Mineral Resource Increase at Baobab Phosphate Project

Avenira (‘Avenira’ or ‘the Company’) is pleased to advise that the potential longevity of the Baobab Phosphate Project has been significantly increased with the release of updated Inferred Mineral Resource estimates, 10.9 % higher than the previously estimated Inferred Resource tonnage at Gadde Bissik as reported on the 12 October 2017.

Indicated Mineral resource estimates remains at 34.9 million tonnes at 20.7% P2O5. This resource update and a planned resource report are key components of Baobab’s Gadde Bissik Expansion and Upgrade project feasibility study currently being kicked-off by the Company. At a 10% P2O5 cut-off, the Indicated Resource tonnage and Inferred Resource tonnage are estimated at 42.0 million tonnes at 19.4% P2O5 and 320 million tonnes at 16% P2O5, respectively. An objective of the feasibility study will be to confirm the mining plan’s cut-off.

Avenira’s Managing Director, Louis Calvarin, said:

“This updated resource model showing a continuous Inferred Resource area over 20 km is yet another strong confirmation of the vast scale of Baobab’s Gadde Bissik resource, and is most welcome as the Company is actively pursuing engineering studies for the Gadde Bissik Expansion and Upgrade investment project.”

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