ASCOM Precious Metals Mining

APM Everywhere Ethiopia Others

Welcome to ASCOM Precious Metals Mining, S.A.E.,(APM)

ASCOM Precious Metals Mining S.A.E (APM) is a subsidiary of ASEC Company for Mining S.A.E (ASCOM). APM was established in 2009 in order to pursue specific mining opportunities of precious metals and base metals within the under explored, mineral rich Eastern and North African region of the Arabian-Nubian Shield. APM’s asset base currently consists of 1 gold and one gold/base-metals concession in western Ethiopia, totaling more than 180km2.

ASCOM recently entered into a shareholders’ agreement for the sale of 64.46% of its Ethiopian mining arm, APM Ethiopia (BVI), to Allied Gold Corp (Allied) at a deal value equivalent to USD 14.5 million. The full proceeds will be used to finalize and complete all remaining feasibility study works and drilling. Allied will be granted full management control of the Company going forward.

Dish Mountain

APM’s main focus is the Dish Mountain deposit in Western Ethiopia, where it is currently in the process of producing a Preliminary Feasibility Study (PFS), to be closely followed by a Definitive Feasibility Study (DFS), both through independent consultancies.

Dish Mountain lies on the border with North Sudan in Benishangul Regional State, less than 9km north as the crow flies of Highway 5, the main road west out of Addis Ababa, Ethiopia’s capital. The largest regional centre is Asosa, one hour’s drive southeast of the highway entrance point.

APM has completed in excess of 58,000m of drilling to date at Dish Mountain, with a JORC (2012) Code compliant Resource Estimate conducted internally in 2016 of 22.26Mt at 2.04g/t for 1.46M Oz (Indicated and Inferred) within an optimization shell at a gold price of $1500. Due to drill spacing at the time much of this resource lies within the Inferred category. The $1500 optimisation shell is some 1.5km x 0.5km, with many other prospects in the immediate vicinity.

APM has also conducted some 5000m of drilling at it’s Abetselo Au-Cu project on the Asosa concession, highlighting potential for a Cu-Au VMS deposit. Abetselo is also prospective for reef-style Au mineralisation similar to that seen at Dish Mountain.