TSX : AUE
AIM : AUE
TORONTO, Sept. 23, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus" or the "Company") is pleased to announce that the credit
committee and the Board of Directors of the Export Credit Insurance
Corporation of South Africa SOC Limited ("ECIC") have now approved
export credit support for the US$88 million Project Debt Finance
Facility to fund the development of the New Liberty Gold Project (the
"Project") in the Republic of Liberia. The Project Debt Finance
Facility is being provided by Nedbank Ltd, acting through its Nedbank
Capital division ("Nedbank") and Rand Merchant Bank, a division of
FirstRand Bank Limited ("RMB") (collectively, "the Banks") and is
backed by the ECIC.
Following the Banks credit committee approvals as announced on 12
September 2013, the ECIC approval announced today completes all the
approvals required for the Project Debt Finance Facility. Project Debt
Finance Facility documentation is targeted for completion in Q4 2013
with the first draw-down anticipated in the first half of 2014.
The ECIC support encompasses 100% political risk coverage and 85%
commercial risk coverage for the Banks in respect of the Project Debt
Finance Facility. As part of the conditions of the Project Debt
Finance Facility, at least US$44 million of the New Liberty capital
cost must be sourced from South Africa.
Commenting on the ECIC approval, David Reading, President and Chief
Executive Officer of Aureus, said:
"The ECIC's support in financing the Project Debt Finance Facility is
the final step in facilitating the construction of the New Liberty Gold
Project and creating Liberia's first commercial gold mine. We look
forward to working with the ECIC, Nedbank and RMB during our
transformation from a developer to becoming a fast growth gold producer
in what is an exciting new gold district in West Africa."
Qualified Person
The estimates of mineral Resources for the Definitive Feasibility Study
(DFS) were calculated in accordance with NI 43-101 and carried out by
Chris G Arnold BSc (Hons), MSc, MAusIMM (CP) of independent consultants
AMC. The Reserve Study for the DFS was prepared by Mr M Staples of AMC,
a Qualified Person for the purposes of the study under the standards
set forth by National Instrument 43-101 "Standards of Disclosure for
Mineral Project", of the Canadian Securities Administrators ("NI
43-101″).
The Company's Qualified Person responsible for preparing this release,
other than as detailed above in respect of the DFS, is David Reading,
who holds an 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 consents to the inclusion in the announcement of the matters based
on their information in the form and context in which it appears and
confirms that this information is accurate and not false or misleading.
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 924,000 ounces of gold grading
3.4 g/t and an estimated measured and indicated mineral resource of
1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred
mineral resource of 593,000 ounces of gold grading 3.2 g/t. A
Definitive Feasibility Study has been completed on the Project and
construction has commenced with initial earthworks. 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 funding requirement, has mandated two banks for a
project debt facility that have received credit committee approval, and
has mandated one bank for a subordinated debt facility.
The New Liberty Gold Project is located within the 100% owned 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 Information
This press release contains certain forward-looking information. All
information, other than information regarding historical fact, that
addresses activities, events or developments that Aureus 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 and their anticipated future growth,
mineral resource estimates and the anticipated exploration and
development activities of Aureus. The foregoing and any other
forward-looking information contained in this press release reflects
the current expectations, assumptions or beliefs of Aureus based on
information currently available to Aureus. With respect to the
forward-looking information contained in this press release, Aureus 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'
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 Inc. dated April 20, 2011, a copy of
which is available on SEDAR at www.sedar.com, and in the Aureus
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 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, 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 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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