Nyanzaga Project, Tanzania

Acacia Mining reports that more successful intersections on the Tusker gold resource area, within the Nyanzaga project, in Tanzania, have been found following earlier positive results. The PFS indicates that construction of the open pit (+-3 Mtpa) will commence first followed by underground mine (+-1 Mtpa) development in year 1 and access to underground ore in year 2. The Lake Victoria Goldfields alone is a major gold producer and has historically produced ~20 Moz of gold. There are >40 Moz of gold reserves and resources within a 100 km radius of Nyanzaga. The project will require a capital expenditure of $52.5 million. The exact co-ordinates are currently not available however the approximate area of location is lat: -2.8990487399721907, long: 32.76805301108523