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Azumah Resources Limited: Placement to Advance Feasibility Study, Wa Gold Project, Ghana

Azumah Resources Limited: Placement to Advance Feasibility Study, Wa Gold 
Project, Ghana 
PERTH, AUSTRALIA -- (Marketwired) -- 11/26/13 -- Perth-based gold
explorer and developer, Azumah Resources Limited (ASX:AZM)(TSX:AZR)
("Azumah" or "the Company") is pleased to advise that it has
completed a $1.0M placement comprising 20M new shares at $0.05 each
to Caitlyn Limited, a private investment company associated with
Indian industrialist Mr Agnivesh Agarwal.  
Mr Agarwal, who will now hold a 5.6% interest in Azumah and be its
third largest shareholder, is the Managing Director of United Arab
Emirates based gold refiner, Fujairah Gold FZE, a wholly-owned
subsidiary of the LSE listed Indian mining conglomerate, Vedanta
Resources PLC ("Vedanta") of which Mr Agarwal's family is majority
shareholder.   
He is also Non-Executive Chairman of Hindustan Zinc Ltd and
Non-Executive Director of Sterlite Energy Ltd, both of which have
Vedanta as their major shareholder.  
Azumah will apply funds from the placement towards the completion of
a revised Feasibility Study on Azumah's 100% owned Wa Gold Project,
northwest Ghana, West Africa (the "Project") (Figure 1).  
"Azumah welcomes the investment by Mr Agarwal and the opportunity
this provides to leverage off his industry expertise and
affiliations," Azumah Managing Director, Mr Stephen Stone said.  
About Azumah Resources Limited 
Azumah is focused on the exploration and development of the
100%-owned, 3,100km2 Project, which contains a JORC & NI 43-101
independently estimated Mineral Resource that was increased this year
to more than 2 million ounces of gold (refer Table 1 and ASX/TSX
release dated 15th January 2013).  
A Feasibility Study and Mineral Reserve completed in August 2012 is
being revised to reflect the expanded Mineral Resources, including an
84% growth in resources at the Julie deposit and a larger 1.3Mtpa
plant producing an average of 100,000oz Au per annum over a mine life
of more than six years (refer ASX/TSX release dated 19 June 2013). 
The Company also holds a 15.5% strategic stake in neighbouring junior
explorer, Castle Minerals Limited, which has approx. 10,000km2 under
licence in the region.  
Azumah now retains cash and listed investments of approx. $4.4
million.  
Figure 1: Wa Gold Project, Ghana - Key Deposits and Prospects is
available at the following address:
http://media3.marketwire.com/docs/Figure1_WaGoldProject_913892.pdf  
Table 1: Wa Gold Project Mineral Resource Estimate (CSA Global Pty
Ltd - June 2013) 


 
----------------------------------------------------------------------------
Cut-off                               Measured                     Indicated
                ------------------------------------------------------------
0.5 g/t Au          Tonnes     Grade      Gold    Tonnes     Grade      Gold
                      (Mt)  (g/t Au)      (oz)      (Mt)  (g/t Au)      (oz)
----------------------------------------------------------------------------
Kunche                8.42      1.73   468,000      2.24      1.38    99,000
Bepkong               2.22      1.79   128,000       1.7      1.33    73,000
Aduane                                                                      
Julie                 0.80      1.95    50,000      8.93      2.05   589,000
Collette                                                                    
----------------------------------------------------------------------------
Total                 11.4      1.76   646,000      12.9      1.84   761,000
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Cut-off                 Measured and Indicated                      Inferred
                ------------------------------------------------------------
0.5 g/t Au          Tonnes     Grade      Gold    Tonnes     Grade      Gold
                      (Mt)  (g/t Au)      (oz)      (Mt)  (g/t Au)      (oz)
----------------------------------------------------------------------------
Kunche               10.65      1.66   567,000      4.86      1.17   183,000
Bepkong               3.92      1.59   200,000      1.17      1.17    44,000
Aduane                                              1.77       1.5    85,000
Julie                 9.73      2.04   639,000      6.64       1.9   406,000
Collette                                            1.69      1.45    79,000
----------------------------------------------------------------------------
Total                 24.3      1.80 1,406,000      16.1      1.54   797,000
----------------------------------------------------------------------------
                                                                            
Values have been rounded                                                    

 
Table 2: Summary of Wa Gold Project Mineral Reserves (Coffey Mining
Pty Ltd - August 2012) 


 
----------------------------------------------------------------------------
                           Mineral Reserve Summary                          
----------------------------------------------------------------------------
                                                                   Contained
                                  Proved                Probable        Gold
(As of 21st Aug       Tonnes       Grade      Tonnes       Grade            
 2012)                  (Mt)    (g/t Au)        (Mt)    (g/t Au)       oz Au
----------------------------------------------------------------------------
Bepkong                  1.7         1.9         0.2         2.0     117,000
Kunche                   2.3         2.1         1.6         1.6     238,000
Julie                      -           -         1.0         2.4      74,000
----------------------------------------------------------------------------
Total                    4.0         2.0         2.8         1.9     430,000
----------------------------------------------------------------------------
                                                                            
