TSX : AUE
AIM : AUE
TORONTO, Nov. 28, 2011 /CNW/ - Aureus Mining Inc. (the "Company") the
West African gold exploration and development company, announces that
it is hosting a site visit to its flagship New Liberty gold project in
Liberia, West Africa, this week.
The site visit is being attended by sell-side analysts and institutional
investors and the presentations to be given are available on the
Company's website www.aureus-mining.com. The site visit presentations show a detailed view of the Company's
feasibility work being completed at New Liberty, and an overview of the
large exploration potential in the 457km2 Bea Mountain mining lease.
About Aureus Mining
The Company's assets include the New Liberty gold deposit in Liberia
(the "New Liberty Gold Project"), which has an estimated Indicated
Mineral Resource of 751,000 ounces of gold grading 4.17g/t (contained
in 5,599,000 tonnes) and an estimated Inferred Mineral Resource of
762,000 ounces of gold grading 3.40g/t (contained in 7,040,000 tonnes).
A preliminary economic assessment ("PEA") of the New Liberty Gold
Project filed in December 2010 outlined a robust open pit gold mine
with a pre-tax NPV of US$234 million based on an $1100/oz. gold price
and a 10% discount rate. The PEA outlined an 8.5 year mine life with
approximate production of 100,000 ounces per year in the first five
years. The New Liberty Gold Project is being advanced through to a
definitive feasibility study.
The New Liberty Gold Project locates within the Bea Mountain mining
license which covers 457km² and has a 25 year, renewable, mineral
development agreement. The Bea Mountain mining license also hosts the
proximal gold targets of Ndablama, Weaju, Silver Hills and Gondoja,
which are the focus of exploration programs during 2011.
The Company also has gold assets within exploration properties in Sierra
Leone and Cameroon.
The Company's Qualified Person responsible for preparing 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
Assay and sampling information are taken from the Company's database as
prepared on New Liberty site by the project geologists. Drill core is
split on site and sent under custody to the Alex Stewart-OMAC sample
preparation facility in Monrovia where pulps are prepared and
dispatched to the OMAC laboratory in Ireland for analysis by fire assay
with an atomic absorption finish.
Quality control and quality assurance procedures include the regular and
methodical implementation of field duplicates, blank samples, standards
and laboratory repeats as well as regular and specific programmes of
re-assaying and umpire laboratory assaying.
SOURCE Aureus Mining Inc.
For further information:
| Aureus Mining Inc. |
David Reading / Jeremy Cave
Tel: +44(0) 20 7257 2930
| || || || || || || || || Buchanan |
Bobby Morse / James Strong
Tel: +44(0) 20 7466 5000
| || || || || || || || || || |
| Evolution Securities Limited |
Nomad: Neil Elliot / Adam James
Joint Broker: Chris Sim
Tel: +44(0) 20 7071 4300
| || || || || || || || || RBC Capital Markets |
Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000