minister of Lands and Natural Resources granted two mining leases for its Wa Gold Project in Ghana.

The leases are for a term of 15 years and encompass the Kunche and Bepkong deposits, where Azumah’s proposed 1.2 million tonne per year gold plant will be sited, and the Julie deposit, 80 kilometres to the east.

Granting of the mining leases represents another milestone in de-risking and advancing Azumah’s Wa Gold Project to development ready status and planned production in 2016.

Combined with the provision of new grid power infrastructure and the issue of water extraction licences, the grant of the Mining Leases underscores the Ghana Government’s strong support for the project.

Importantly, the grant of the Mining Leases paves the way for Azumah to formally commence its application to the Ghana Environmental Protection Authority for an environmental permit.

As part of this process, Azumah is updating a previously lodged draft Environmental Impact Statement.

GR Engineering Services is managing a feasibility study for the project that is on-track for completion this year. 

In late January, Azumah entered into an alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill invested $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

And in November last year, whilst trading at $0.025, AZM completed a $1 million placement at $0.05 to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, in turn a wholly-owned subsidiary of the Indian mining conglomerate, Vedanta Resources (LON:VED).

 

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Mon, 28 Jul 2014 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149946/azumah-resources-clinches-gold-leases-in-ghana-56537.html
<![CDATA[News - Azumah Resources shares on the up following gold price and placement premiums ]]> http://www.proactiveinvestors.com.au/companies/news/149945/azumah-resources-shares-on-the-up-following-gold-price-and-placement-premiums-52940.html Azumah Resources (ASX:AZM) shares have soared on the back of multiple share placements at premiums to its prevailing share price, coupled with a possible reversal to the previously downtrending gold price.

Its shares galloped to an intraday high of $0.056 today, before retracing, up from lows of $0.021 in mid-December 2013.

In late January, Azumah entered into an innovative alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

And in November last year, whilst trading at $0.025, it completed a $1 million placement comprising 20 million new shares at $0.05 to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, in turn a wholly-owned subsidiary of the Indian mining conglomerate, Vedanta Resources (LON:VED).

Azumah is focused on the exploration and development of the 3,100 square kilometre Wa project, which contains a JORC mineral resource of over 2 million ounces of gold.

The company also holds a 15.5% strategic stake in neighbouring junior explorer, Castle Minerals (ASX:CDT), which controls 11,000 square kilometres of prospective ground in the region.

Azumah last traded at $0.045 and is capitalised at around $17 million.

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Tue, 18 Feb 2014 17:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149945/azumah-resources-shares-on-the-up-following-gold-price-and-placement-premiums-52940.html
<![CDATA[News - Azumah Resources strikes $2M funding deal with Ausdrill Limited ]]> http://www.proactiveinvestors.com.au/companies/news/149944/azumah-resources-strikes-2m-funding-deal-with-ausdrill-limited-52233.html Gold company Azumah Resources (ASX:AZM) has entered into an innovative alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05 per share anytime prior to expiry.

Currently, the Azumah share price is $0.033.

Azumah is looking to develop the advanced the 2.2 million ounce Wa Gold Project, in north west Ghana which has a Measured and Indicated Resource of 1.4 million ounces grading 1.8 grams per tonne gold.

An update of the Feasibility Study and Mineral Reserves is underway following substantial Mineral Resource increases. The funds invested will be applied principally to the completion of the revised Study.

Under the alliance the parties have undertaken to work together on a collaborative and transparent basis to optimise the mining components of the Project.

Ausdrill is a leading Perth-based contract mining and services group with revenue of over A$1.1 billion in FY2013.

Azumah has the option to repay the note on expiry (if not converted by Ausdrill at $0.05) and pay periodic interest (8%pa) in cash or with new shares to be issued based on the Azumah share price at the time.

Azumah also has the right to require conversion prior to expiry at $0.05 if the 30 day volume average weighted price (VWAP) for Azumah shares is above $0.075.

If Ausdrill was to convert its note at $0.05, it would hold a 10% interest in Azumah making it the Company’s
largest single shareholder.

The alliance with Ausdrill follows the recent $1.0 million placement at $0.05 to Indian industrialist Agnivesh Argawal through his wholly owned Caitlyn Limited and together takes cash reserves for Azumah to $5.5 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Jan 2014 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149944/azumah-resources-strikes-2m-funding-deal-with-ausdrill-limited-52233.html
<![CDATA[News - Azumah Resources bags $1 million at 100% premium for Wa gold project, Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149943/azumah-resources-bags-1-million-at-100-premium-for-wa-gold-project-ghana-50537.html Azumah Resources (ASX:AZM, TSX:AZR) has completed a $1 million placement comprising 20 million new shares at $0.05, with funds to be directed towards a revised at it Wa gold project in Ghana.