Values have been rounded                                                    

 
Cautionary Statement 
The Company has not made a production decision and its strategic plan
to develop a gold mining operation is subject to the results of an
update to the 'Stage One' Feasibility Study (refer ASX release dated
28th August 2012) and other factors, some of which are beyond the
Company's control. The Mineral Resources disclosed herein are
preliminary in nature and include Inferred Mineral Resources that are
considered too speculative geologically to have economic
considerations applied to them to be categorised as Mineral Reserves.
There is no certainty that the Mineral Resources disclosed herein
will be realised or converted to Mineral Reserves. Inferred Mineral
Resources captured in optimised pits may not all be converted to
Measured and Indicated Resources. Mineral Resources which are not
Mineral Reserves do not have demonstrated economic viability. Target,
expected and anticipated numbers contained herein are not confirmed,
are not JORC or NI 43:101 compliant and are indicative only. Target
Mineral Reserves implied herein are based on preliminary Whittle
optimisations using adjusted Feasibility Study assumptions. 
Competent Persons' Statement  
The scientific and technical information in this report that relates
to the in-situ Mineral Resource estimates for the Kunche, Aduane and
Julie deposits is based on information compiled by Mr Dmitry Pertel,
who a full-time employee (Manager - Resources) of CSA Global Pty Ltd.
Mr Pertel is a Member of the Australian Institute of Geoscientists
and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves' and to
qualify as a "Qualified Person" as defined in National Instrument 43
-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of
the Canadian Securities Administrators. Mr Pertel has reviewed and
approved the disclosure of the relevant scientific or technical
information contained in this announcement that relates to the
Kunche, Aduane and Julie Mineral Resource estimates. 
The scientific and technical information in this report that relates
to the in-situ Mineral Resource estimates for the Bepkong deposit is
based on information compiled by Mr David Williams, who is a
geological consultant employed by CSA Global Pty Ltd. Mr Williams is
a Member of the Australian Institute of Geoscientists and the
Australian Institute of Mining and Metallurgy and has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' and to qualify as a
"Qualified Person" as defined in National Instrument 43 -101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") of the
Canadian Securities Administrators. Mr Williams has reviewed and
approved the disclosure of all scientific or technical information
contained in this announcement that relates to the Bepkong Mineral
Resource estimate.  
For further information, including a description of Azumah's standard
data verification processes, quality assurance and quality control
measures, and details of the key assumptions, parameters and methods
used to estimate the Mineral Resources and Mineral Reserves set out
in this report and the extent to which the estimate of previously
declared Mineral Resources and Mineral Reserves set out herein may be
materially affected by any known environmental, permitting, legal,
title, taxation, socio-political, marketing or relevant issues,
readers are directed to the technical report titled "Wa Gold Project,
Ghana 43-101 Technical Report", effective as of 27 August, 2012,
available on www.sedar.com. 
The reported Mineral Reserves have been compiled by Mr Harry Warries.
Mr Warries is a Fellow of the Australasian Institute of Mining and
Metallurgy and an employee of Coffey Mining Pty Ltd. He has
sufficient experience, relevant to the style of mineralisation and
type of deposit under consideration and to the activity he is
undertaking, to qualify as a Qualified Person as defined in the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards of November 2010, as well as a Competent Person
as defined in the 'Australasian Code for Reporting of Mineral
Resources and Ore Reserves' of December 2004 ("JORC Code") as
prepared by the Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy, the Australian Institute of
Geoscientists and the Minerals Council of Australia. Mr Warries gives
Azumah Resources Limited consent to use this reserve estimate in
reports. 
Forward-Looking Statement 
This release contains forward-looking information. Such
forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend", and statements that an event or
result "may", "will", "should", "could", or "might" occur or be
achieved, and other similar expressions. In providing the
forward-looking information in this news release, the Company has
made numerous assumptions regarding: (i) the accuracy of exploration
results received to date; (ii) anticipated costs and expenses; (iii)
that the results of the feasibility study continue to be positive;
and (iv) that future exploration results are as anticipated. 
Management believes that these assumptions are reasonable.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those contained in the forward-looking
information. Some of these risks, uncertainties and other factors are
described under the heading "Risks Factors" in the Company's annual
information form available on www.sedar.com. Forward-looking
information is based on estimates and opinions of management at the
date the statements are made. Except as required by law, Azumah does
not undertake any obligation to update forward-looking information
even if circumstances or management's estimates or opinions should
change. Readers should not place reliance on forward-looking
information and readers are advised to consider such forward-looking
statements in light of the risks set forth in the Company's
continuous disclosure filings as found at the (Canadian) SEDAR
website. 
Contacts:
Stephen Stone
Managing Director
+61 (0)418 804 564
stone@azumahresources.com.au 
Robert Gundelach - Australia
NWR Communications
+61 (0)451 896 420
robert@nwrcommunications.com.au 
Joanna Longo - North America
Terre Partners
+1 416 238 1414
Jlongo@terrepartners.com
 
 
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