/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES/
TORONTO, June 1 /CNW/ - The Board of African Aura is pleased to release the Unaudited Interim Consolidated Financial Statements of the Company for the quarter ended, March 31 2010 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 (http://www.african-aura.com) or at www.sedar.com.
Luis da Silva, President and CEO of African Aura commented:
"The outlook for the Company is very promising despite the difficult trading conditions in the financial markets. The Company is now well positioned in its chosen commodities, gold and iron ore, to pursue strategies that will maximise the value of the Company.
The Putu iron ore project in which the Company has a 38.5% interest made excellent progress in 2009 and the early part of 2010. The drilling for a pre-feasibility study is commencing now and the study will complete in 2012. The definitive feasibility study is then expected to be delivered 18 months thereafter. The Nkout Iron ore project in the Cameroon is an exciting prospect and the Company has plans to commence a resource drilling programme during Q2, 2010. There is currently no value attributed to the Cameroon iron ore assets in the Company's market capitalisation.
The gold strategy is based around progressing New Liberty towards a definitive feasibility study during the first half of 2011. Additional targets within the same licence area are being reviewed in order to provide further near surface ounces. Of particular note are Silver Hills, Weaju and Ndablama, all located within 15-30 kilometres of New Liberty. These near surface target ounces will allow for truckable ore to be transported to New Liberty.
The key priorities for the Company for 2010 are summarised below:
(a) 62,000m resource drilling programme at Putu starting in the first
half of 2010 with metallurgical test results due in the middle of
(b) Finalisation of the 25 year MDA for Putu;
(c) Commencement of a 4,000m resource definition drilling programme at
satellite prospects near New Liberty;
(d) Interpretation of the airborne survey over the Nkout Iron Ore
prospect in the Cameroon leading to a drilling programme to define a
(e) Update the resource at New Liberty and deliver a scoping study to
evaluate the different mining scenarios and the investment case; and
(f) Based on a successful scoping study, progress New Liberty towards a
definitive feasibility study encompassing an environmental
assessment, metallurgical test work, mine planning and design, plant
and infrastructure and a full economic evaluation."
On behalf of the Board of African Aura Mining Inc.
Luis da Silva
President and CEO
About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu iron
ore project in Liberia, which is moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of Moscow listed OAO Severstal). The division also includes
a 100% interest in the Nkout iron ore project and surrounding iron
targets in Cameroon.
- The gold division includes the multi million ounce potential New
Liberty greenstone gold deposit, which is being advanced through a
bankable feasibility study, and the proximal Weaju, Gondoja, Ndablama
and Silver Hills projects, all in western Liberia.
In addition, the Company has a 30.8% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com).
The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value.
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 the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following: 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 Bell Pottinger, Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7861 3232