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Tietto Minerals Ltd on fast track to build new gold mine in West Africa after A$85m placement

The company remains well positioned to advance its strategy of continued rapid resource growth at Abujar and to pour first gold at the mine by the end of the year.

Tietto Minerals Ltd (ASX:TIE) remains on track with the rapid construction of West Africa’s next gold mine and expects it to pour first gold at the Abujar gold project in Côte d’Ivoire by the end of the year.

The company continues to achieve significant milestones, with key findings from its October 5, 2021 feasibility study indicating strong financial results and estimated gold production of 260,000 ounces in the first year and 200,000 ounces per year over the next few years. first six years of the Abujar mine, lasting 11 years. life.

The Ivorian government has checked off all mining and environmental clearances and Tietto is negotiating a final regulatory step for the mine with the Abujar Mining Convention.

The Tietto company remains well positioned to advance a strategy of continued rapid resource growth in Abujar and to accelerate the development of the facility to pour first gold by the end of the year.

Mining construction activities

Construction of the mine is progressing rapidly, no lost time injuries (LTIs) have been reported, bulk earthworks have been completed for the processing plant and camp area, and concrete foundations have been completed. been asked for installation.

Camp accommodation units under construction.

Construction of an administrative office, cafeteria and the first 120 camp rooms is underway, and shop drawing of structural steel and sheet metal has begun.

Steel for the 90 kilovolt power line, 34 kilometers long, has arrived at the port of Abidjan and is awaiting customs clearance.

The SAG mill remains on track for delivery to site in the second quarter of 2022.

Borehole drilling.

Investment financing

These activities will be funded by the second tranche of an A$85 million equity placement, which was approved by shareholders on January 7, with the shares being issued on January 17.

This capital injection is part of Tietto’s debt strategy, with the Taurus Mining Finance Fund securing the development of the project with the facility of up to $140 million in debt financing for the $200 million project. .

“I would like to thank and congratulate our construction team and contractors for their commitment to safety, continuing to work without LTI in December,” said Tietto General Manager Dr. Caigen Wang.

“With the final settlement of the second tranche of our recent capital raise, we are now fully funded for production at Abujar, which has the potential to be one of the largest producing gold mines in Côte d’Ivoire. Ivoire, which is expected to produce more than 260,000 ounces of gold in the first year and 1.2 million ounces of gold in the first six years.

“I look forward to providing further updates during the year as construction advances the Abujar Gold Project to the first gold deposit by the end of the year and becomes the West Africa’s next gold mine.”