TORONTO, Oct. 19 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company") the TSX Venture Exchange ("TSX-V") and AIM listed exploration to production company focused on gold and iron ore in sub-Saharan Africa, announce the commencement of a two rig, 10,000m confirmation diamond drilling programme at the Company's New Liberty Gold Deposit in western Liberia.
- 10,000m drill programme commenced for updated bankable feasibility
study ('BFS') planned to be completed by the end of 2010
- 1.4 Million ounce (NI 43-101 13.533Mt measured and indicated resource
at 3.18 g/t gold) with potential to expand the resource base further
- Drill results from depths in excess of 200m include 23m grading
4.95 g/t and 26m grading 5.04 g/t
- BFS targeting 100,000oz annual gold production within existing
Class 'A' 25 year Mining Licence
- Drill programme due to complete during December 2009 with assay
results to follow Q1 2010
The 10,000m drilling programme at New Liberty is designed to confirm the resource morphology to 300m depth and will contribute to an updated bankable feasibility study for an open pit and/or underground gold mine scenario targeting 100,000oz annual production. As previously announced, drilling undertaken below 200 meters intersected highly encouraging grades including 23m grading 4.95 g/t Au and 26m grading 5.04 g/t Au. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth in the Larjor Zone.
Luis da Silva, President & CEO African Aura commented:
"We are currently focussed on fast-tracking the development of the New Liberty gold project through to production. We are extremely pleased with the progress we have had to date and, in addition to the current confirmation drilling at New Liberty, we will also be looking to significantly expand the resource base on the Bea Mountain mining licence through an aggressive exploration campaign focused on a number of high priority targets elsewhere in the licence. These include Weaju and Gondoja, where best intersects from previous first pass drilling by African Aura were 27.7 g/t over 6m and 3.9 g/t over 30m, respectively. The targets are in close proximity to New Liberty and potentially within trucking distance, which could allow the Company to capitalise on considerable operational and cost cutting synergies going forward."
"As a result of the Merger between Mano River Resources and African Aura Resources, the Company has enhanced its portfolio of gold assets with the addition of the Batouri gold project in Cameroon. Batouri adds another potentially significant gold deposit to the Africa Aura portfolio and has also allowed for diversification into another highly prospective gold mining area. We remain confident that the Company will continue to enjoy success with our gold assets, as we look to strengthen our position as a emerging gold producer in West Africa in the mid-term."
The 1.4 Million ounce New Liberty gold deposit is a classic shear-zone hosted Archaean age 'greenstone' gold deposit, which has geological parallels with gold deposits found in world class gold provinces such as the Victoria goldfields of Tanzania, the Kilo Moto region of north east DRC, the Guyana shield of Venezuela and Ontario in Canada. The Archaean geology of west Africa, as found in western Liberia, is one of very few Archaean gold provinces globally that remains to be significantly explored and we consider that it has the potential to host numerous new open pit and underground gold mines.
About African Aura Mining Inc.
African Aura is an established African exploration and development company with a primary listing on the TSX-V (AUR) and a secondary listing on London's AIM (AAAM). African Aura is focused on the development of world-class iron ore and gold deposits in highly prospective, under explored countries of sub-Saharan Africa. The Company has a highly motivated and experienced team with a record of discovering mines and taking projects through development and into production in African.
African Aura's assets include the New Liberty gold deposit and the Putu iron ore project, both in Liberia. Putu is being explored and operated by the Company's Joint Venture partner, Severstal Resources (the mining division of OAO Severstal). Severstal Resources is one of the largest mining companies in Russia with EBITDA in 2008 of US$859 million. The Company also has a 59% interest in diamond producer Stellar Diamonds Ltd. A pioneer in Africa, African Aura has attracted some excellent strategic partners and shareholders always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following:
African Aura's Qualified Person responsible for preparing this release is Dr. Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy, and a Fellow of the Geological Society.
Quality Control and Sample Preparation
African Aura has a rigorous Quality Control Program (QCP) inserting a minimum 5% of standards, blanks and duplicates into the sample stream. The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100 micron at their in-country preparation facilities in Liberia, followed by XRF at their main laboratory in Loughrea, Ireland.
OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board) which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement. OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.
This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this release.
SOURCE Afferro Mining Inc.
For further information: For further information: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7299 4212; Evolution Securities Limited: Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Public Relations: Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7337 1500