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DRA Mineral Projects (Pty) Ltd ("DRA") appointed as plant design
engineers for the New Liberty Gold Project's definitive feasibility
DRA to undertake detailed metallurgical test work and process design
studies - 500 kg of core shipped to South Africa to complete
floatation, recovery and grind size optimization
Golders Associates Ghana Ltd ("Golders") and Australian Mining
Consultants ("AMC") appointed as other key consultants for feasibility
Infill Drilling programme continues at New Liberty - two rigs on site
now and a further two will arrive by the end of June. To date 29 holes
completed for 6139 metres
Geotechnical drilling - 15 holes from a 23 hole programme completed to
Definitive feasibility study on track to complete in Q4 2011
Environmental impact assessment also due to complete in Q4 2011 -
various baseline studies already completed
Commenting on the appointment David Reading, Chief Executive Officer of
Aureus said: "We are delighted that DRA are working with us on the
engineering design of the New Liberty process plant as they bring a
wealth of knowledge in the construction of gold processing plants in
Africa. With the appointment of DRA, Golders and AMC our consultant
team for the definitive feasibility study is now complete and we remain
on track for completion by end of Q4 2011."
TORONTO, June 6, 2011 /CNW/ - Aureus Mining Inc. ("Aureus" or the "Company") announces that it has appointed DRA Mineral Projects (Pty) Ltd of South
Africa ("DRA") to undertake the metallurgical test work and process
design studies as part of the New Liberty Gold Project definitive
feasibility study. DRA will undertake detailed metallurgical test work
to definitive feasibility level and then complete all design work and
cost estimation studies for the operation of the process plant. This
work has commenced with the shipment of over 500 kg of drill core to
South Africa in order to undertake detailed test work on floatation,
recovery and optimization of the grind size required in the milling
DRA will also be investigating the viability of incorporating a
floatation recovery process within the process plant in their
feasibility work. If successful, this would be a significant factor in
the process design resulting in a smaller plant and a reduction in
grinding requirements and a lowering of capital and operating costs.
Results for this test work are expected to be available in Q3 2011.
The Company has retained the services of Golder Associates Ghana Ltd
("Golders") for the environmental and social impact assessment ("ESIA")
and Australian Mining Consultants (UK) Ltd ("AMC") for the 43-101
resource classification and open pit and mining optimization studies.
The definitive feasibility study will be co-ordinated and compiled by
the Company under the supervision of its Chief Operating Officer, Dr
Martin White and is expected to be completed by the end of 2011.
The Company is continuing with the infill diamond drilling programme at
the New Liberty deposit and to date 6,139 metres (26 holes) of a
20,000m (156 holes) programme have been completed. With an optimal hole
spacing of between 30 and 40 metres the programme is designed to
evaluate the total contained gold resources over a 1.75km strike length
and down to a depth of 200 metres below surface. The Company is
operating with two rigs however by the end of June the drilling
contractor will have four rigs at New Liberty in order to complete this
programme. Results from the first twenty holes are expected in June.
Geotechnical drilling is being undertaken by AMC in order to assess the
slope stability within the open pit and to date 15 holes from a planned
23 hole programme have been completed.
Progress has been made on the ESIA and to date Golders have completed
ecological, surface water, air quality and socio-economic base line
studies within the area covering New Liberty proposed mining
infrastructure. The ESIA study is on track for completion by Q3 2011.
The Company is also carrying out an investigation into alternative power
supply options to the project in order to achieve the best project
economics. The use of a bio-mass power generation system using wood
chips supplied from rubber plantation regeneration projects within
Liberia offers a potential alternative to diesel fuel power generation.
Both options will be investigated as part of the definitive feasibility
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia
(the "New Liberty Gold Project"), which has an estimated Indicated
Mineral Resource of 751,000 ounces of gold grading 4.17 g/t (contained
in 5,599,000 tonnes) and an estimated Inferred Mineral Resource of
762,000 ounces of gold grading 3.40 g/t (contained in 7,040,000
tonnes). A preliminary economic assessment ("PEA") of the New Liberty
Gold Project filed in December 2010 outlined a robust open pit gold
mine with a pre-tax NPV of US$234 million based on an $1100/oz. gold
price and a 10% discount rate. The PEA outlined an 8.5 year mine life
with approximate production of 100 000 ounces per year in the first
five years. The New Liberty Gold Project is being advanced through to a
definitive feasibility study.
The New Liberty Gold Project locates within the Bea Mountain mining
license 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, Weaju, Silver Hills and Gondoja
which are the focus of exploration programs during 2011.
The company also has gold assets within exploration properties in Sierra
Leone and Cameroon.
The Company's Qualified Person responsible for preparing this release is
David Reading, who holds a 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
SOURCE Aureus Mining Inc.
For further information:
| Aureus Mining Inc. || Buchanan |
| David Reading, CEO || Bobby Morse / Katharine Sutton |
| Tel: +44 (0) 20 7257 2930 || Tel: +44 (0) 20 7466 5000 |
| || |
| Evolution Securities Limited || RBC Capital Markets |
| Jeremy Ellis / Neil Elliot || Martin Eales |
| Tel: +44 (0) 20 7071 4300 || Tel: +44 (0) 20 7653 4000 |