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Market: AIM
52-week High/Low: 2.90p / 1.40p
Sector: General Mining - Gold
Market Cap: 126.46M
Avesoro Resources

Avesoro Resources

Avesoro Resources Inc. is engaged in the exploration and development of gold deposits in highly prospective and under-explored areas of Liberia and Cameroon.

Avesoro Resources

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Big picture - Why invest in Avesoro Resources

Avesoro Resources Snapshot


Avesoro Resources Inc, through its subsidiaries, is engaged in the exploration and development of gold deposits in highly prospective and under-explored areas of Liberia and Cameroon. Avesoro Resources’s activities are currently concentrated on the development of the New Liberty Gold Project in Liberia. The Company also owns 100% exclusive rights to the Weaju, Gondoja, Ndablama and Leopard Rock projects in Liberia and to the Batouri gold project in Cameroon.

Our Vision is to be an African mid-tier gold producer with a brand recognised for sustainability, innovation and good relationships with the local communities.  We will create value for all stakeholders by achieving the Avesoro’s Mission of:

Producing profitable gold ounces, responsibly, from New Liberty Gold Mine and the other mines that are successfully developed

Increasing our resources and expanding our project pipeline

Strengthening and leveraging our exploration, development and production teams

We will achieve these objectives keeping faith with our Company values and through good corporate governance.  We will maintain and develop local stakeholder support through our employment and training practices and through our sustainability initiatives.


Current Programme and Targets

Ndablama resource drilling in progress

Detailed exploration on Ndablama Pressure Shadow Zone

Follow up targets along the Yambesei structural corridor

Test Weaju down dip and strike extensions

New Liberty near mine target follow up

Regional exploration on newly acquired licenses (BLEG and soil sampling, reconnaissance geology and lithosampling)

License scale target generative work



For more information on the New Liberty Gold Mine, please click here

For more information on the Ndablama Gold Project, please click here

For more information on the Weaju Gold Project, please click here


Drilling/Sampling Highlights

95 diamond drill holes complete across two prospects. Visible gold identified in 25 holes. Intercepts include:

65.9 g/t over 2.67m

43.3 g/t over 1.50m

4.99 g/t over 9m

5.52 g/t over 5m

Systematic soil and stream sampling over the majority of licence completed. A soil sampling programme 7km to the southwest of Kambele, on the Mongonam – Dimako trend confirmed a 3.5km long shear zone, with >250ppb Au in soils, co-incident with hard rock artisanal workings

IP resistivity/radiometric survey completed

To date, 16 trenches and 291 pits completed


For more information on the Batouri project, please click here


Mehmet Nazif Gűnal

Non-Executive Chairman & Director:

Mr Günal graduated from the Middle East Technical University (METU), Ankara, as a civil engineer in 1971 and has an MBA from the same university.

Mr Günal founded his first company in 1976 and is the owner of the MNG Group.  The MNG Group now employs more than 20,000 people and has interests including construction (high-rise buildings, shopping & commercial centres, hotels, resort villages, industrial plants, dams, hydroelectric power plants, irrigation systems, tunnels, roads & highways), railways including high technology metro cars & compatible electrical locomotives manufacturing, energy production & marketing including renewable energy, a domestic and international cargo airline and MAPA Construction, one of largest firms in Turkey.



Serhan Umurhan

Chief Executive Officer & Director

Mr Umurhan graduated as an electrical and electronic engineer from Cukurova University, Adana.

Mr Umurhan’s experience in the mining industry includes overseeing the construction of four CIL / Heap leach gold mines in Turkey and West Africa.

Serhan previously worked for 7 years at Koza Gold Corporation where he worked as the Assistant General Manager – Technical.  Prior to that Serhan held various positions with Normandy Mining and Newmont Mining Corporation Limited between 2001 and 2005.

Mr Umurhan is the CEO of MNG Gold.













Jean-Guy Martin

Non-Executive Director:

Mr. Martin is a chartered accountant and a certified public accountant (Illinois) with over 35 years experience in the financial reporting, auditing and transaction areas. Mr. Martin has recently retired from PricewaterhouseCoopers LLP (“PwC”) after serving 35 years with the Firm in Canada of which the last 25 years were as a partner. Mr. Martin has advised various multinational companies looking to complete acquisitions and divestitures. Mr. Martin has held a number of senior partner positions during his career with PwC. His industry experience spans many market sectors, including mining, energy and utilities, industrial products, and forest and paper. He has assisted numerous international clients, such as Rio Tinto Alcan, Bain Capital, Blackstone, Domtar and Hydro-Québec in several cross-border transactions.


