Azumah Resources Reports Mining Studies Indicate Robust Margins at Wa Gold Project (AZM.AX, 00979455, 20090821)

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Azumah Resources Reports Mining Studies Indicate Robust Margins at Wa Gold Project
Friday August 21, 2009, 8:19 am

Original Announcement: MINING STUDIES INDICATE ROBUST MARGINS

Azumah Resources reported that it has completed preliminary open pit optimisation studies for the 100%-owned Wa Gold Project in Ghana. The studies indicate that a 1Mtpa mining operation could recover nearly 300,000oz Au from the existing Kunche and Bepkong resources, generating an estimated pre-capital, undiscounted operating surplus of $138m. The conceptual operation, using conventional excavator and truck mining techniques, would mine a combined 4.5Mt Indicated and Inferred Mineral Resource averaging 2.24g/t Au and containing 323,000oz Au from within the total Kunche-Bepkong Indicated and Inferred Mineral Resource of 12.1Mt @ 1.9g/t Au containing 754,300oz Au, with total cash operating costs are estimated to be $593/oz (US$483/oz) of gold recovered.

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