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Algold receives extension for Tijirit gold project

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Global Mining Review,

Algold Resources Ltd. has announced that the Mauritanian Ministry of Oil, Energy and Mines (the Ministry) has granted a 12 month extension to the corporation for the completion of the Tijirit gold project feasibility study.

At Algold’s request, the Government of Mauritania granted an extension for the delivery of the feasibility study. This will allow the corporation to pursue more technical work, including drilling, metallurgy and hydrogeology, which can potentially expand the project’s scope and resources. The extension also clearly indicates the Ministry’s confidence in the Tijirit project. The feasibility study was originally scheduled for completion by the end of 2018.

“Algold and the Government of Mauritania have always worked closely together in the development of the Tijirit gold project,” said Benoit LaSalle, Algold’s Chairman and Chief Executive Officer. “The extra time provided by the extension will allow for more technical work to be performed, which is yet another illustration of the synergy and team spirit created by the establishment of the TIREX Gold Company, a partnership in which Algold owns 75%, the Government of Mauritania holds 15% and Wafa Mining and Petroleum has 10%. This is an important endorsement for Algold and we are grateful for the Government of Mauritania's continued strong support.”

Over the past 30 months, Algold has successfully completed several key milestones including: acquiring Tijirit; several rounds of financing to raise over US$25 million, with US$7.9 million from Mauritanian partners; 75 000 m of drilling in four phases; filing of an NI 43-101 resource report and a Preliminary Economic Assessment; and receipt of a 30 year mining lease from the Government of Mauritania.

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