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TORONTO, Feb. 22 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company") the TSX-V (AUR) and AIM (AAAM) listed exploration to production company focused on gold and iron ore in sub-Saharan Africa, is pleased to note the following announcement made by Stellar Diamonds plc ("Stellar") with regards to its admission to the AIM market of the London Stock Exchange and the first day of dealings in its ordinary shares under the ticker symbol STEL. Prior to the transaction, African Aura held a 58.5% interest in Stellar and following admission of the enlarged share capital African Aura will have a 31.8% interest in Stellar.
Luis da Silva, CEO of African Aura commented:
"Today marks a significant milestone for both companies. We are delighted that Stellar will be increasingly autonomous with a fresh cash injection of (pnds stlg)5m to deliver on its growth strategy. African Aura firmly believes Stellar has the potential to become a leading diamond producer and explorer in Africa. For African Aura the listing crystallises value and evidences our solid strategy to create value for our shareholders".
About Stellar Diamonds
Stellar Diamonds plc is a newly listed diamond production and development company that was formed from the merger of Stellar Diamonds Limited and West African Diamonds plc. Stellar has a portfolio of projects in West Africa. Two projects in Guinea are in production, Mandala and Bomboko, which provide robust cash flow. At the time of the merger, Mandala had produced over 53,000 carats and Bomboko had produced over 2,000 carats, with both projects currently undergoing expansion programmes.
Stellar also owns rights over four high-grade kimberlites that are the focus of further development. In Sierra Leone the Tongo and Kono projects comprise a series of kimberlite dykes, with the Kono project having produced 4,200 carats of diamonds through underground trial mining with Joint Venture partner Petra Diamonds. In Guinea the Droujba kimberlite pipe and the Bouro kimberlite dykes are located in proximity to the Mandala mine and demonstrate grades of up to 500cpht and 200cpht respectively.
RBC Capital Markets is the nominated adviser and broker to Stellar. On Admission, Stellar has 96,581,432 ordinary shares in issue and a market capitalisation of approximately (pnds stlg)19 million.
Copies of the Admission Document are available on the African Aura website: www.african-aura.com and on Stellar's website www.stellar-diamonds.com.
About African Aura Mining Inc.
African Aura is an established African exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). African Aura is focused on the development of world-class gold and iron ore 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 Africa.
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). 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 the individuals below.
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: Enquiries: African Aura Mining Inc., Luis da Silva, President & CEO, Tel: +44 (0) 20 7299 4212; Stellar Diamonds Ltd., Karl Smithson, CEO, Tel: +44 (0) 77 837 07971; Evolution Securities Limited, Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Bell Pottinger, Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7337 1500