TSX : AUE
AIM : AUE
TORONTO, Nov. 26, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE) (AIM: AUE) ("Aureus Mining" or the "Company") is pleased to announce that DRA Mineral Projects ("DRA") has been awarded a contract to provide engineering, procurement, construction and management ("EPCM") services (the "Contract") in relation to the design and construction of the New Liberty gold project ("New Liberty"). New Liberty is located within the Company's 100% owned Bea Mountain Mining licence in Liberia.
The Contract is for the provision of a total EPCM service and DRA will be responsible for project management, engineering and procurement and construction management. DRA has assisted Aureus with the evaluation of New Liberty for the past three years, having been involved with the Preliminary Economic Assessment ("PEA"), the Feasibility Study ("FS"), the Definitive Feasibility Study ("DFS") and the Front End Engineering Design ("FEED") work.
DRA has a long history of working on gold projects. This historic knowledge and experience, combined with expertise of the latest processing technology, enables DRA to successfully design gold plants, particularly in respect of gravity / carbon-in-leach ("CIL") processes which is utilised at New Liberty and is typical in West Africa. DRA recently completed the Edikan Gold Project for Perseus Mining in Ghana, New Luika for Shanta in Tanzania and Kibali for Randgold / Anglogold Ashanti in the Democratic Republic of Congo. DRA has also been involved with several feasibility studies for gold projects, including Otjikoto for B2Gold Corp in Namibia, Fekola for Papillon in Mali and Essase for Asanko (formerly Keegan Resources) in Ghana.
Commenting on the appointment of DRA, David Reading, President and Chief Executive Officer of Aureus Mining, said:
"We are delighted to appoint DRA to manage the design and construction of New Liberty. DRA has been involved in the New Liberty project from the PEA, the DFS and now through to the EPCM. They have gained valuable knowledge throughout this time and are very well placed to successfully execute the construction of the New Liberty project. We look forward to continuing to work with DRA and reaping the benefits of this fruitful relationship. Aureus remain on track for our first gold pour in Q1 2015."
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 Yambesei (759 km2), Archaen West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological work.
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 exploration.
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