Geoff Eyre

Chief Financial Officer & Director

Mr Eyre is a Chartered Accountant and member of the ICAEW.  Mr Eyre also holds a first class BEng degree in Electrical Engineering from the University of Warwick.

Mr Eyre has more than 10 years experience in the mining industry mostly gained in West Africa.  He was the Group Financial Controller for Ferrexpo Plc during its IPO on the London Stock Exchange and was the CEO of Amlib Holdings Plc prior to its acquisition by MNG Gold in 2014.

He previously spent 8 years with accountancy firm Ernst & Young focussed on engineering and automotive businesses and undertook a 3 years strategic secondment to Ernst & Young Global.  Mr Eyre also undertook an engineering apprenticeship with the engineering group Hawker Siddeley where he worked for 5 years prior to moving into accountancy.

Mr Eyre is also the CFO of MNG Gold and a director of NurtureEx B.V. group.



David Netherway

Non-Executive Director:

Mr Netherway is a mining engineer with over 35 years of experience in the mining industry. Mr. Netherway received a B.E. in Mining Engineering from the University of Melbourne in 1975 and a Certified Diploma in Accounting and Finance from the Chartered Association of Certified Accountants in the United Kingdom in 1985. He was until the takeover by Gryphon Mineral Ltd (GRY-ASX), the CEO of Shield Mining Limited, an Australian listed company exploring for gold and base metals in Mauritania. Prior to this, Mr Netherway served as the CEO of Toronto listed Afcan Mining Corporation, a China focussed gold mining company which was successfully taken over by Eldorado Gold. He is also a former director of Crusader Resources Ltd (ASX:CAS), Afferro Mining Inc., Gryphon Minerals Ltd.(ASX:GRY), Altus Resource Capital Ltd, GMA Resources plc, Orezone Resources Inc. Kazakhgold Ltd and Equigold NL. Mr Netherway is a mine developer and operator who was involved in the construction and development of the Iduapriem, Siguiri, Samira Hill and Kiniero gold mines in West Africa and has extensive worldwide mining experience.

Mr Netherway is currently the Chairman of Kilo Goldmines Inc. (TSX-V:KGL), Canyon Resources Ltd (CAY:ASX) and Altus Strategies Ltd.     






Loudon Owen photov2.fw

Loudon Owen

Non-Executive Director:

Mr. Owen is an international businessman and lawyer. He co-founded and manages McLean Watson Capital, a private Toronto-based venture capital company. Mr. Owen has extensive public and private company Board experience and he currently serves on the boards of a range of private corporations including Quantec Geoscience Limited (Chair), as well as Kilo Goldmines Ltd. (TSX-V), Genesis Land Development Corp., and Posera-HDX (TSX, Chair).
Mr. Owen holds a BA (Economics and International Relations) from Trinity College, University of Toronto, a J.D. from Osgoode Hall Law School, Toronto, and an MBA from INSEAD in Fontainebleau, France


Corporate Offices

Registered Office
200 Bay Street
Suite 3800, Royal Bank Plaza
South Tower
Ontario M5J 2Z4

UK Representative Office
1st Floor Burleigh House
355-359 Strand
London, WC2R 0HS
United Kingdom
T: +44 (0) 20 7010 7690
F: +44 (0) 20 7010 7699


Joint Broker & Nominated Advisor

Numis Securities
10 Paternoster Square


BDO Stoy Hayward
55 Baker Street
London, W1U 7EU
United Kingdom

Corporate Secretary

LV Conseil Institutionnels
3700 Griffith, Suite 327
Saint Laurent
Quebec, H4T 2b3

Financial Public Relations

Bobby Morse
107 Cheapside
Tel +44 (0) 207 466 5000
Fax +44 (0) 207 466 5001

Legal Counsel

Norton Rose Fulbright LLP
Royal Bank Plaza
South Tower, Suite 3800
200 Bay Street, PO Box 84
Toronto, ON M5J ZZ4

Norton Rose Fulbright LLP
3 More London Riverside
London SE1 2AQ
United Kingdom

Registrar and Transfer Agent

Computershare Investor Services Inc.
510 Burrard Street
3rd Floor
Vancouver, BC, V6C 3B9
Tel: +1 604 661 0232
Fax: +1 888 453 0330
[email protected]

Computershare Investor Services Inc.
The Pavilions, Bridgwater Road
Bristol, BS99 6ZZ
United Kingdom
Tel: +44 (0) 870 702 0000
Fax: +44 (0) 870 703 6101

Avesoro Resources Timeline

November 14 2016

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