The placement was made to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal, who will now hold a 5.6% interest in Azumah and become its third largest shareholder.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, a wholly-owned subsidiary of  Indian mining conglomerate, Vedanta Resources (LON:VED).

Azumah is focused on the exploration and development of the 3,100 square kilometre Wa project, which contains a JORC mineral resource of over 2 million ounces of gold.

The company also holds a 15.5% strategic stake in neighbouring junior explorer, Castle Minerals (ASX:CDT), which controls 10,000 square kilometres of prospective ground in the region.

Azumah is currently capitalised at around $8 million.

 

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Tue, 26 Nov 2013 11:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149943/azumah-resources-bags-1-million-at-100-premium-for-wa-gold-project-ghana-50537.html
<![CDATA[News - Azumah Resources intercepts high grade gold at Wa project in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149942/azumah-resources-intercepts-high-grade-gold-at-wa-project-in-ghana-44422.html Azumah Resources (ASX:AZM; TSX:AZR) has delivered high grade gold intercepts from drilling that are likely to result in a material increase in Mineral Reserves from the Wa East area in Ghana.

These included 3 metres at 15.59 g/t gold from 73 metres, 2 metres at 4.37 g/t gold from 84 metres and 5 metres at 12.69 g/t gold from 68 metres from RD/diamond drilling at Julie East.

These are part of the Wa gold project in northwest Ghana where Measured and Indicated resources have increased to 1.36 million ounces of gold and Inferred resources to 0.85 million ounces of gold.

The conversion to mineral reserves is likely to occur when Azumah hands down its Feasibility Study update later in the year.

Azumah also reported the results of drilling at the Josephine North prospect which has successfully tested for mineralisation below a 400 metres long zone of artisanal workings.

The RC drilling at the Josephine North prospect saw intercepts including 14 metres at 2.18 g/t gold from 28 metres and 5 metres at 1.87 g/t Au from 56 metres.

The Josephine North results highlight the opportunity to define additional mineralisation in the Wa East region and to lift resources that already comprise more than 50% of the Wa Gold Project inventory.

An update of the Feasibility Study and Mineral Reserves is underway following substantial increases in resources.

 

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Thu, 13 Jun 2013 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149942/azumah-resources-intercepts-high-grade-gold-at-wa-project-in-ghana-44422.html
<![CDATA[News - Azumah Resources extends Ghana gold mineralisation ]]> http://www.proactiveinvestors.com.au/companies/news/149941/azumah-resources-extends-ghana-gold-mineralisation-35906.html Azumah Resources (ASX:AZM) has struck more gold at its Wa project in Ghana, with mineralisation at the Julie deposit extending outside of the current resource envelope and below the base of the current shallow pit designs.

The new Julie drill results, along with early stage exploration results from Collette and Kjersti prospects confirm Wa's potential as a highly prospective gold mineralisation zone, with further mineral reserves being defined in the area.

The latest holes at Julie have been drilled into two high grade zones, over 1 kilometres long. Notable intercepts include:

- 7 metres at 5.39 grams per tonne (g/t) gold from 141 metres;
- 13 metres at 5.11g/t gold from 106 metres; and
- 4 metres at 10.32g/t gold from 68 metres.

An updated mineral resources estimate is underway for all key Wa gold project deposits, which now stands at a combined 1.02 million ounces measured and indicated and 0.66 million ounces inferred.

The updated mineral reserve and feasibility study, likely by end of first quarter next year, will include results from an additional 58000 metres of infill and extensional drilling undertaken since the last resource estimate.

The latest drilling results from the Julie deposit confirm the resource potential at the prospect, which is currently declared at 386,000 ounce Measured and Indicated and 181,000 ounce inferred.

The Collette deposit drilling also returned intercepts including 14 metres at 1.53 grams per tonne and 4 metres at 3.51 grams per tonne.

Follow up drilling at Kjersti prospect returned mineralisation at 20 metres at 2.21 grams per tonne and 3 metres at 4.12 grams per tonne.

Drilling is to start on the Josephine prospect to evaluate the gold anomalies.

Azumah's Wa gold project comprises 3,100 square kilometres over the Birimian greenstone belt, with less than 10% effectively explored.

