TIDMAUE
RNS Number : 1494E
Aureus Mining Inc.
02 November 2015
2 November 2015
Aureus Mining Inc.
TSX : AUE
AIM : AUE
CRUSHING AND PROCESSING OPERATIONS AT NEW LIBERTY RESUMED
Aureus Mining Inc. ("Aureus" or the "Company"), the TSX and AIM
listed West African Gold Producer, is pleased to report that gold
producing operations at the New Liberty Gold Mine have restarted
following the successful repair of the secondary crusher.
Key Highlights:
1. Ore crushing operations recommenced on 28 October 2015,
following the installation of a temporary 200 tonne per hour mobile
crushing unit.
2. Specialists from DRA Mineral Projects ("DRA") the
Engineering, Procurement, and Construction Management contractor
("EPCM") and technicians from the Original Equipment Manufacturer
("OEM") of the secondary crusher completed repair work on 29
October 2015 allowing the secondary crusher to be brought back into
operation.
3. Following a period of ore crushing operations and the
build-up of a sufficient stockpile of crushed ore, milling and
processing operations resumed at New Liberty on 30 October
2015.
4. During the temporary 19 day stoppage of crushing and
processing operations, mining operations continued. Run of mine
("ROM") stockpiles currently total 55,283 tonnes at 3.16 g/t and
oxide stockpiles total 105,203 tonnes at 2.04 g/t.
5. Over 6,000 tonnes of ROM ore has now been crushed for milling
since the mobile crusher became fully operational.
6. Following the successful repair of the secondary crusher the
Company continues to work towards declaring Commercial Production,
and management now expects that this will be achieved in early
January 2016.
Commenting on the restart of processing operations, David
Reading, President and Chief Executive Officer of Aureus Mining,
said:
"I am pleased to announce that gold processing operations have
recommenced at the New Liberty Gold Mine and we are now looking
forward to declaring commercial production in January 2016. The
quick remediation of the secondary crusher failure is testament to
the hard work of our employees and the specialist engineers and
technicians from DRA and the OEM, who have worked tirelessly to
restart production as quickly as possible."
Following the successful installation of a mobile crusher at New
Liberty, ore crushing operations recommenced on 28 October 2015 to
build up a stockpile of crushed ore before processing operations
restarted on 30 October 2015. The mobile crusher, which was sourced
in-country, has a capacity of 200 tonnes per hour, and is
sufficient to supply the New Liberty ball mill, which runs at a
designed feed rate of 146 tonnes of run of mine ("ROM") ore per
hour. This mobile crusher will be retained on site for a period of
six months to provide additional operational flexibility during the
final testing and commissioning phase of the plant, and also to
provide additional crushed rock material for use on haul roads and
other associated infrastructure.
Specialists from DRA, the EPCM contractor and technicians from
the OEM of the secondary crusher successfully completed repairs to
remediate the mechanical failure within the secondary crusher.
These repairs were completed on 29 October 2015, following which
time the secondary crusher has been tested extensively to ensure
all parameters are operating correctly before being recommissioned
and ramped back up to its full capacity.
Following the resumption of crushing activities, a stockpile of
6,000 tonnes of crushed fine ore allowed for the restart of milling
and CIL processing operations. Milling operations commenced at
design capacity of 146t/hr on 30th October.
During the 19 day temporary shutdown in processing operations,
mining operations continued to progress, leaving ROM stockpiles
totalling 55,283 tonnes at 3.16 g/t and oxide stockpiles of 105,203
tonnes at 2.04 g/t. Additionally during this period the Company
took the opportunity to undertake further preventative maintenance
works around the plant site.
Following the successful restart of processing operations, the
focus of the Company returns to working towards declaring
Commercial Production at the New Liberty Gold Mine. Commercial
production will be declared on the first day of the calendar month
following the mill having operated at an average of 60% or more of
the designed production capacity, calculated over a 60 day period.
Management now expects to achieve commercial production in early
January 2016.
