28 Nov 2011 07:00
For immediate release 28 November 2011
Aureus Mining Inc.
TSX : AUE
AIM : AUE
NEWS RELEASE
SITE VISIT TO NEW LIBERTY, LIBERIA
Aureus Mining Inc. (the "Company") the West African gold exploration and development company, announces that it is hosting a site visit to its flagship New Liberty gold project in Liberia, West Africa, this week.
The site visit is being attended by sell-side analysts and institutional investors and the presentations to be given are available on the Company's website www.aureus-mining.com. The site visit presentations show a detailed view of the Company's feasibility work being completed at New Liberty, and an overview of the large exploration potential in the 457km2 Bea Mountain mining lease.
Contact Information
Aureus Mining Inc. David Reading / Jeremy Cave Tel: +44(0) 20 7257 2930
| Buchanan Bobby Morse / James Strong Tel: +44(0) 20 7466 5000 |
Evolution Securities Limited Nomad: Neil Elliot / Adam James Joint Broker: Chris Sim Tel: +44(0) 20 7071 4300 | RBC Capital Markets Martin Eales / Richard Hughes Tel: +44(0) 20 7653 4000 |
About Aureus Mining
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project"), which has an estimated Indicated Mineral Resource of 751,000 ounces of gold grading 4.17g/t (contained in 5,599,000 tonnes) and an estimated Inferred Mineral Resource of 762,000 ounces of gold grading 3.40g/t (contained in 7,040,000 tonnes). A preliminary economic assessment ("PEA") of the New Liberty Gold Project filed in December 2010 outlined a robust open pit gold mine with a pre-tax NPV of US$234 million based on an $1100/oz. gold price and a 10% discount rate. The PEA outlined an 8.5 year mine life with approximate production of 100,000 ounces per year in the first five years. The New Liberty Gold Project is being advanced through to a definitive feasibility study.
The New Liberty Gold Project locates within the Bea Mountain mining license which covers 457km² and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Weaju, Silver Hills and Gondoja, which are the focus of exploration programs during 2011.
The Company also has gold assets within exploration properties in Sierra Leone and Cameroon.
Qualified Person
The Company's Qualified Person responsible for preparing this release is David Reading, who holds a 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.
Assay and sampling information are taken from the Company's database as prepared on New Liberty site by the project geologists. Drill core is split on site and sent under custody to the Alex Stewart-OMAC sample preparation facility in Monrovia where pulps are prepared and dispatched to the OMAC laboratory in Ireland for analysis by fire assay with an atomic absorption finish.
Quality control and quality assurance procedures include the regular and methodical implementation of field duplicates, blank samples, standards and laboratory repeats as well as regular and specific programmes of re-assaying and umpire laboratory assaying.