The company also has a 17% strategic investment in neighbouring Castle Minerals (ASX:CDT) and has a cash position of A$16 million.


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Thu, 15 Nov 2012 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149941/azumah-resources-extends-ghana-gold-mineralisation-35906.html
<![CDATA[News - Azumah Resources set to grow 1.2 million gold ounces at Wa in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149940/azumah-resources-set-to-grow-12-million-gold-ounces-at-wa-in-ghana-11163.html An aggressive drilling campaign has been designed to build on the 1.2 million gold ounce resource at the Azumah Resources (ASX: AZM) Wa Gold Project in Ghana.

Reverse circulation and aircore drilling will focus on the discovery of additional shallow, high-margin resources close to the existing Kunche and Bepkong resources, with the programe including 100,000m of drilling to be completed by the end of 2010, with a further 150,000m by mid-2011.

The Wa Gold Project contains a JORC compliant indicated and inferred resource of 1.2 million ounces of gold, including 516,000 ounces at the Kunche deposit, 350,100 ounces at the Julie deposit and 212,000 ounces at Bepkong.

Azumah's aim is to upgrade this initial resource base to underpin plans to establish an initial 70,000 ounce a year operation, with the goal to expand this to over 100,000 ounces annually.

Stephen Stone, managing director, said “we have achieved a great deal at Wa in a short period but we believe that we have tapped only a small portion of its tremendous prospectivity.

“The recently acquired high-resolution aeromagnetic survey and ground geophysics datasets highlight this and are a real game-changer for Azumah enabling us to place our large pipeline of targets into a much better structural context and to generate new areas of interest.”

Azumah said the first assays are expected within the next few weeks.

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Wed, 27 Oct 2010 05:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149940/azumah-resources-set-to-grow-12-million-gold-ounces-at-wa-in-ghana-11163.html
<![CDATA[News - Azumah Resources in a trading halt to raise capital ]]> http://www.proactiveinvestors.com.au/companies/news/149939/azumah-resources-in-a-trading-halt-to-raise-capital-10852.html West African focused Azumah Resources (ASX: AZM) shares today were placed in a trading halt, at the company's request, pending an announcement regarding a capital raising.

Last month Azumah announced an upgrade in gold to 410,700 ounces at the Wa Gold Project in Ghana.

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Fri, 15 Oct 2010 07:46:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149939/azumah-resources-in-a-trading-halt-to-raise-capital-10852.html
<![CDATA[News - Azumah Resources raises A$11.1m for Ghana Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/149938/azumah-resources-raises-a111m-for-ghana-gold-project--7537.html Azumah Resources (ASX: AZM), a West African gold company, has arranged an institutional placement totalling approximately A$11.16 million (before expenses) through a heavily demanded share placement as part of its push to fast track exploration and development of its 100%-owned Wa Gold Project in north-west Ghana.

The capital raising, comprising an issue of 27.9 million shares at 40 cents per share, has been allocated to North American and Australian institutional investor clients of Toronto based ClarusSecurities Inc., Melbourne/Sydney/Hong Kong based BGF Equities and Perthbased Blackswan Equities Limited.

Pursuant to the 15% allowance under ASX Listing Rules the placement does not require shareholder approval.

Azumah said this capital raising, at twice the price of the previous raising last October, is consistent with the company’s strategy to broaden its shareholder base and introduce North American institutional investors onto its share register.

Stephen Stone, managing director, said "the funds raised will bolster Azumah’s working capital to over A$16 million. The funds will be primarily directed towards a major expansion of exploration and drilling focused on growing the company’s present 1.1Moz Indicated and Inferred Mineral Resource."

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Fri, 28 May 2010 12:55:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149938/azumah-resources-raises-a111m-for-ghana-gold-project--7537.html
<![CDATA[News - Azumah Resources raises $4.24M to accelerate development of Wa Gold Project in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149937/azumah-resources-raises-424m-to-accelerate-development-of-wa-gold-project-in-ghana-3247.html West African gold company Azumah Resources (ASX: AZM) has raised $4.24 million through an oversubscribed share placement as part of its push to fast-track exploration and development of its Wa Gold Project in north-west Ghana.

The news saw shares in the company rise 3.7%, or 1c, to 28c at 11.44am this morning.

The share placement, comprising 21.2 million shares at 20 cents per share, has been made to Australian and overseas institutional and sophisticated investor clients of Perth-based Blackswan Equities eastern states-based BGF Securities.

Pursuant to the 15% allowance under ASX Listing Rules, the placement does not require shareholder approval.

