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Mining News November 27, 2020 05:00:35 PM

Mali Gold Mine Announces First Gold Pour

Michael Marley
ScrapMonster Contributor
The company had started drilling at the project area almost two weeks back.

Mali Gold Mine Announces First Gold Pour

SEATTLE (Scrap Monster): Firefinch Ltd. announced that it has completed first gold pour at Morila gold mine in Mali. The company had acquired 80% ownership in the mine from mining majors AngloGold Ashanti and Barrick Gold last week. The remaining 20% ownership is held by the Mali government.

Dr Alistair Cowden, Executive Chairman, Firefinch stated that the company is pleased to be generating cash flow, by producing gold above forecast even within the first month of its operation. The gold production is likely to surpass 4,000 ounces in the month of November, at an all-in sustaining cost of $1,000-$1,100 per Oz. The Morila mine was unaffected by the recent labour strikes at Mali mines, Cowden noted.

The company had started drilling at the project area almost two weeks back. It had commenced exploration activities at the site immediately after the acquisition, without wasting any further time.

Firefinch expects the mine to produce around 26,000 ounces of gold from the mine before Q2 2021. It must be noted that the mine is scheduled for closure in 2021.

In related news, company directors demonstrated their faith in the company by purchasing additional shares of it. Executive Chairman Dr. Alistair Cowden purchased 750,000 shares, making his total holdings to 5.75 million shares. Also, Non-executive director Brendan Borg added 167,500 company shares to his portfolio, which now has 12.5 million shares.

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