Senegal – The Presidential Decree was signed by the President of Senegal and counter signed by the Prime Minister and validates the terms of the Makabingui exploitation permit issued by the Mines Department in November 2016 and signed by the Minister of Mines & Geology.
Following the recent funding announcement in July 2017 – in which Bassari Resources successfully secured a US$12 million funding facility for the development of Makabingui with the Senegal division of Coris Bank International, a West African bank incorporated in Burkina Faso – the company will move to finalise with its project managers, the processing facility plant upgrade within a short timeframe with mining of first gold targeted for the first half of 2018.
“This is a significant milestone for Bassari Resources and the Makabingui gold project,” says Bassari Resources chairman Alex Mackenzie, having successfully concluded discussions and negotiations with the Government of Senegal.
“Senegal as a stable democracy has demonstrated itself to be supportive of international investment in the mining industry. From the initial resource discovery at Makabingui to full project approval and funding we have received support from our many stakeholders and we look forward to delivering this project over the coming months,” he says.
Makabingui at a glance
The Makabingui exploitation permit is for the development of the company’s Makabingui gold project consisting of the resource of +1 Moz of gold grading at 2.6g/t inclusive of the 171 000 oz of recovered high grade gold grading at 5.6 g/t in four pits to be mined in the initial stage of the Makabingui development.
The permit also covers the 8 km strike at Makabingui South.
The first phase of open pit mining will provide mill feed for a 300 000 tpa plant, which will average 95% recovery over the initial stage of the project.