TORONTO, Dec. 2, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE)
("Aureus" or the "Company") is pleased to provide an update in relation
to the progress made in the construction of the New Liberty Gold
Project ("New Liberty"), located within the Company's 100% owned Bea
Mountain Mining licence in Liberia. The New Liberty engineering and
construction programme is progressing according to schedule.
Significant achievements to date include:
-
All bush clearing has been completed for the process infrastructure,
including the tailings storage facility ("TSF") area
-
Upgrade work on the Daniels Town access road bridges is underway with
one of four bridges completed
-
Civil works are advancing at the primary and secondary crusher
foundations, the secondary screening building, the mill stockpile
tunnel foundation, the carbon-in-leach ("CIL") tanks and the gold room
foundations
-
Marvoe Creek spillway earthworks are nearing completion with top soil
removal and excavations underway at the holding dams
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Construction is progressing at the Camp David staff accommodation
complex, with junior accommodation nearing completion and senior and
visitor accommodation construction underway
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The ball mill shell has passed its final inspection and progress is
ahead of schedule. The mill shell is due for release from fabrication
in December and will then be shipped to the New Liberty site with
expected arrival in Q2 2014. The mill ends will also be completed and
released from fabrication in December
-
The Structural, Mechanical, Platework and Piping ("SMPP") supply
contract has been placed with first steel planned from the fabrication
works before year end
-
DRA Mineral Projects ("DRA") has been awarded a contract to provide
engineering, procurement, construction and management ("EPCM") services
in relation to the design and construction of New Liberty
Work continues at the New Kinjor Township with building work on the
church and mosque completed and construction of houses and the
community centre on-going. Of the total 161 duplex housing units to be
built, the foundations have been completed on over 100. Construction of
these units is on-going and to date, two house units have been
completed with a further 20 units at an advanced stage. The two school
buildings are substantially complete and will be ready for occupation
in December 2013. Bush clearing of the farmland areas for the
Community Development Plan has also been completed.
Photographs of the construction progress at New Liberty can be found at:
http://aureus-mining.com/gallery/construction-update-dec13
Commenting on the progress made in the construction of the New Liberty
project, David Reading, President and Chief Executive Officer of Aureus
Mining Inc., said:
"Construction at New Liberty remains on schedule with significant
progress made during this year. We are well positioned to continue to
deliver during 2014 and achieve first gold pour in Q1 2015. I look
forward to Aureus becoming Liberia's first commercial, and one of West
Africa's newest, gold producers."
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.