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algold resources ltd (ALG) Details

Algold Resources Ltd. acquires, explores, and develops gold mining properties in Mauritania, West Africa. The Tijirit property covering an area of approximately 1,400 square kilometers located in the Tijirit area; the Kneivissat property covering an area of 830 square kilometers; and the Legouessi exploration license located to the north of Nouakchott. The company was formerly known as First Uranium Corporation and changed its name to Algold Resources Ltd. in December 2013. The company was incorporated in 2005 and is headquartered in Mount Royal, Canada.

Founded in 2005

algold resources ltd (ALG) Top Compensated Officers

Chief Financial Officer
Total Annual Compensation: C$243.7K
President of ALG Mauritania SARL and VP of Go...
Total Annual Compensation: C$296.0K
Executive Vice-President of Exploration & Dir...
Total Annual Compensation: C$333.0K
Compensation as of Fiscal Year 2017.
algold resources ltd
Algold Resources Ltd. Reports Earnings Results for the Full Year Ended December 31, 2018

Algold Resources Ltd. announced earnings results for the full year ended December 31, 2018. For the full year, the company announced net loss was CAD 14.050 million compared to CAD 17.280 million a year ago. Basic loss per share from continuing operations was CAD 0.61 compared to CAD 1.1 a year ago.

Algold Resources Ltd. Auditor Raises 'Going Concern' Doubt

Algold Resources Ltd. filed its Annual on Apr 30, 2019 for the period ending Dec 31, 2018. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Algold Resources Ltd. Provides an Update on the Ongoing Activities at its Tijirit Gold Project in Mauritania

Algold Resources Ltd. provided an update on the ongoing activities at its Tijirit Gold Project in Mauritania. Algold's 2019 Tijirit exploration program will focus on increasing the property's resources base. The Eleonore mineralization is hosted within shallowly plunging, but steeply-dipping, fracture zone. The mining sequence developed in the PEA indicates that by mining the high-grade core of the Eleonore zone at a rate 3,000 t/d for four years, followed by a mill expansion to treat the lower grade Sophie and Lily zones at a rate of 4,500 t/d, the project could present a Pre-tax Net Present Value ("NPV") of $94.9 million at an 8% discount rate with an Internal Rate of Return ("IRR") of 28.4% and after-tax NPV of $69.0 million at an 8% discount rate with an IRR of 23.5%, using a gold price of $1,250 per ounce. In order to further advance the development of the Tijirit Gold Project, Algold embarked on a Phase IV 25,000-meter drilling program in the summer of 2018. Some 15,000 meters of the drilling were carried out within the optimized pit shell of the PEA, aimed at converting a fair portion of inferred resources into the indicated and measured category. This drilling program delivered strong results. The Phase IV drilling program further enabled the discovery of the near-surface Salma and Eleonore East high-grade zones, situated less than five kilometers from the Eleonore ("Senso Stricto") gold zone. Some 8,500 meters of drilling were conducted on this new area, which extends for over ten kilometers along strike. As part of the 2019 exploration program, the Corporation intends to promptly resume drilling at Salma and Eleonore East, where numerous high-grade gold intersects have been recorded. Algold's 2019 Tijirit exploration program will focus drilling on increasing the property's resources base. A structural model of the Eleonore deposit is currently being developed in follow-up to the work done by SRK Consulting in the spring of 2018. The Eleonore mineralization is hosted by a steeply-dipping fracture zone, which intersects a low-angle shear zone, where it develops a sigmoidal structure. At the intersection, significant gold grades are observed. Accordingly, the objective of the 2019 drilling program will be to target these structural intersections along the down dip and sown plunge extension, to a vertical depth of 300 meters. In parallel to the drilling program, the Corporation intends to conduct other technical studies, including metallurgical and geotechnical analyses, that will contribute to the completion of the feasibility study.


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