TSX : AUE
AIM : AUE
TORONTO, March 18, 2014 /CNW/ - Aureus Mining Inc. (TSX:
AUE / AIM: AUE) ("Aureus" or the "Company") is pleased to announce
that it has completed the pouring of concrete for the ball mill
foundations at the process plant at the New Liberty gold project
("New Liberty" or "Project") in Liberia and that the overall construction
schedule remaining on track to deliver first gold pour in Q1
2015. The completion of the ball mill foundations is a major
achievement and is a key milestone in the overall New Liberty
project construction schedule.
The pouring of concrete for the ball mill foundations was
completed using a continuous pour undertaken between Wednesday 5
March and Sunday 9 March 2014. Please refer to the following
links for pictures:
http://aureus-mining.com/wp-content/uploads/2014/03/SDC13652.jpg
http://aureus-mining.com/wp-content/uploads/2014/03/SDC13655.jpg
http://aureus-mining.com/wp-content/uploads/2014/03/SDC13660.jpg
http://aureus-mining.com/wp-content/uploads/2014/03/SDC13719.jpg
http://aureus-mining.com/wp-content/uploads/2014/03/SDC13722.jpg
The manufacture of the mill components remains on schedule and
will be completed by the end of March 2014. All of the mill
components will be shipped from South
Africa to Liberia and are
due to arrive in the first week of June 2014. The ball mill,
which is 17 ½ foot x 23 ½ foot, will take between four to six
months to erect, with commissioning starting in Q4 2014 and
scheduled to be completed in Q1 2015. The mass of the
complete ball mill installation, in a ready to run state, is
approximately 250 tonnes and its power consumption will be
3,500kW.
New Liberty has had a good safety performance for the
construction period, having achieved the first major safety target
for the Project of 1,000,000 lost time injury ("LTI") free hours in
February 2014. The social programmes, which are part of the
Company's Corporate Social Responsibility, are progressing
well.
The civil works for the primary crushers, secondary crushers and
screens are anticipated to be completed by the end of March 2014 for handover for the commencement of
steel erection. The CIL bases are anticipated to be ready for
handover to the SMPP contractor by mid-April
2014, when the steel work will commence. All of the
equipment being manufactured is on schedule.
The bank financing process remains on track with first drawdown
scheduled for April 2014.
Commenting on the Project's development, David Reading, President and Chief Executive
Officer of Aureus Mining, said:
"The completion of the foundations for the ball mill is a key
construction milestone in bringing New Liberty into production in
Q1 2015. Beyond the rapid progress being made on site, we
have enjoyed a strong working partnership with the local
communities as well as the local and national Liberian governments,
all of whom have been intrinsic to the successful building of
Liberia's first commercial gold
mine."
Qualified Person
The estimates of mineral Resources for the DFS 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
Reserve Study for the DFS 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″).
The Company's Qualified Person responsible for preparing this
release, other than as detailed above in respect of the DFS, is
David Reading, who holds an 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
misleading.
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 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 and debt funding
requirement.
The New Liberty Gold Project is located within the Southern
Block of the 100% owned Bea Mountain mining licence. This licence
covers 457 km² and has a 25 year, renewable, mineral development
agreement. The Northern Block of 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.
Forward-looking Statements
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.