Nyieme Gold Project - Burkina Faso
The 246 square km Nyieme Gold Project is located some 270 km southwest of Ouagadougou near the town of Dano on the prospective Birimian Greenstone Belt in southern Burkina Faso.
The project has a JORC-compliant resource (refer to the announcement of 12 December 2012) totaling 1,395,000 tonnes at 2.06 g/t gold for 92,598 ounces at a cut-off grade of 1.0 g/t gold for all categories. The exceptional 3-year extension which was granted on 29 September, 2014 expires in October 2017. The Company has no intention to apply for a further extension or a renewal as previous work at the project found it to be of too small a scale to be viable and the Company does not wish to commit any further capital on exploration at this project. A decision has been taken by the Board to fully write-off the value of the Nyieme Gold Project during FY 2017. The value of this write-off in Goldplat's Statement of Profit and Loss and other Comprehensive Income for the year ended 30 June 2017 is £955,000.