TSX : AUE
AIM : AUE
TORONTO, Oct. 14, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE) (AIM: AUE)
("Aureus" or the "Company") is pleased to announce that excellent
progress is being made with the construction of the New Liberty Gold
Project ("New Liberty" or the "Project") in Liberia. Another
significant milestone has been achieved with the first pour of concrete
at the plant site. The New Liberty construction programme is
progressing according to schedule. Significant achievements to date
are:
-
Bush clearing has been completed in the Project plant area. Only a small
portion of the Tailings Storage Facility area remains to be cleared and
this work will be finished in November 2013;
-
Plant earthworks are at an advanced stage and will be completed by the
end of October 2013;
-
The concrete batch plant has been commissioned;
-
Civil works have commenced with foundation work being undertaken on the
primary crusher base, secondary crusher base, secondary screen circuit
base, mill stockpile tunnel base, Carbon In Leach ("CIL") tank bases as
well as the gold room foundations;
-
Work on the mine camp for housing staff is progressing well and is
scheduled to be completed and in operation in early 2014;
-
Ball mill construction is progressing with shell manufacturing and motor
winding in progress; and
-
Construction of the New Kinjor Township progresses with the school,
church and mosque nearing completion and housing foundations in
progress.
The New Kinjor Township will house the relocated community from the
Kinjor village. Housing construction progresses and new farming areas
have been cleared to assist in the establishment of future sustainable
agricultural projects. Members of the local community are also
actively engaged in building the houses and infrastructure for their
new village.
Photographs of the first concrete pour and of the construction at New
Liberty can be found at:
http://aureus-mining.com/gallery/construction-update
Commenting on the progress at New Liberty, David Reading, President and
Chief Executive Officer of Aureus, said:
"The Company has made excellent progress at New Liberty and the first
pour of concrete onsite signifies an important step as the Company
transitions from developer to producer. Significant support from
shareholders and our banks over the last 12 months has enabled us to
start construction and for Aureus to remain on track for our first gold
pour in Q1 2015."
Qualified Person
The estimates of mineral Resources for the 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.
