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TORONTO, Jan. 20 /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 announce that Boris Granovsky is appointed a Director of the Company.
Mr Granovsky is the Head of Strategy and Corporate Development at Severstal Resources ('Severstal') and is the new representative for Severstal's strategic interest in the African Aura. Mr Granovsky is responsible for defining the iron ore and coking coal strategy for Severstal Resources, origination and execution of M&A transactions, greenfield projects and partnerships. He is a member of the Severstal Resources' Executive Board, and a member of the Board of Directors for several portfolio companies and joint ventures.
Prior to Severstal, Mr Granovsky held various posts gaining management and financial consulting experience with A.T. Kearney and KPMG over a period of nine years.
Luis da Silva, President & CEO of African Aura comments:
"We are very pleased to further cement our relationship with Severstal by having Boris join our Board. It reaffirms our Joint Venture partner's commitment to the Putu iron ore project as we seek to build on our already substantial 1 billion tonnes inferred resource."
There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:
Severnaya Almaznaya Kompaniya Ltd
OJSC Vorgashorskaya Mine
OJSC Arkhangelskiy Vtormet
Northern Base Metals B.V.
Severstal Liberia Iron Ore
Past Directorships within last 5 years
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). African Aura 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 the individuals below.
Severstal Resources is a 4.72% shareholder in African Aura Mining Inc. through Severstal's wholly owned subsidiary, Lybica Holdings B.V. The Company signed an agreement on 22 May 2008 and subsequently completed the transaction with Severstal on the 10 December 2008. The deal provided for US$15m cash being injected into the joint venture company, now renamed Severstal Liberia Iron Ore Ltd, as well as an additional US$15m debt facility. This US$30m will provide for the specific advancement towards a definitive feasibility study.
Severstal Resources is the mining division of OAO Severstal (www.severstal.com) and one of the biggest mining companies in Russia with EBITDA in 2008 of $859 million. Severstal Resources manages all Severstal's mining assets: two iron ore mining complexes and a coking coal complex in northwest Russia, one coking coal complex in USA (PBS Coal), a ferroniobium extraction complex in West Russia and an exploration project, Severstal Liberia Iron Ore in West Africa. Severstal Resources also manages a number of gold mining assets in Russia, Kazakhstan and Burkina Faso as well as several gold exploration fields in these regions. OAO Severstal is an international metals and mining company with a listing on the Russian Trading System, Moscow Interbank Currency Exchange and the London Stock Exchange. Incorporated in 1993, the company focuses on high value added and unique niche products and has a track record of acquiring and operating assets in North America and Europe. Severstal owns mining assets in Russia and in the US, thus securing its supplies of raw materials. Its enterprises are located in Russia, Ukraine, Kazakhstan, United Kingdom, France, Italy, United States and Africa. In 2008, Severstal produced 19.2 million tonnes of steel. Revenues were $22.4 billion and EBITDA was $5.4 billion. EPS was $2.2.
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