Aureus Mining Inc. UPDATED TECHNICAL REPORT FILED (0791C)
January 14 2015 - 2:00AM
UK Regulatory
TIDMAUE
RNS Number : 0791C
Aureus Mining Inc.
14 January 2015
14 January 2015
Aureus Mining Inc.
TSX : AUE
AIM : AUE
UPDATED TECHNICAL REPORT FILED FOR NDABLAMA AND WEAJU GOLD
PROSPECTS
Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus Mining" or the
"Company") is pleased to announce the filing of an updated
technical report pursuant to National Instrument 43-101 ("NI
43-101"), relating to its Ndablama and Weaju prospects, situated in
the Northern Block of the 100% owned Bea Mountain mining licence.
This follows the news release dated 1 December 2014 announcing a NI
43-101 resource update for the Ndablama gold project.
With this news release, the Company is reporting the filing as
required under NI 43-101. A copy of the document may be obtained
via www.sedar.com and on the Company's website
www.aureus-mining.com.
Contact Information
Aureus Mining Inc. Buchanan
David Reading / Paul Thomson Bobby Morse / Gordon
Tel: +44(0) 20 7010 7690 Poole
Tel: +44(0) 20 7466 5000
----------------------------- -------------------------
Numis Securities Limited GMP Securities Europe
(Nominated Adviser and LLP (Joint Broker)
Joint Broker) Richard Greenfield /
John Prior / James Black Alexandra Carse
/ Paul Gillam Tel: +44(0) 20 7647 2800
Tel: +44(0) 20 7260 1000
----------------------------- -------------------------
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 ("DFS") has been
completed on the Project and construction is well progressed. 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 km(2) 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 2014-2015.
Ndablama has an indicated and inferred mineral resource of 901,000
ounces of gold grading 1.6 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 km(2), is also a focus of
exploration for 2014-2015, with Leopard Rock being the main target.
The Yambesei (759 km(2) ), Archaen West (112.6 km(2) ), Mabong
(36.6 km(2) ) and Mafa West (15.6 km(2) ) 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 December 1, 2014 and entitled "Ndablama and Weaju Gold
Projects, Bea Mountain Mining Licence, Northern Block, Technical
Report on Mineral Resources" ("Ndablama and Weaju Technical Report
2014").
The Company also has a gold exploration permit in Cameroon.
Qualified Persons
The estimates of mineral Resources for the DFS and the Ndablama
and Weaju Technical Report 2014 were calculated in accordance with
the NI 43-101 and carried out by Chris G Arnold BSc (Hons), MSc,
MAusIMM (CP) of independent consultants AMC Consultants (UK)
Limited ("AMC"). The Reserve Study for the DFS was prepared by
Martin Staples of AMC.
Chris G Arnold and Martin Staples are Qualified Persons for the
purposes of the reports, under the standards set forth by National
Instrument 43-101 "Standards of Disclosure for Mineral Project", of
the Canadian Securities Administrators.
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 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. Forward-looking information contained in
this press release includes, but may not be limited to, mineral
reserve and mineral resource estimates, the expected mine life and
production of the New Liberty Gold Project and the anticipated
exploration and development activities of Aureus. 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 loan
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 dated March
25, 2014, 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 information as actual
results could differ materially from the plans, expectations,
estimates or intentions expressed in the forward-looking
information. Forward-looking information speaks only as of the date
on which it is made and, except as may be required by applicable
law, Aureus 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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