The funds raised will bolster Azumah’s working capital to over A$9 million ahead of a largescale, 41,000m drilling programme aimed at increasing the company’s previously outlined 750,000oz Indicated and Inferred Mineral Resource.

Azumah managing director Stephen Stone said the capital raising comes at a pivotal time in Azumah's development as the company embarks on a major new drilling programme designed to help it reach the critical mass resource base required to establish the first stand-alone commercial mining operation in north-west Ghana.

The raising would also help to ramp-up development studies at the company's Wa Gold Project.

“Based on our current resources, Azumah has an Enterprise Value of just A$41 per resource ounce of gold and, while this has been increasing of late, the company is still fundamentally and relatively undervalued against its West African explorer peers,” Mr Stone said.

He said the drilling programme was scheduled to commence shortly and would act as a priority test for extensions to the Kunche and Bepkong discoveries.
 
"It will also test for new mineralisation in the immediate vicinity of these deposits, investigate priority targets along the Kunche-Bepkong mineralised structural corridor and delineate maiden resources at the Julie and Collette prospects," Mr Stone said.

The first results are expected in early December and newsflow will continue well into 2010.

Maiden JORC Code mineral resource estimates for Julie and Colette are expected to be available early in the next Quarter.

Preliminary open pit optimisation and mine design studies based on the mining of the Kunche and Bepkong deposits over an initial 4.5 years indicate that the Wa Gold Project is already capable of generating robust cash operating margins and a healthy overall cash operating surplus.

Mr Stone said Azumah’s immediate objective was to delineate sufficient additional resources during the forthcoming and subsequent drilling programmes to underpin a decision in 2010 to develop a mining operation.

Azumah’s licences encompass over 150 strike kilometres of prospective Birimian aged greenstone terrain, the same rocks that host many of the world-class gold deposits in West Africa and Ghana.

Reconnaissance soil sampling has returned very widespread gold anomalism within Azumah’s 3,200km2 tenure but only a relatively limited area has ever been drilled.

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Thu, 12 Nov 2009 09:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149937/azumah-resources-raises-424m-to-accelerate-development-of-wa-gold-project-in-ghana-3247.html
<![CDATA[News - Azumah Resources commits to 41,000 metre gold exploration drilling campaign ]]> http://www.proactiveinvestors.com.au/companies/news/149936/azumah-resources-commits-to-41000-metre-gold-exploration-drilling-campaign-3021.html West African gold company Azumah Resources Ltd (ASX: AZM) has committed to a 41,000 metre drilling campaign to accelerate the build-up of resources at its 100%-owned Wa Gold Project, in northwest Ghana.

The drilling campaign will focus on extending existing resources at the Kunche and Bepkong deposits where the company has already outlined a 750,000 oz Indicated and Inferred Mineral Resource.

Azumah will test for new discoveries in the immediate vicinity of these deposits and will investigate compelling targets along the Kunche-Bepkong mineralised structural corridor.

It will also in-fill shallow high-grade mineralisation outlined at the Julie and Collette prospects to enable maiden resource estimates to be made for these zones, and it will test numerous other high-priority ranked targets throughout the company’s 3,100 square kilometre tenure.

“We have committed to substantially increasing the momentum of exploration activity and our development studies at the Wa Gold Project to move closer to achieving our core objective of establishing the first stand-alone commercial gold mining operation in the emerging north-west Ghana gold province,” said Azumah managing director Stephen Stone.

Work will commence shortly and will comprise 19,000 metres of reverse circulation (RC), 21,000 metres of aircore and 1,000 metres of diamond drilling.

The diamond drilling will provide core samples for the geotechnical and metallurgical test work components of the company’s preliminary development studies. These are gathering momentum following the recent release of positive open pit optimisation studies and preliminary mine designs that, subject to additional resources being defined, are planned to move seamlessly into more definitive mining and engineering studies in the first half of next year.

Azumah’s licences in northwest Ghana encompass over 150 strike kilometres of prospective  Birimian aged greenstone terrain, the same rocks that host many of the world-class gold deposits in West Africa’s and Ghana.

Reconnaissance soil sampling has returned very widespread gold anomalism within the Company’s tenements but only a relatively limited area has ever been drilled.

