Aureus Mining Inc.
TSX : AUE
AIM : AUE
TORONTO, April 3, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus" or the "Company") is pleased to announce that the Liberian
Environmental Protection Agency has approved the Relocation Action Plan
("RAP") and the Community Development Plan ("CDP") for the relocation
of the Larjor and Kinjor villages in respect of the development of the
Company's New Liberty Gold Project ("New Liberty" or "the Project") in
the Republic of Liberia.
The granting of these approvals is the culmination of an extensive
consultation process with Interested and Affected Parties, the
community and the relevant Governmental departments of Liberia which
commenced in December 2010. The RAP and the CDP have been completed in
accordance with Liberian legislation and International Finance
Corporation and World Health Organisation principles and standards.
The granting of these approvals means that Aureus can proceed with the
village relocation at New Liberty.
The RAP represents the resettlement of those affected people and
associated assets from the two villages proximal to the New Liberty
mine footprint area and associated 500 metre blasting zone. It
describes the principles, objectives, procedures and actions that will
be implemented prior to, during and after the resettlement of the
villages.
The CDP aims to:
(a)
|
restore livelihoods lost or impacted as a result of the development of
the Project;
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(b)
|
ensure food security for project affected households through the
establishment of income generating activities; and
|
(c)
|
promote livelihood and enterprise development that will enable both
affected and host communities to derive development benefits from the
Project.
|
It is anticipated that New Liberty will become a major economic driver
in the local area and the surrounding Grand Cape Mount County. The
development and operation of the Project will provide a catalyst for
socio-economic development, which will provide opportunities for local,
national and international organisations to play a significant role in
the development of the broader area.
The work on the relocation programme is progressing following the
acquisition of the land for the new village site location. The village
site is being cleared and construction of the 325 dwellings will
commence this month - it is anticipated that the construction of the
new village will be completed in Q3 2013.
Commenting on the approvals, David Reading, President and Chief
Executive Officer of Aureus, said:
"The approvals of the RAP and CDP are important steps for Aureus in the
development of New Liberty and in our commitment to work with the local
community. To have obtained these approvals illustrates the productive
relationships we have been able to develop with the local community and
the government, both of whom are key stakeholders in New Liberty. We
remain on track with our overall timetable for the development of New
Liberty and to achieve first gold production in Q4 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 has mandated two
banks for the remaining debt 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.
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