TIDMAAAM
RNS Number : 6104D
African Aura Mining Inc.
25 March 2011
25 March 2011
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
DIRECTOR UPDATE
25 March 2011, African Aura Mining Inc. ("African Aura" or the
"Company"), the TSX-V (AUR) and AIM (AAAM) listed exploration and
development company, announces that Steven Poulton, a non-executive
director of the Company, has elected to step down from the Board
effective upon the completion of the previously announced proposed
restructuring of the Company into separate gold and iron ore
companies (the "Arrangement"). Following the completion of the
Arrangement, Mr. Poulton will not be a director of either of the
Company or Aureus Mining Inc. (the separate gold company resulting
from the Arrangement). Mr. Poulton has advised the Company that he
intends to vote all of his respective common shares (being
1,251,000 shares or approximately 1.45% of the current issued share
capital) in favour of the resolution relating to the Arrangement
(the "Arrangement Resolution") at the Special Meeting of
shareholders to be held on 5 April 2011. All directors of the
Company have confirmed their intention to vote in favour of the
Arrangement Resolution (being a total of 7,716,481 shares or
approximately 9% of the current issued share capital).
David Netherway, Chairman of African Aura commented:
"Steven has worked diligently on behalf of the Company's
shareholders since founding African Aura Resources Ltd in 2004,
which merged in 2009 with Mano River Resources Inc. to create the
Company. Having started his career with Mano in 1998, he has been a
longstanding colleague for many of us over the last 12 years. The
board fully supports his rationale that the proposed restructuring
is a natural juncture for him to step down and focus on the further
development of Altus Strategies, the UK based resource investment
group which he co-founded in 2007. If the restructuring occurs as
envisaged, then on behalf of our board and staff I would like take
the opportunity to thank him for his significant contribution to
the Company".
About African Aura Mining Inc.
African Aura is an established exploration and development
company listed on the TSX-V (AUR) and London's AIM (AAAM). The
Company operates two divisions that are intended to be split into
separate listed companies becoming effective, subject to
shareholder, regulatory and other approvals in April 2011:
- The iron ore division includes its 38.5% interest in the 2.4Bt
Putu iron ore project in Liberia, which is subject to a resource
expansion drilling programme and moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of London and Moscow listed OAO Severstal). In September
2010, Putu was granted a 25 year renewable Mineral Development
Agreement by the Government of Liberia. The division also includes
a 100% interest in the Nkout 1Bt iron ore project and surrounding
iron targets in Cameroon which is subject to a resource expansion
drilling programme.
- The gold assets, to be held in "Aureus Mining Inc." when
listed independently, include the New Liberty gold deposit in
western Liberia which has a resource of 1.51 million ounces of gold
grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in
the indicated category and 7,040,000 tonnes grading 3.40 g/t in the
inferred category) which is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills
and Gondoja gold projects all within the Company's Bea Mountain 25
year renewable Mineral Development Agreement.
In addition, the Company has a 22% interest in AIM-listed
diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com). It is proposed that, following
completion of the Arrangement, this holding will be held by Aureus
Mining Inc.
The Company has a highly motivated and experienced team with a
track record of discovering mines and taking projects through
development and into production. As a pioneer, African Aura has
attracted some excellent strategic partners and shareholders,
always with the objective of preserving or enhancing shareholder
value. For further information on the Company you are invited to
visit its website at www.african-aura.com, or SEDAR's website at
www.sedar.com, or contact one of the following:
African Aura Mining Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Rob Collins / Tim Redfern
Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232
Forward-Looking Information
This press release contains certain forward-looking information.
All information, other than information regarding historical fact
that addresses activities, events or developments that the Company
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 African Aura and Aureus Mining Inc.,
including the completion of the proposed Arrangement and the terms
and consequences relating thereto; the listing of the Company and
Aureus Mining Inc. following the completion of the Arrangement; the
anticipated resignation of Mr. Poulton; the proposed voting of the
directors of the Company, relating to the Arrangement Resolution;
and the timing of the shareholders meeting to consider the
Arrangement. The foregoing and other forward-looking information
contained in this press release reflects the current expectations,
assumptions or beliefs of African Aura based on information
currently available to African Aura. With respect to the
forward-looking information contained in this press release,
African Aura has made assumptions regarding, among other things:
general business, economic and mining industry conditions; the
completion of the Arrangement, including the receipt of all
necessary approvals to proceed therewith; the Company's ongoing
exploration and development activities; and it has also been
assumed that no material adverse change in the price of precious
and/or base metals occurs and no significant events occur outside
of African Aura's normal course of 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: delays in
obtaining, or a failure to obtain, required shareholder, regulatory
and/or court approvals; the Company's inability to complete the
Arrangement or obtain a favourable confirmation from the Canada
Revenue Agency regarding the tax consequences of the Arrangement;
risks normally incidental to exploration and development of mineral
properties; 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 management
information circular of the Company dated February 28, 2011 and the
Company's Annual Information Form dated April 30, 2010 available
under the Company's profile on SEDAR at www.sedar.com.
Forward-looking information speaks only as of the date on which
it is made and, except as may be required by applicable law,
African Aura 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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