African Mining & Exploration (AME) has announced a maiden JORC resource of 107,000 ounces at a cut off grade of 0.5g/t at its Mali project.
AME’s main interest is the Kossanto project in the centre of the prospective Kenieba inlier in Western Mali. The estimated resource is 2.35m tonnes at a grade of 1.42g/t. Infill and extension drilling is underway. Drilling at Gourbassi East will begin later in the year.
Cost cutting will reduce the cash outflow for 2013 by £350,000. This includes a cut of around one-fifth in the pay of the executives. David Archer replaced Clive Harrison as a non-executive director and he will receive a fee of £1 a year – the same as Harrison.
On 2 May, there was £1.18m in the bank.
At 2.75p a share, up 0.38p, AME is valued at £2.32m.
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