Contact Information
Aureus Mining Inc. Buchanan
David Reading / Paul Thomson Bobby Morse / Anna Michniewicz
Tel: +44(0) 20 7010 7690 Tel: +44(0) 20 7466 5000
----------------------------- -------------------------------
Numis Securities Limited GMP Securities Europe
(Nominated Adviser and LLP
Joint Broker) (Joint Broker)
John Prior / James Black Richard Greenfield /
/ Paul Gillam Alexandra Carse
Tel: +44(0) 20 7260 1000 Tel: +44(0) 20 7647 2800
----------------------------- -------------------------------
About Aureus Mining Inc.
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold Mine," "New Liberty" or the "mine")
which has an estimated proven and probable mineral reserve of 8.5
Mt with 924,000 ounces of gold grading 3.4 g/t and an estimated
measured and indicated mineral resource of 9,796 Kt with 1,143,000
ounces of gold grading 3.63 g/t and an estimated inferred mineral
resource of 5,730 Kt with 593,000 ounces of gold grading 3.2 g/t. A
Definitive Feasibility Study ("DFS") has been completed, the first
gold pour has taken place and work continues on commissioning the
plant for full scale commercial production. The mine is expected to
have an 8 year life and annual production of 119,000 ounces for the
first 6 years of production. The foregoing mineral reserve and
mineral resource estimates and additional information in connection
therewith are set out in the Company's technical report dated March
25, 2015 and entitled "New Liberty Gold Project, Bea Mountain
Mining Licence Southern Block, Liberia, West Africa, Definitive
Project Plan."
The New Liberty Gold Mine is located within the Southern Block
of the 100% owned Bea Mountain mining licence. This licence covers
478 km(2) and has a 25 year, renewable, mineral development
agreement. The Bea Mountain mining license also hosts additional
gold projects of Ndablama, Gondoja, Weaju and Leopard Rock which
are the focus of exploration programs during 2015. Ndablama has an
indicated mineral resource of 386,000 ounces of gold grading 1.6
g/t and inferred mineral resource of 515,000 ounces of gold grading
1.7g/t and Weaju has an inferred mineral resource of 178,000 ounces
of gold grading 2.1 g/t. The Yambesei (759 km(2) ), Archaen West
(112.6 km(2) ), Mabong (36.6 km(2) ) and Mafa West (15.6 km(2) )
licences will also be subject to preliminary reconnaissance
geological work. The foregoing mineral resource estimates and
additional information in connection therewith are set out in the
Company's technical report dated December 1, 2014 and entitled
"Ndablama and Weaju Gold Projects, Bea Mountain Mining Licence,
Northern Block, Technical Report on Mineral Resources" ("Ndablama
and Weaju Technical Report 2014").
The Company also has a gold exploration permit in Cameroon.
Qualified Persons
The Company's Qualified Person 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 has
reviewed and approves this press release.
Forward Looking Statements
Certain information in this news release relating to Aureus is
forward-looking and related to anticipated events and strategies.
When used in this context, words such as "will", "anticipate",
"believe", "plan", "intend", "target" and "expect" or similar words
suggest future outcomes. Forward-looking information contained in
this press release includes, but may not be limited to, statements
or information relating to: the New Liberty Gold Project (including
the quantity and quality of mineral resource and mineral reserve
estimates), the potential to upgrade inferred mineral resources,
opportunities to optimize the New Liberty Gold Project, the ability
of the Company to develop the New Liberty Gold Project into a mine
and the proposed new plans relating thereto regarding operations
and mine design, future gold production, and future cash flows, the
expected mine life of the New Liberty Gold Project, progress in the
fight against Ebola and the anticipated exploration and development
activities of Aureus. By their nature, such statements are subject
to significant 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; the inability of the Company to obtain
required financing when needed and/or on acceptable terms or at
all; risks that the cost of implementing the new mine plan at the
New Liberty Gold Project and the operating cash costs of the New
liberty Gold Project exceed those estimated in the new mine plan;
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; regulatory
and government decisions; the possibility that future drawdowns
under the loan facilities may not be available; construction of the
New Liberty Gold Project being delayed and/ or over budget;
economic conditions; availability and cost of financing; estimates
of capital and operating costs and start-up costs; plans regarding
construction activities; risks related to the Ebola crisis; and
future unforeseen liabilities and other factors including, but not
limited to, those listed under "Risk Factors" in the Company's
Annual Information Form dated March 26, 2015, a copy of which
is
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