TSX : AUE
AIM : AUE
TORONTO, Jan. 15, 2013 /CNW/ - The Board of Aureus Mining Inc. ("Aureus" or the "Company") announces that, pursuant to its Stock Option Plan, it has granted incentive stock options to certain directors, employees and consultants of the Company. The share options were granted over a total of 3,338,680 common shares, representing approximately 1.51% of the issued share capital of the Company at an exercise price of C$0.72 per share. 350,000 of the stock options are exercisable immediately and the remainder vest over the next two years upon completion of certain service and performance vesting conditions. The stock options issued are capable of being exercised up to 14 January 2018.
The allocation of stock options to directors was as follows:
|Director||Position|| New Options
|David Reading||President & CEO||500,000||2,250,000||333,334||0.15|
|Luis da Silva||Director||100,000||1,432,500||84,826||0.04|
These options were issued for nil consideration.
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 910,000 ounces of gold grading 3.3 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.6 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A feasibility study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an eight and a half year mine life and annual production of 120,000 ounces for the first five years of production. The Company has financed the Project's equity funding requirement and is in advanced discussions with interested parties to fund the balance.
The New Liberty Gold Project is located within the Bea Mountain mining licence, which covers 457 km² and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. The contiguous 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.
The estimates of mineral resources were calculated in accordance with NI 43-101 and carried out by Chris G Arnold BSc (Hons), MSc, MAusIMM (CP) of independent consultants AMC. The estimated mineral reserve was prepared by Mr M Staples of AMC, a Qualified Person, for the purposes of the study, under the standards set forth by National Instrument 43-101 "Standards of Disclosure for Mineral Project", of the Canadian Securities Administrators ("NI 43-101″).
SOURCE: Aureus Mining Inc.
For further information:
Aureus Mining Inc.
David Reading / Jeremy Cave
Tel: +44(0) 20 7010 7690
Bobby Morse / Gordon Poole
Tel: +44 (0) 20 7466 5000
RBC Capital Markets (Nominated Adviser and Joint Broker)
Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000
GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800