ESIA Update for the Sanankoro Gold Project

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

10 August 2020

Cora Gold Limited ('Cora', 'Cora Gold' or 'the Company')

ESIA Update for the Sanankoro Gold Project

Cora Gold Limited, the West African focused gold company, is pleased to announce an update to progress made by Digby Wells Environmental ('Digby Wells') on the Environmental and Social Impact Assessment ('ESIA') for its Sanankoro Gold Project ('Sanankoro' or 'the Project') in the Yanfolila Gold Belt, Southern Mali.  The commencement of the ESIA was announced on 4 May 2020. 

Highlights:

●     ESIA continues on time and on budget with numerous concurrent work streams ongoing

●   A Terms of Reference has been submitted to the regulating authority for Environmental Permitting to formally commence the ESIA Process

●   Baseline water and air quality monitoring programmes established with several rounds of sampling completed

●    Representative ore samples have been shipped to a laboratory in Australia for geochemical characterisation test work

●     Socio-economic studies underway in the local communities including focus group meetings and household surveys

●   Development of Environmental and Social design criteria to integrate best practice into engineering and project design

Bert Monro, CEO of Cora Gold, commented, "I am delighted to report that the Digby Wells team has picked up where they left off with the Scoping Study.  We appointed them a little over three months ago and in challenging conditions their team has been actively carrying out, with the support of the Cora field team, a number of parallel monitoring programmes and community surveys.  The ESIA is a critically important part of developing a mining project so it's pleasing that we are making good progress so quickly. 

"The ESIA is expected to be completed in the middle of 2021 aligning it with our plans to move Sanankoro towards development as quickly as possible."

Further Information:

Due to this accelerated strategy for moving the Project forward, the Company has appointed Digby Wells to conduct an ESIA in accordance with the International Finance Corporation ('IFC') Performance Standards for the Project.  The collection of baseline data and social-economic surveys for the ESIA is ongoing.  Final deliverables will include stakeholder engagement process, specialist baseline and impact assessment studies (including biodiversity, water and social studies), an integrated environmental and social management programme, a conceptual closure and rehabilitation plan, a resettlement policy framework and a community development plan.

Cora previously worked with Digby Wells to complete an initial environmental and social screening study in 2019 as part of the Project's Scoping Study.  This Scoping Study showed Sanankoro's potential to be a highly profitable standalone oxide mine, delivering a high internal rate of return ('IRR') and short capex payback period. Through the ESIA process, the baseline environment will be further scrutinised and potential environmental and socio-economic impacts associated with the Project will be established and quantified. This will be used to inform a comprehensive and meaningful management programme in consultation with the host communities.  The Company remains focused on Resource growth and then the delivery of the Definitive Feasibility Study ('DFS') before the end of 2021. 

**ENDS**

For further information, please visit http://www.coragold.com or contact:

Notes

Cora Gold is a gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa.  Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio.  Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development.  Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV at a US$1,500 gold price.  Cora's highly experienced management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.