Gofer Mining plc is pleased to announce that it has entered into an agreement to purchase 100% of Ukrainian registered Saulyak LLC and Began LLC.

The acquisition immediately adds 1.3 million oz worth of confirmed gold reserves across both mines. Saulyak is a gold only mine and Began is primarily a Barite based polymetallic mine which contains a number of precious metals, zinc and lead, as well as copper and cadmium resources.

The company plans to invest £ 115 million into the development of these mines over the course of the next five years, bringing the 5-year 2020 to 2024 investment plan to £ 365 million in total.

The former forms a mining concession near Rakhiv city in Ukraine with license number 5258 and latter a mining concession near the Hungary Ukrainian border holding number 2769 license.

Michail Kolpidis of Gofer Mining CFO commented:

“The acquisition of these mines comes at pivotal moment in the company track record in Ukraine and allows it to diversify its operations to lead the company into stable existing in this new marketplace. We are enthusiastic about expanding our footprint further for sustained growth.”

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