15th January 2014 African Barrick Gold plc (the "Company" or "ABG") Exploration Update * Bulyanhulu exploration drilling confirms extensions to Reef 1 and Reef 2 Mineralisation * Positive initial results from Aircore drilling on Kenyan Joint Venture Properties ABG is pleased to announce initial positive results from exploration drilling on the Bulyanhulu project from both surface and underground drill programmes, as well as Aircore drilling from the Joint Venture properties in Kenya. Key intersections from the exploration programmes include: Bulyanhulu Reef 1 Western Extensions: * BGMDD0054W1: 1.64m @ 11.7g/t Au from 1,434m incl. 0.68m @ 23.8g/t Au from 1,435m * BGMDD0054W2: 4.0m @ 8.42g/t from 1,637m incl. 1.0m @ 24.3g/t Au from 1,638m Bulyanhulu Reef 2 East Deeps: * UX4700-407: 1.28m @ 76.7g/t Au from 1,203m including 0.71m @ 108g/t Au from 1,204m West Kenya Joint Venture Aircore Drilling: * KDAC0152: 6m @ 30.9 g/t Au from 29m * KDAC0161: 3.5m @ 4.20 g/t Au from 47m Bulyanhulu Western Extension Step Out Drilling - Reef 1 In Q4 2013 ABG commenced a deep-hole exploration programme to test the potential Western extension of the Reef 1 gold system at Bulyanhulu. The programme is targeting an area located between 400 metres and 1,200 metres west of the current Bulyanhulu Reef 1 resource area and is testing a potential new zone and plunge extensions of the Main Zone within the mine to depths of between 1.0 kilometre and 2.5 kilometres vertical. The results from the first two holes to intersect Reef 1, located approximately 400m west of the current resource area, both returned significant intersections: * BGMDD0054W1: 1.64m @ 11.7g/t Au from 1,434m incl. 0.68m @ 23.8g/t Au from 1,435m * BGMDD0054W2: 4.0m @ 8.42g/t from 1,637m incl. 1.0m @ 24.3g/t Au from 1,638m These holes are potentially significant in demonstrating that reserve grade gold mineralisation and average reef widths continue west of the mine which would open the potential for a significant expansion of the footprint of Bulyanhulu. The drilling programme will continue through 2014 and will comprise a further approximate 15,000 metres of diamond core drilling from the three planned drill sites including 18-23 daughter holes utilising conventional wedging and navigational drilling. This programme will form an important part of our assessment of how to most effectively develop the mine over the long-term. Fig 1: Reef 1 Long Section showing location of Western Extension Programme See www.africanbarrickgold.com for picture Bulyanhulu East Deeps Underground Drilling - Reef 2 The East Deeps drilling programme is targeting down dip mineralisation of the Bulyanhulu Reef 2 system which is outside the current resource block. The programme is being drilled from an underground location and is aimed at adding high grade gold resources on the East Zone. Drilling commenced in Q3 2013 with the results received from one hole to date returning the following significant intersections: * UX4700-407: 1.28m @ 76.7g/t Au from 1,203m including 0.71m @ 108g/t Au from 1,204m Whilst the ultimate target was Reef 2 mineralisation, due to the location of the drill pad, the hole also intersected Reef 1, returning 0.50m @ 62.8g/t Au from 134.7m. The Reef 2 significant intersection has proved continuity at depth of the mineralisation with high grade. Should this be confirmed by further results, this has the potential to add significantly to the mine resource and increase the life of mine. An additional 3 holes are targeted for completion during early 2014 at which time the programme will be reviewed before more drilling is undertaken. Fig 2: Reef 2 Long Section showing drill programme for East Deeps Underground See www.africanbarrickgold.com for picture Fig 3: Reef 2 Cross Section showing pierce points of drill Programme for East Deeps Underground See www.africanbarrickgold.com for picture Kenya - West Kenya JV and Advance Gold JV Properties In Kenya, exploration programmes have consisted of soil sampling and Aircore drilling across our two joint venture properties, the Advance Gold JV Properties and the West Kenya JV Properties. A total of 15,656 soil samples have been collected across the projects and they have delineated and expanded more than 45 existing and new kilometre scale soil anomalies. On the Advance Gold JV Properties we have completed the drilling of 325 Aircore holes for 12,494 metres with results received for 192 holes. Over 20% of the holes assayed to date have returned significant intercepts of greater than 0.1 g/t Au. Fig 4: Map of gold in soil anomalies within the Kenya JV License areas See.www.africanbarrickgold.com for picture Initial results from these 192 reconnaissance Aircore drill holes include 44 significant intercepts (≥0.1g/t Au) from drilling within Kakamega Dome, and of these 10 holes returned assays >0.5g/t Au including: * KDAC0125: 3m @ 3.35 g/t Au from 29m * KDAC0135: 10m @ 1.75 g/t Au from 0m * KDAC0152: 6m @ 30.9 g/t Au from 29m * KDAC0161: 3.5m @ 4.20 g/t Au from 47m Average drilling depth from the Aircore drilling is relatively shallow at 30 metres and the KDAC0152 hole ended in mineralisation. The extensive soil sampling and the Aircore drilling programme have formed the bulk of our planned exploration programme in Kenya in 2013 and these very promising initial results have reaffirmed our belief in the prospectively of the land package. The Aircore drilling programme continues, with more results expected in Q1 2014 from additional scout holes and infill drill lines and will be integrated together with the soil sampling and mapping that has taken place in 2013 to continue to enhance our understanding of the licence area and to assist in the targeting of future drilling programmes. Fig 5: Aircore significant intercepts on newly mapped provisional Kakamega Dome Camp geology See www.africanbarrickgold.com for picture The Bulyanhulu brownfields exploration and West Kenya greenfields exploration form the bulk of our 2014 planned exploration activity and these positive results underpin our confidence in the assets and demonstrate the potential for resource additions as we move forward. ENQUIRIES For further information contact: African Barrick Gold plc +44 (0)207 129 7150 Andrew Wray, Chief Financial Officer Giles Blackham, Investor Relations Manager Bell Pottinger +44 (0)207 861 3232 Daniel Thöle About ABG ABG is Tanzania‟s largest gold producer and one of the largest gold producers in Africa. We have three producing mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. We have a high-quality asset base, solid growth opportunities and a clear strategy of optimising, expanding and growing our business. Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives. ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG and have a secondary listing on the Dar es Salaam Stock Exchange. Historically and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation, our majority shareholder. Disclaimer and forward-looking statements This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of ABG in any jurisdiction. This announcement includes "forward-looking statements" that express or imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements and information regarding plans, objectives and expectations with respect to future production, exploration programmes, operations and projects, costs, products, services and the operational review, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expects," "anticipates," "believes," "intends," "estimates" "will" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of ABG, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements. Although ABG's management believes that the expectations reflected in such forward-looking statements are reasonable, ABG cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements in this announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in ABG's expectations or to reflect events or circumstances after the date of this announcement. END -0- Jan/15/2014 07:00 GMT
AFRICAN BARRICK GOLD PLC: Exploration Update
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