TSX : AUE
AIM : AUE
TORONTO, Nov. 26, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE) (AIM: AUE)
("Aureus Mining" or the "Company") is pleased to announce that DRA
Mineral Projects ("DRA") has been awarded a contract to provide
engineering, procurement, construction and management ("EPCM") services
(the "Contract") in relation to the design and construction of the New
Liberty gold project ("New Liberty"). New Liberty is located within
the Company's 100% owned Bea Mountain Mining licence in Liberia.
The Contract is for the provision of a total EPCM service and DRA will
be responsible for project management, engineering and procurement and
construction management. DRA has assisted Aureus with the evaluation of
New Liberty for the past three years, having been involved with the
Preliminary Economic Assessment ("PEA"), the Feasibility Study ("FS"),
the Definitive Feasibility Study ("DFS") and the Front End Engineering
Design ("FEED") work.
DRA has a long history of working on gold projects. This historic
knowledge and experience, combined with expertise of the latest
processing technology, enables DRA to successfully design gold plants,
particularly in respect of gravity / carbon-in-leach ("CIL") processes
which is utilised at New Liberty and is typical in West Africa. DRA
recently completed the Edikan Gold Project for Perseus Mining in Ghana,
New Luika for Shanta in Tanzania and Kibali for Randgold / Anglogold
Ashanti in the Democratic Republic of Congo. DRA has also been
involved with several feasibility studies for gold projects, including
Otjikoto for B2Gold Corp in Namibia, Fekola for Papillon in Mali and
Essase for Asanko (formerly Keegan Resources) in Ghana.
Commenting on the appointment of DRA, David Reading, President and Chief
Executive Officer of Aureus Mining, said:
"We are delighted to appoint DRA to manage the design and construction
of New Liberty. DRA has been involved in the New Liberty project from
the PEA, the DFS and now through to the EPCM. They have gained
valuable knowledge throughout this time and are very well placed to
successfully execute the construction of the New Liberty project. We
look forward to continuing to work with DRA and reaping the benefits of
this fruitful relationship. Aureus remain on track for our first gold
pour in Q1 2015."
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 additional gold projects of Ndablama, Gondoja and
Weaju, which are the focus of exploration programs during 2013.
Ndablama has an inferred mineral resource of 451,000 ounces of gold
grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000
ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence,
which covers 89 km², is also a focus of exploration for 2013, with
Leopard Rock being the main target. The Yambesei (759 km2), Archaen West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological
work.
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
Annual Information Form of Aureus Mining Inc. dated March 20, 2013 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.