TORONTO, Dec. 2, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus" or the "Company") is pleased to provide an update in relation to the progress made in the construction of the New Liberty Gold Project ("New Liberty"), located within the Company's 100% owned Bea Mountain Mining licence in Liberia. The New Liberty engineering and construction programme is progressing according to schedule.
Significant achievements to date include:
- All bush clearing has been completed for the process infrastructure, including the tailings storage facility ("TSF") area
- Upgrade work on the Daniels Town access road bridges is underway with one of four bridges completed
- Civil works are advancing at the primary and secondary crusher foundations, the secondary screening building, the mill stockpile tunnel foundation, the carbon-in-leach ("CIL") tanks and the gold room foundations
- Marvoe Creek spillway earthworks are nearing completion with top soil removal and excavations underway at the holding dams
- Construction is progressing at the Camp David staff accommodation complex, with junior accommodation nearing completion and senior and visitor accommodation construction underway
- The ball mill shell has passed its final inspection and progress is ahead of schedule. The mill shell is due for release from fabrication in December and will then be shipped to the New Liberty site with expected arrival in Q2 2014. The mill ends will also be completed and released from fabrication in December
- The Structural, Mechanical, Platework and Piping ("SMPP") supply contract has been placed with first steel planned from the fabrication works before year end
- DRA Mineral Projects ("DRA") has been awarded a contract to provide engineering, procurement, construction and management ("EPCM") services in relation to the design and construction of New Liberty
Work continues at the New Kinjor Township with building work on the church and mosque completed and construction of houses and the community centre on-going. Of the total 161 duplex housing units to be built, the foundations have been completed on over 100. Construction of these units is on-going and to date, two house units have been completed with a further 20 units at an advanced stage. The two school buildings are substantially complete and will be ready for occupation in December 2013. Bush clearing of the farmland areas for the Community Development Plan has also been completed.
Photographs of the construction progress at New Liberty can be found at:
Commenting on the progress made in the construction of the New Liberty project, David Reading, President and Chief Executive Officer of Aureus Mining Inc., said:
"Construction at New Liberty remains on schedule with significant progress made during this year. We are well positioned to continue to deliver during 2014 and achieve first gold pour in Q1 2015. I look forward to Aureus becoming Liberia's first commercial, and one of West Africa's newest, gold producers."
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) 20 010 7690
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