Agreement On The Okote Gold Project

VANCOUVER - AJN Resources Inc. has signed a conditional heads of agreement (HOA) with Godu General Trading S.C. to acquire up to a 70% interest in the 42,8km2 Okote Gold Project located within the same gold belt, roughly 100km south of the c4.5Moz Lega Dembi Gold Mine, which is the largest gold producer in Ethiopia. Work will commence once the agreement and AJN capabilities have been presented to the regional Oromia state authorities who have verbally confirmed their support. MIDROC held the licence and conducted exploration at Okote up to 2019 and drilled a combination of 88 Reverse Circulation and Diamond holes for a total of 13,761 metres. MIDROC drilling covered a strike length of ~2,400m with the largest concentration of holes covering the northern 1,000m x 400m.

CEO and President Klaus Eckhof, said, "We are extremely excited about the agreement to acquire an interest in the Okote Gold Project, which has been subjected to extensive drilling and trenching by MIDROC, the previous owner and operator of the Lega Dembi mine prior to relinquishment of the Okote licence. Furthermore, the Okote Gold Project lies in the same gold belt as Ethiopia's largest gold producer at Lega Dembi less than 100km to the north. We are particularly interested in conducting our own mapping and sampling in the northern area where artisanal miners are reported to have exposed new areas of mineralisation, which will complement the more than 2km of previously defined mineralisation. Our field crews are ready to mobilise as soon as final presentation has been made to the regional authorities. We also look forward to conducting our own mineral resource estimate where previous consultants have suggested the Okote project has multimillion ounce potential. We look forward to fast tracking our initial due diligence drilling programme in coming months to understand and unleash the true potential of the project."