Avana Resources Limited announces a $20 million digital security (“Token”) offering to accelerate and broaden its production and exploration capabilities. Among its assets, the company has active mining operations in Kenya which have a gold ore processing capacity of 12 tons per hour (tph) from an estimated 513,000 ounces of available gold at a grade of approximately 6 grams/ton. The funds raised will enable a production increase to 36 tph in Kenya and the completion of geophysics and drilling programs in Kenya, Madagascar and Mozambique.
The company has explored for and identified gold in Madagascar and Mozambique. The team is also aware of other metals and minerals in all of its locations as a result of geological surveys and exploration work conducted to date. Token holders have the potential of benefiting from significant blue-sky opportunity related to these minerals.
Token holders will be entitled to 30% of net profit originating from all revenues generated from Avana Resources globally.
“Avana has launched a successful gold operation in Kenya and with today’s announcement looks to increase significantly the capacity of the Kenyan operation while also accelerating development of its operations in Madagascar and Mozambique” – Sam Malin (CEO).
About Avana Resources Limited
Avana Resources Limited, an Isle of Man company, is an East African gold producer and explorer founded in 2007. Avana is engaged in responsible and sustainable production, development and exploration of gold resources in East Africa and Madagascar. Avana’s most advanced project is in Kenya, where it operates a carbon-in-pulp (CIP) processing plant that produces gold doré of about 80%pure gold alongside a mining operation while simultaneously undertaking appraisal and exploration of its concession. Avana’s work to date on its concession points to the presence of several gold deposits in the order of 250,000 oz each. Avana intends to increase significantly its gold ore processing capacity in the near-term whilst simultaneously building and improving the quality of its resources figures.