Gofer Mining plc is pleased to announce that it has acquired 100% of Ituri Mining Limited and the Ituri operating gold mine for a sum of £ 32 million.

The company and mine with a valid production license has been acquired as a distressed asset at a lower valuation and the company audited by Deloitte book value is £ 101.2 million.

The Ituri gold mine has proven and probable reserves of approximately 4.1 Moz of gold as of December 2019. The combined measured and indicated gold resources have been estimated at 9 Moz, along with 5.3 Moz of inferred resources.

The mine currently has infrastructure to produce up to 320,000 troy ounces of gold doré bars per annum and will fit well into the asset portfolio of the company.

One of the terms of the acquisition was to preserve the jobs of 2563 people employed at the mine and invest in continued operations. Therefore the board has decided to expand the company investment plan by raising and investing up to £ 180 million into the area and mine over 10 years.

Contact Jeff using his profile below for any investor queries and Jenny for any media requests reference the current press release.