/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
TORONTO, April 21 /CNW/ - The Board of African Aura Mining Inc. (TSX-V: AUR; AIM: AAAM) is pleased to release the Accounts of the Company for the financial year ended December 31st 2009, which should be read in conjunction with the accompanying Management Discussion and Analysis. These documents have been filed on Sedar and are available on the Company's website (www.african-aura.com) or at www.sedar.com.
On behalf of the Board of African Aura.
Luis da Silva
President and CEO
In a changing world, it is our belief that only by being proactive can you keep ahead in these turbulent times. We achieved this in 2009, emerging at the end of the year as a completely different company. The acquisition of African Aura Resources Ltd , the share consolidation and name change, the successful listing of Stellar Diamonds in the new year and the success in the field have changed the face of our Company. The commitment of our iron ore joint venture partner, Severstal Resources, has also bolstered the Company.
With the merger came a new Board with a commitment to good corporate governance and a drive to continue our proactive approach to developing the business. The Company has effectively been split into two operating divisions, iron ore and gold with a push to bring both of our flagship projects, New Liberty Gold Mine and Putu Iron Ore Project, in Liberia into production as quickly as possible. The target for New Liberty is to have an updated definitive feasibility study completed by quarter two, 2011 with production aiming for 2012. Putu, because of the sheer size of the project will take longer to develop with first production later in 2016.
As I am writing this statement we have just closed a successful financing which was significantly oversubscribed, bringing approximately US$17.5 million ((pnds stlg)11.3 million) in gross proceeds into the Company's treasury. These funds will be prioritised to take New Liberty forward to a definitive feasibility study, explore the exciting Nkout Iron Ore prospect in the Cameroon, deliver a NI 43-101 compliant resource for the Weaju gold deposit in Liberia and provide working capital to cover our corporate overheads.
Sustainable development, protection of the environment and corporate social responsibility are buzzwords for many but for us they are core values. We are working closely with governments and local agencies to ensure that we can make a difference to the lives of the local communities where we are working. The President of Liberia, Ellen Johnson Sirleaf, recently visited the Putu project in recognition of the work that has been conducted there not just in mining development but also in working with the local communities. In addition we provide tangible help to these communities by providing jobs, sourcing our supplies locally wherever possible, contributing to education and health initiatives, and by undertaking infrastructure projects such as road and bridge development.
On behalf of the Board of Directors, I would like to thank our shareholders for their loyal support during the year and welcome onboard the African Aura Resources shareholders. I would also like to thank our Directors, employees and other stakeholders for their hard work and accomplishments during 2009.
Our current share price does not reflect the potential value of our gold and iron ore assets and this has been confirmed by independent valuations in recent months. The aim of the Board is to significantly increase shareholder value and we will continue to work proactively together towards this goal. All in all we can look forward to 2010 being a very exciting year.
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: on African Aura and its exploration programme, you are invited to visit the Company's website at www.african-aura.com or contact one of the following: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7257 2930; 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