Aureus Mining Inc. - New Liberty - First Concrete Pour and Construction Update
TSX : AUE
AIM : AUE
TORONTO, Oct. 14, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE) (AIM: AUE) ("Aureus" or the "Company") is pleased to announce that excellent progress is being made with the construction of the New Liberty Gold Project ("New Liberty" or the "Project") in Liberia. Another significant milestone has been achieved with the first pour of concrete at the plant site. The New Liberty construction programme is progressing according to schedule. Significant achievements to date are:
- Bush clearing has been completed in the Project plant area. Only a small portion of the Tailings Storage Facility area remains to be cleared and this work will be finished in November 2013;
- Plant earthworks are at an advanced stage and will be completed by the end of October 2013;
- The concrete batch plant has been commissioned;
- Civil works have commenced with foundation work being undertaken on the primary crusher base, secondary crusher base, secondary screen circuit base, mill stockpile tunnel base, Carbon In Leach ("CIL") tank bases as well as the gold room foundations;
- Work on the mine camp for housing staff is progressing well and is scheduled to be completed and in operation in early 2014;
- Ball mill construction is progressing with shell manufacturing and motor winding in progress; and
- Construction of the New Kinjor Township progresses with the school, church and mosque nearing completion and housing foundations in progress.
The New Kinjor Township will house the relocated community from the Kinjor village. Housing construction progresses and new farming areas have been cleared to assist in the establishment of future sustainable agricultural projects. Members of the local community are also actively engaged in building the houses and infrastructure for their new village.
Photographs of the first concrete pour and of the construction at New Liberty can be found at:
Commenting on the progress at New Liberty, David Reading, President and Chief Executive Officer of Aureus, said:
"The Company has made excellent progress at New Liberty and the first pour of concrete onsite signifies an important step as the Company transitions from developer to producer. Significant support from shareholders and our banks over the last 12 months has enabled us to start construction and for Aureus to remain on track for our first gold pour in Q1 2015."
The estimates of mineral Resources for the DFS were calculated in accordance with NI 43-101 and carried out by Chris G Arnold BSc (Hons), MSc, MAusIMM (CP) of independent consultants AMC. The Reserve Study for the DFS was prepared by Mr M Staples of AMC, a Qualified Person, for the purposes of the study, under the standards set forth by National Instrument 43-101 "Standards of Disclosure for Mineral Project", of the Canadian Securities Administrators ("NI 43-101″).
The Company's Qualified Person responsible for preparing this release, other than as detailed above in respect of the DFS, is David Reading, who holds an MSc in Economic Geology from University of Waterloo, Canada and is a Fellow of the Institute of Materials, Minerals and Mining. David Reading is the President and CEO of Aureus Mining Inc. and consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project" or the "Project"), which has an estimated proven and probable reserve of 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6 years of production. The Company has financed the Project's equity funding requirement, has mandated two banks for a project debt facility that have received credit committee approval, and has mandated one bank for a subordinated debt facility.
The New Liberty Gold Project is located within the 100% owned Bea Mountain mining licence, which covers 457 km² and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. The contiguous Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target.
The Company also has gold exploration permits in Cameroon.
This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that Aureus believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to, the future plans and objectives of Aureus and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus. The foregoing and any other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of Aureus based on information currently available to Aureus. With respect to the forward-looking information contained in this press release, Aureus has made assumptions regarding, among other things: general business, economic and mining industry conditions; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs, no unusual geological or technical problems occur and no significant events occur outside of the normal course of Aureus' respective business.
Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and test work; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk Factors" in the Preliminary Prospectus of Aureus Inc. dated April 20, 2011, a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Admission Document, a copy of which is available at www.aureus-mining.com.
Any mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While Aureus believes that the mineral resource estimates in respect of their respective properties are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on Aureus, as applicable. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, Aureus disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.
SOURCE Aureus Mining Inc.For further information:
Aureus Mining Inc.
David Reading / Paul Thomson
Tel: +44(0) 20 7010 7690
Bobby Morse / Gordon Poole
Tel: +44(0) 20 7466 5000
RBC Capital Markets (Nominated Advisor and Joint Broker)
Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000
GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800