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Tue, 27 Oct 2009 07:34:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149936/azumah-resources-commits-to-41000-metre-gold-exploration-drilling-campaign-3021.html
<![CDATA[News - Azumah Resources inching closer to becoming a gold producer ]]> http://www.proactiveinvestors.com.au/companies/news/149935/azumah-resources-inching-closer-to-becoming-a-gold-producer-2334.html North west Ghana gold explorer, Azumah Resources (ASX: AZM) has reported that open pit optimisation studies on Kunche and Bepkong gold deposits have returned "robust" operating margins.

Based on a one million tonne per annum mining operation and gravity / CIL processing plant, the desk top study revealed the WA Gold project in Ghana, could recover 300,000 ounces of gold from existing Kunceh and Bepkong resources. 

This would generate an operating surplus of $138 million.

Total cash operating costs are estimated to be A$593/oz (US$483/oz) of gold recovered, reflecting the advantages of the close proximity of the Kunche and Bepkong Resources. 

And the ability to access higher-grade, low strip ratio, near-surface oxide mineralisation at an early stage of operations.

Azumah Executive Chairman, Mr Stephen Stone said “recently completed preliminary open pit optimisation studies for the 100%-owned Wa Gold Project in Ghana confirm that Azumah is a step closer to becoming a gold producer.”

“On the strength of these robust results, we have commenced Scoping Studies and will accelerate drilling programmes to establish the critical mass of gold resources required to support what would be the first stand-alone commercial gold mining and processing operation in the emerging north west Ghana gold province,” Mr Stone added.

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Fri, 21 Aug 2009 13:45:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149935/azumah-resources-inching-closer-to-becoming-a-gold-producer-2334.html
<![CDATA[News - Azumah Resources raises $5.2 million to fast-track Ghana gold projects ]]> http://www.proactiveinvestors.com.au/companies/news/149934/azumah-resources-raises-52-million-to-fast-track-ghana-gold-projects-1481.html Azumah Resources Ltd (ASX: AZM) has raised $5.25 million via a placement to local and international institutional and sophisticated investors, issuing 58.33 million fully paid ordinary shares at $0.09 per share.

The placement generated strong support and has was heavily oversubscribed. Macquarie Bank is participating in the placement and increasing it‟s equity in Azumah to 15.26%.

The funds will be used to accelerate exploration, resource definition and project development at Azumah‟s highly prospective Wa-Lawra Gold Project in Ghana and, subject to the successful completion of it's acquisition from Crew Gold Corporation, the Wa Project.

The 100% owned Wa-Lawra Gold Project has a defined an Indicated and Inferred mineral resource inventory of 754,000 ounces.

Executive Chairman, Mr Stephen Stone said, “This additional funding combined with our outstanding exploration targets and existing mineral resources will increase our ability to achieve our primary objective of delineating sufficient gold mineralisation to underpin a stand-alone, open-cut mining operation in north-west Ghana."

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Tue, 19 May 2009 08:42:00 +1000 http://www.proactiveinvestors.com.au/companies/news/149934/azumah-resources-raises-52-million-to-fast-track-ghana-gold-projects-1481.html
<![CDATA[News - Azumah Resources commences drilling at Wa-Lawra Gold Project in Ghana ]]> http://www.proactiveinvestors.com.au/companies/news/149933/azumah-resources-commences-drilling-at-wa-lawra-gold-project-in-ghana-0912.html Azumah Resources (ASX: AZM) has advised that it has commenced a reverse circulation drilling programme at its Wa-Lawra Gold Project, north-west Ghana.

Six holes will test for near-surface, north and south extensions to the 212,000 ounce gold Bepkong Indicated and Inferred Mineral Resource.  Two 100m holes are also planned to investigate a new, high-priority, north-north-west trending target 400m west of the 516,000 ounce gold Kunche Indicated and Inferred Mineral Resource.

A recent desktop review of historical geophysical datasets showed that mineralisation at Kunche is associated with ‘high chargeability and apparent resistivity responses’. The new target has similar geophysical characteristics, supporting anomalous geochemical soil samples and anomalous mineralisation in a shallow depth drill hole.

About Azumah Resources

Azumah has a resources of 754,300 JORC Code compliant Mineral Resource inventory at Wa-Lawra Gold Project in north-west Ghana.  516,000oz and 212,000oz Indicated and Inferred Mineral Resources at Kunche and Bepkong.  100%, 2,800km2 licences hosting 110km of prospective Birimian greenstone belt.  The company has a pipeline of drill targets and a management team with successful exploration history.  The company has a market capitalisation per resource ounce well below industry benchmarks.

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Thu, 26 Feb 2009 00:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/149933/azumah-resources-commences-drilling-at-wa-lawra-gold-project-in-ghana-0912.html