TSX : AUE
AIM : AUE
TORONTO, Jan. 31, 2013 /CNW/ - Aureus Mining Inc. ("Aureus" or the
"Company") is pleased to provide an update for the early works
construction and development program at the New Liberty Gold Project in
Liberia ("New Liberty" or the "Project"). The key workstreams are:
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Marvoe Creek Diversion Channel, measuring 2.6km, has been cleared, with
excavation and berm construction to commence in February 2013
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20km stretch of laterite road to New Liberty has been regraded
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Detailed airborne topography survey has been completed
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Additional housing, office space and maintenance areas currently under
construction
Following the completion of the Project's feasibility study, in order to
meet the schedule of first gold production in December 2014, the
Company's operations team has been focused upon project optimisation
studies and the commencement of early works to run alongside the
optimisation of the Project's definitive feasibility study.
International Construction and Engineering ("ICE"), an international
company with strong experience in Liberia and South Africa, has been
appointed to perform the civil and earthworks component of the
development of New Liberty.
The following work, critical to the successful development of New
Liberty, is currently underway:
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The Marvoe Creek Diversion Channel has been cleared, with excavation and
berm construction to commence in February 2013. Pictures are included
on the Company's website via the following links:
http://aureus-mining.com/wp-content/uploads/2013/01/Marvoe-Creek-1.jpg
http://aureus-mining.com/wp-content/uploads/2013/01/Marvoe-Creek-2.jpg
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The 20km stretch of laterite road to New Liberty has been regraded.
Installation of five 100-ton bridges will take place in February, ready
for safe transportation of plant and equipment to New Liberty to meet
construction schedule. Pictures are included on the Company's website
via the following links:
http://aureus-mining.com/wp-content/uploads/2013/01/Road-Upgrade-1.jpg
http://aureus-mining.com/wp-content/uploads/2013/01/Road-Upgrade-2.jpg
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Airborne Light Detection and Ranging (LiDAR) topography survey completed
at both New Liberty and Weaju. Interpretation has given a detailed
topographical model and high resolution imagery for the project sites:
http://aureus-mining.com/wp-content/uploads/2013/01/LiDAR-1.jpg
-
Additional housing, office space and maintenance areas currently under
construction. Pictures are included on the Company's website via the
following links:
http://aureus-mining.com/wp-content/uploads/2013/01/Construction-1.jpg
http://aureus-mining.com/wp-content/uploads/2013/01/Construction-2.jpg
-
ICE will perform the earthworks and civil construction for the New
Liberty process plant site as well as the construction of the Tailings
Storage Facility, which are scheduled to commence in the second half of
2013
Commenting on the development of New Liberty, David Reading, Chief
Executive Officer of Aureus, stated:
"We are delighted to have ICE, who has extensive country specific
experience, assisting us with the development of New Liberty. We are
making excellent progress on the Marvoe Creek diversion and have
completed the work on the 20km road to site that will allow the
infrastructure to be safely transported. We are meeting our timetable
and milestone targets to deliver Liberia's first commercial gold mine
and have a first gold pour by the end of December 2014."
Commenting on the appointment of ICE, Chief Executive Officer of ICE,
Joseph Crane, stated:
''It is an honour to be working with the Aureus team on this exciting
project to build Liberia's first commercial gold mine. Our executive
team has over 20 years of building and construction experience in
Liberia, with the bulk of our workforce coming from the local
community, Grand Cape Mount County and throughout Liberia. We are
committed to building this project safely with a strong emphasis on
protecting the environment and providing employment, management and
business opportunities to the local population. ICE will provide an
on-time delivery to Aureus and will meet the budget and technical
requirements to produce the first gold pour by the end of December
2014.''
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 910,000 ounces of gold grading
3.3 g/t and an estimated measured and indicated mineral resource of
1,143,000 ounces of gold grading 3.6 g/t and an estimated inferred
mineral resource of 593,000 ounces of gold grading 3.2 g/t. A
feasibility study has been completed on the Project and construction
has commenced with initial earthworks. The Project is expected to have
an eight and a half year mine life and annual production of 120,000
ounces for the first five years of production. The Company has
financed the Project's equity funding requirement and is in advanced
discussions with interested parties to fund the balance.
The New Liberty Gold Project is located within the Bea Mountain mining
licence, which covers 457 km² and has a 25 year, renewable, mineral
development agreement. The Bea Mountain mining license also hosts the
proximal gold targets of Ndablama, Gondoja and Weaju, which are the
focus of exploration programs during 2013. The contiguous Archaen Gold
exploration licence, which covers 89 km², is also a focus of
exploration for 2013, with Leopard Rock being the main target.
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
Preliminary Prospectus of Aureus Mining Inc. dated April 20, 2011, 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.