TSX : AUE
AIM : AUE
TORONTO, Nov. 19, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus Mining" or the "Company") is pleased to announce it has been
granted four, new, gold exploration licences in Liberia. The licences
are contiguous to the Bea Mountain Mining licence and in all cases the
Company has 100% ownership.
The Company's contiguous ground holdings around our New Liberty mine
have now increased from 547 km2 to 1,470 km2. The four new exploration licences were issued by the Ministry of Land,
Mines and Energy and are referred to as Yambesei (759 km2), Archean West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2).
The licence portfolio hosts multiple greenstone belts, and associated
shear structures which to date have been the principal hosts to the
gold mineralisation systems discovered in Liberia.
Over 80 kilometres of NE to SW trending structural zones referred to as
the Yambesei and Lofa shear corridors, now locate within the license
portfolios and host multiple gold targets including New Liberty, Weaju
and Ndablama. These major structures can be traced for over 250
kilometres within Liberia.
The Yambesei gold corridor hosts the Gondoja gold target where
previously reported drilling intercepts include 30 metres at 3.9 g/t Au
and 6 metres at 11.7 g/t Au.
In excess of 50 gold occurrences and gold geochemical anomalies have
been outlined to date on the Company's groundholdings. Gold
mineralisation is associated with the primary shear systems or in
subordinate structures related to these major breaks.
The budgeted 2014 exploration programme includes associated
reconnaissance geological work and airborne geophysical surveys within
the new licences.
Further details can be found in the following plan views:
Commenting on the new licences, David Reading, President and Chief
Executive Officer of Aureus Mining, said:
"These new licences extend our landholding nearly threefold and
importantly, significantly increase the wider opportunity that lies
within Liberia. Our licence portfolio now boasts over 80 kilometres of
gold bearing structures and represents excellent opportunities for
future organic growth."
The Company's Qualified Person responsible for preparing the geology and
exploration information in 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 misleading.
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia
(the "New Liberty Gold Project" or the "Project"), which has an
estimated proven and probable reserve of 924,000 ounces of gold grading
3.4 g/t and an estimated measured and indicated mineral resource of
1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred
mineral resource of 593,000 ounces of gold grading 3.2 g/t. A
Definitive Feasibility Study has been completed on the Project and
construction has commenced with initial earthworks. The Project is
expected to have an 8 year mine life and annual production of 119,000
ounces for the first 6 years of production. The Company has financed
the Project's equity funding requirement, has mandated two banks for a
project debt facility that have received credit committee approval, and
has mandated one bank for a subordinated debt facility.
The New Liberty Gold Project is located within the 100% owned Bea
Mountain mining licence, which covers 457 km² and has a 25 year,
renewable, mineral development agreement. The Bea Mountain mining
license also hosts additional gold projects of Ndablama, Gondoja and
Weaju, which are the focus of exploration programs during 2013.
Ndablama has an inferred mineral resource of 451,000 ounces of gold
grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000
ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence,
which covers 89 km², is also a focus of exploration for 2013, with
Leopard Rock being the main target.
The Company also has gold exploration permits in Cameroon.
This press release contains certain forward-looking information. All
information, other than information regarding historical fact, that
addresses activities, events or developments that Aureus Mining
believes, expects or anticipates will or may occur in the future is
forward-looking information. Forward-looking information contained in
this press release includes, but may not be limited to, the future
plans and objectives of Aureus Mining and their anticipated future
growth, mineral resource estimates and the anticipated exploration and
development activities of Aureus Mining. The foregoing and any other
forward-looking information contained in this press release reflects
the current expectations, assumptions or beliefs of Aureus Mining based
on information currently available to Aureus Mining. With respect to
the forward-looking information contained in this press release, Aureus
Mining has made assumptions regarding, among other things: general
business, economic and mining industry conditions; and it has also been
assumed that no material adverse change in the price of precious and/or
base metals occurs, no unusual geological or technical problems occur
and no significant events occur outside of the normal course of Aureus
Mining's respective business.
Such forward-looking information is subject to a number of risks and
uncertainties that may cause actual results or events to differ
materially from current expectations, including: risks normally
incidental to exploration and development of mineral properties;
uncertainties in the interpretation of results from drilling and test
work; the possibility that future exploration, development or mining
results will not be consistent with expectations; uncertainty of
mineral resources estimates; adverse changes in precious and/or base
metal prices; and future unforeseen liabilities and other factors
including, but not limited to, those listed under "Risk Factors" in the
Annual Information Form of Aureus Mining Inc. dated March 20, 2013 a
copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is
available at www.aureus-mining.com.
Any mineral resource figures referred to in this press release are
estimates and no assurances can be given that the indicated levels of
minerals will be produced. Such estimates are expressions of judgment
based on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
Aureus Mining believes that the mineral resource estimates in respect
of their respective properties are well established, by their nature
mineral resource estimates are imprecise and depend, to a certain
extent, upon statistical inferences which may ultimately prove
unreliable. If such mineral resource estimates are inaccurate or are
reduced in the future, this could have a material adverse impact on
Aureus Mining, as applicable. Due to the uncertainty that may be
attached to inferred mineral resources, it cannot be assumed that all
or any part of an inferred mineral resource will be upgraded to an
indicated or measured mineral resource as a result of continued
Forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable law, Aureus Mining
disclaims any obligation to update or modify such forward-looking
information, either as a result of new information, future events or
for any other reason.
SOURCE: Aureus Mining Inc.
For further information:
Aureus Mining Inc.
David Reading / Paul Thomson
Tel: +44(0) 20 7257 2930
Bobby Morse / Gordon Poole
Tel: +44(0) 20 7466 5000
RBC Capital Markets (Nominated Adviser and Joint Broker)
Jonathan Hardy / Richard Hughes
Tel: +44(0) 20 7653 4000
GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800