Welcome to ASCOM Precious Metals Mining, S.A.E.,(APM)
ASCOM Precious Metals Mining S.A.E (APM) is a subsidiary of ASEC Company for Mining S.A.E (ASCOM). APM was established in 2009 in order to pursue specific mining opportunities of precious metals and base metals within the under explored mineral rich Eastern and North African region. APM’s asset base currently consists of 6 gold concessions in Ethiopia, 4 in the North and 2 in the West, totalling more than 1,600km2. APM is currently drilling in Ethiopia and has completed 10,000m of reverse circulation drilling with early results that potentially indicate a significant gold discovery. Further drilling is planned throughout 2011.
APM also has a concession in the Blue Nile region of Sudan, totalling 3,000km2. APM has commenced a preliminary exploration program on the Blue Nile concession, including remote sensing and field surveys which are producing very positive results. This is being followed up with a soil geochemistry program during 2011, this commenced in February 2011. Satellite remote sensing identified 30 significant targets of alteration zones and the soils in these zones will be geochemically tested for gold and base metal anomalies.
APM also has completed an initial minority stake, investment in GMA Resources which owns a producing gold mine in Algeria.
In June 2010 another 18% of GMA was committed to by APM so by June 2011 APM will own 27% of GMA.
GMA owns 52% of the Amesmessa Gold Mine and the remaining 48% is owned by the Algerian State owned oil and gas company Sonatrach.
During 2010 an extensive soil geochemical survey was undertaken and this was followed up with reverse circulation drilling. Results for the first 165 holes have been reported of the 308 holes drilled till 8th March 2011.
In addition to this APM is actively looking at opportunities to increase its exploration concessions in Africa and acquiring advanced or existing operations.
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