Exploration activity in Ethiopia with a $2.7M drill program announced

Posted on : Monday , 28th June 2021

East Africa is organising to initiate a fully funded $2,700,000 exploration program which was declared in early 2021.

Giant Exploration Company has recently an updated on the ongoing exploration of its gold and copper, zinc projects in the Federal Democratic Republic of Ethiopia.

After productive consultations with government officials in Addis Ababa last week, the Company is looking forward to building on the success attained over the past 10 years through the Company's investment of almost $30,000,000 in exploration with the backing of the Ministry of Mines and Petroleum MoMP.

The 6 months state of emergency declared in the Tigray region was lifted on May 4th, 2021.  It is expected that commercial activity in the Tigray region will soon stabilise in the near future, as it makes progress from the impacts of the COVID pandemic and the political unrest.

The Company has completed the planning and established government approval for the $2,700,000 Phase 1 exploration program which will include 8,000 meters of diamond drilling, 115 line kilo meters of geophysical surveys, environmental, metallurgical studies and resource calculations. The initiation of the Phase 1 diamond drilling program is projected to start immediately after the Government announces the region ready for field operations.

The Company's management has full confidence in the potential of the Company's exploration assets in the Tigray region and looks forward to sustained participation in what has become an active and developing exploration sector.

The Company also has equivalent sureness in progressive policy initiatives of the Ethiopian government under the administration of the newly appointed Minister of Mines, His Excellency Takale Uma.  

Ethiopia's MoMP has recently undertaken a program of major reforms to advance the Ethiopian Mining Proclamation aimed to align government policy with the requirements of international and domestic resource investors. These policy revisions should result in substantial growth in Ethiopia's mining sector, endorsing the interests of both artisanal miners and exploration and mining companies by improving the ease of access to licenses and finance for Small to Medium Enterprises (SME) and large-scale miners.

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