Completion and Submission of ESIA

RNS Number : 4199R

Cora Gold Limited

06 July 2022

 

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

6 July 2022

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

Completion and Submission of Environmental and Social Impact Assessment

Cora Gold Limited, the West African focused gold company, is pleased to announce the completion and formal submission of an Environmental and Social Impact Assessment ('ESIA') for the Company's flagship Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.

Highlights:

-  Completion of ESIA in alignment with the International Finance Corporation ('IFC') Performance Standards by environmental consultants Digby Wells Environmental ('Digby Wells')

-  Formal submission of ESIA to the Direction Nationale de l'Assainissement et du Contrôle des Pollutions et des Nuisances ('DNACPN'), the governing administration for environmental matters in Mali

-  The ESIA is a crucial component of the Definitive Feasibility Study ('DFS'), which is expected to be completed in Q3 2022

CEO of Cora Gold, Bert Monro, commented: "The completion and submission of the ESIA marks a significant milestone for Cora as we continue to advance the development of our Sanankoro Project towards production. This, together with the recent completion of our 2022 drill programme that will be used to inform an updated Mineral Resource Estimate, mark the next key objectives towards delivering our DFS.

"The ESIA work programme comprised multiple workstreams, including stakeholder engagement, specialist baseline and impact assessment studies (including biodiversity, water and social studies), an integrated environmental and social management programme, a conceptual closure and rehabilitation plan, a resettlement policy framework and a community development plan.  The ESIA, completed in accordance with Malian requirements for Environmental Permitting and in alignment with good international industry practice including the International Finance Corporation Performance Standards, upholds Cora's commitment to excellence and working with our host communities to ensure an optimum outcome for all our stakeholders for the development of the Sanankoro Gold Project.

"We will continue to work closely with the relevant authorities in Mali as our ESIA application progresses and as we advance the next steps for the DFS ahead of its completion in Q3 2022."

Further Information

Cora has completed all specialist baseline and impact studies in support of the ESIA submission to the Mali authorities.  The ESIA document has been submitted in French to the DNACPN, the governing administration for environmental matters in Mali.

A validation site visit was conducted by an inter-ministerial delegation assigned by the DNACPN to evaluate Sanankoro Gold Project's Environmental Permit Application Process in August 2021 which preceded the final ESIA investigations. Following the ESIA submission, a validation workshop will be held in Bamako with an assigned delegation to provide the Company and Digby Wells with their feedback on the ESIA.  Following the incorporation of further material to address any matters raised by the DNACPN, an updated and final ESIA submission will be tendered, and the DNACPN statutory approval period will commence. Once an ESIA is approved then an Environmental Permit is issued and the permit holder is then able to apply for a Mining Permit.

The Company has maintained close communication with the DNACPN and all relevant groups throughout the period of preparing the ESIA report and anticipates no significant issues with the submission.  The Company will provide updates on progress of the ESIA in due course.

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.

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

Bert Monro Craig Banfield	Cora Gold Limited	[e-mail]
Christopher Raggett Charlie Beeson	finnCap Ltd (Nomad & Joint Broker)	[phone]
Andy Thacker James Pope	Turner Pope Investments (Joint Broker)	[phone]
Susie Geliher Charlotte Page Selina Lovell	St Brides Partners (Financial PR)	[e-mail]

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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