TORONTO, Sept. 1, 2011 /CNW/ - The board of Aureus Mining Inc. ("Aureus"
or the "Company") announces that, pursuant to the terms of the
Company's Stock Option Plan, the Company has granted 315,000 incentive
stock options ("Options") at an exercise price of C$1.42 per share,
being equal to the closing price of the Common Shares on 31 August 2011
on the TSX. 300,000 options are exercisable immediately and for a
period of 5 years from 1 September 2011, 15,000 are exercisable
immediately and expire on 1 March 2013. No consideration was paid for
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. |
David Reading / Jeremy Cave
Tel: +44 (0) 20 7257 2930
| || || Buchanan |
Bobby Morse / Katharine Sutton
Tel: +44 (0) 20 7466 5000
| Evolution Securities Limited |
Jeremy Ellis / Neil Elliot
Tel: +44 (0) 20 7071 4300
| || || RBC Capital Markets |
Martin Eales / Richard Hughes
Tel: +44 (0) 20 7653 4000