TSX : AUE
AIM : AUE
TORONTO, May 14, 2014 /CNW/ - The board of Aureus Mining
Inc. ("Aureus" or the "Company") announces that, pursuant to the
terms of the Company's Stock Option Plan, the Company has granted
Loudon Owen, a Non-Executive
Director of the Company, 200,000 incentive stock options
("Options") at an exercise price of C$0.48 per share, being equal to the closing
price of the Common Shares on 12 May
2014 on the TSX. The grant of the 200,000 stock
options is subject to shareholder approval in accordance with
the rules of the TSX and, upon such approval, 100,000 will be fully
vested, with the remainder vesting after one year. The
Options expire on 13 May 2019 and no
consideration was paid for the Options. Mr Owen now holds a
total of 200,000 Options in the Company.
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in
Liberia (the "New Liberty Gold
Project," "New Liberty" or the "Project"), which has an estimated
proven and probable mineral reserve of 8.5 Mt with 924,000 ounces
of gold grading 3.4 g/t and an estimated measured and indicated
mineral resource of 9,796 Kt with 1,143,000 ounces of gold grading
3.63 g/t and an estimated inferred mineral resource of 5,730 Kt
with 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 foregoing mineral reserve and mineral
resource estimates and additional information in connection
therewith are set out in the Company's technical report dated
July 3, 2013 and entitled "New
Liberty Gold Project, Liberia,
West Africa, Updated Technical
Report."
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
2014. Ndablama has an inferred mineral resource of 6,829 Kt
with 451,000 ounces of gold grading 2.1 g/t and Weaju has an
inferred mineral resource of 2,680 Kt with 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 foregoing mineral resource estimates and additional
information in connection therewith are set out in the Company's
technical report dated November 11, 2013 and entitled
"Ndablama and Weaju Gold Projects, Bea Mountain Mining Licence,
Northern Block, Technical Report on Mineral Resources."
The Company also has gold exploration permits in Cameroon.
Qualified Persons
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 is David
Reading, who holds a 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 approves this press release.
Forward Looking Statements
Certain information in this news release relating to Aureus
Mining is forward-looking and related to anticipated events and
strategies. When used in this context, words such as "will",
"anticipate", "believe", "plan", "intend", "target" and "expect" or
similar words suggest future outcomes. By their nature, such
statements are subject to significant 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; regulatory and government
decisions; the possibility that future drawdowns under the
Facilities may not be available; construction of the New Liberty
Gold Project being delayed and/ or over budget; economic
conditions; availability and cost of financing; estimates of
capital and operating costs and start-up costs; plans regarding
construction activities; and future unforeseen liabilities and
other factors including, but not limited to, those listed under
"Risk Factors" in the Company's Annual Information Form, 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. Readers are cautioned not to place
undue reliance on forward-looking statements as actual results
could differ materially from the plans, expectations, estimates or
intentions expressed in the forward-looking statements.
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.
Any mineral resource and mineral reserve 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 the Company
believes that the mineral resource and mineral reserve estimates in
respect of its properties are well established, by their nature
mineral resource and mineral reserve estimates are imprecise and
depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. If such mineral resource and
mineral reserve estimates are inaccurate or are reduced in the
future, this could have a material adverse impact on the Company.
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. Mineral resources that are not mineral reserves
do not have demonstrated economic viability.
SOURCE Aureus Mining Inc.