TSX : AUE
AIM : AUE
TORONTO, May 7, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus" or the "Company") is pleased to announce that it has placed
an order for the ball mill for the New Liberty Gold Project ("New
Liberty" or the "Project") in Liberia, which is the key plant item as
described in its independent technical report dated 1 October 2012. The
placement of this order is part of Aureus' strategy to source the
longer-lead key plant items for the New Liberty process plant in
sufficient time to facilitate the successful achievement of first gold
in December 2014.
An order has been placed with NCP International Ltd ("NCP") for the
supply, delivery and installation of a ball milling system, which is
due for delivery in May 2014. The ball mill has a rating of 145t / hr
and is capable of processing at a rate of up to 1.1Mtpa of ore. The
civil foundations will have been completed by the time of delivery,
ready for the erection and assembly of the mill and supporting
equipment. The mill is a critical component in the commissioning
process and pre-commissioning checks on the mill are scheduled to be
carried out in October 2014, with first gold production on track for
December 2014.
The other key plant items that will be ordered in Q2 2013 include the
crushers, apron feeder, slurry pumps, spillage pumps, water pumps,
carbon pumps, screens as well as the re-grind mill.
The procurement schedule for the ordering of key plant items is being
driven by the DRA engineering team and the engineering activities for
the overall plant construction are well progressed.
Commenting on the ordering of key plant items, David Reading, President
and Chief Executive Officer of Aureus, said:
"We continue to make significant progress on the development and
construction of New Liberty. The ordering of the ball mill is another
critical step to ensure the timely and successful development of the
Project. The placing of the mill order is an exciting step for Aureus,
as the mill is the heart of our new process plant. We are pleased to be
associated with NCP, which brings many years of milling experience to
the Project.
"As a consequence of having all permits in place, key management
personnel, an owner team assembled and project debt financing process
in place, Aureus continues to de-risk the Project and is well placed to
achieve first gold by 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.
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