23 Nov

VIKING UPDATE ON GHANA LITIGATION

ASX:VKA | vikingmines.com 1 ASX ANNOUNCEMENT 23 November 2021 VIKING UPDATE ON G HANA LITIGATION • At the scheduled hearing of the High Court of Ghana on the 18 November 2021 , the Defendants and their Counsel did not appear before the Court • T he D efendants have not complied with the order for the filing of accounts relating to the royalty claim • The matter has been adjourned till 9 December 2021 Viking Mines Limited (ASX: VKA) (“ Viking ” or “ the Company ”) is pleased to provide an update on ongoing litigation matters in Ghana against the purchasers of the Akoase Project (“ the Project ”), namely Akoase Resources Limited, BXC Company Ghana Limited and Cheng Yi (“ the D efendants ”) . At a hearing on 1 7 November 2021, the Defendants and their Counsel did not appear in court. The Defendants have also failed to provide to the C ourt accounts in respect of the royalty by 31 October 2021. In response to this lack of information, legal representatives for the C ompany will now re quest the a ppointment by the C ourt , of an independent geologist to visit the Project to assess the amount of activity which has been completed to determine the amount of gold extracted , and report back to the Court. The C ourt has adjourned the matter to 9 December 2021 for a status hearing. Commenting on the latest proceedings, Viking Mines Managing Director & CEO Julian Woodcock said : “ We remain confident in the process that is being undertaken through the Ghanaian legal system. While the defendants lack of response is disappointing, we will continue to respect and follow the process outlined by the court to pursue the payment that is rightfully owed. ” ” Any additional funds obtained will further bolster our strong cash po sition and allow us to continue the aggressive exploration strategy at our flagship First Hit Project.” EN D This announcement has been authorised for release by the B oard of the C ompany . Julian Woodcock Managing Director and CEO Viking Mines Limited For further information, please contact: Viking Mines Limited Sarah Wilson - Company Secretary +61 8 6245 0870 Media & Investor Relations Citadel - MAGNUS Cameron Gilenko +61 466 984 953 Jonathan van Hazel +61 411 564 969 ABOUT VIKING MINES Viking Mines is a gold focussed company with the First Hit Project located 150km NW of Kalgoorlie in Western Australia being the primary asset under exploration. Viking have an aggressive exploration strategy to explore for high grade gold occurrence s and discover ounces along fertile gold structures. The historically mined, First Hit gold mine is the focus of Vikings activity to deliver on this strategy. Rapid advancement and exploration are occurring to explore, discover and develop gold ounces at t he Project. The strategy will generate shareholder value through the discovery of new gold resources. First Hit Project, Western Australia The First Hit Project is centred around the historic high - grade First Hit gold mine situated along the prospective Id a and Zuleika Shear zones in the Eastern Goldfields of Western Australia. The Project incorporates ~28km 2 of tenements with 6 active Mining and Prospecting licences and 1 Exploration licence under application. At the core of this landholding is a 6.4km 2 gr oup of contiguous tenements which host the historic First Hit gold mine. Prior to closure of the First Hit gold mine by Barra Resources in 2002 and at a time of depressed gold prices of US$ 320/oz, the First Hit mine produced ~30koz ounces of gold at an av erage grade of ~7.7g/t Au. No modern exploration activity has been conducted in the past 18 years and creates a significant opportunity for Viking. The Company is focused on delivering exploration programmes to test near mine extensions and regional target s around the First Hit Project with the objective of defining fertile structures and discovering gold ounces. Examples of the high - grade nature of the mineralisation previously drilled at First Hit include: • 4.9m at 64.8g/t Au from 62.1m (FHU045) 1 • 3m at 77. 6g/t Au from 224.0m (BFH030) 1 • 4m at 26.1g/t Au from 58.0m (BFH005) 1 The Project area is well serviced by infrastructure and is located 50km west of the sealed Goldfields highway and the township of Menzies. The nearest operating Gold Processing Plant is the Davyhurst Mill 50km to the south, owned and operated by Ora Banda Mining (ASX:OBM). The nearest operating gold mine is the Riverina open pit, located 8km south of the First Hit gold mine, owned by OBM. The Company also has projects located in Ghana. Viking is currently undergoing legal proceedings to secure costs and interest associated with the sale of the Akoase project in Ghana. Forward - Looking Statements This document may include forward - looking statements. Forward - looking statements inc lude, but are not limited to, statements concerning Viking Mines Limited’s planned exploration program and other statements that are not historical facts. When used in this docu ment, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward - looking statements. Although Viking Mines Limited believes that its expectations reflected in these forward - looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward - looking statements. Competent Persons Statement Information in this release that relates to Exploration Resu lts on the Western Australian projects is based on information compiled by Mr Ian Stockton, who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Stockton is a full - time employee of CSA Global. Mt Stockton is engaged by Viking M ines Ltd as an independent consultant. Mr Stockton has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Pers on as defined in the 20 12 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The explorati on results were first reported to ASX on 26 November 2020. The Company confirms that it is not aware of any new information or data that materially affects the information and all material assumptions and technical parameters underpinning the estimates continue to apply an d have not materially changed. The Company confirms that the form and context in which the Competent Persons’ find ings are presented have not been materially modified from the original. 1 ASX announcement dated 26 th November 2020
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