TIDMAUE
RNS Number : 7074N
Aureus Mining Inc.
02 February 2016
2 February 2016
Aureus Mining Inc.
TSX : AUE
AIM : AUE
APPOINTMENT OF SPECIAL COMMITTEE
Aureus Mining Inc., ("Aureus" or the "Company"), the TSX and AIM
listed West African Gold Producer, announces that a Special
Committee has been formed to conduct a review of strategic options
to enhance shareholder value.
The Special Committee is comprised of three independent,
non-executive directors, Jean-Guy Martin, Loudon Owen and David
Netherway with Mr. Owen serving as its Chair.
As previously announced, RBC Capital Markets is serving as
financial advisor to the Company.
David G. Netherway
Chairman
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 RBC Capital Markets
(Nominated Adviser) (Financial Advisor)
John Prior / James Black Richard Horrocks-Taylor
/ Paul Gillam / Richard Hughes
Tel: +44(0) 20 7260 1000 Tel: +44(0) 20 7653 4000
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 licence also hosts additional
gold projects of Ndablama, Gondoja, Weaju and Leopard Rock, which
are the focus of exploration programs during 2016. 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
1.7 g/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
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. Readers are cautioned not to place undue
reliance on forward-looking information as actual results could
differ materially from the plans, expectations, estimates or
intentions expressed in the forward-looking information.
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.
With respect to forward looking information contained in this
news release, assumptions have been made regarding, among other
things: general business, economic and mining industry conditions;
interest rates and foreign exchange rates; mineral resource and
mineral reserve estimates; geological and metallurgical assumptions
(including with respect to the size, grade and recoverability of
mineral resources and mineral reserves) and cost estimates on which
the mineral resource and mineral reserve estimates are based; the
parameters and assumptions employed in the New Liberty Technical
Report, (including but not limited to, those relating to
construction, future mining and operating costs, processing and
recovery rates, net present values and internal rates of return,
timing for the commencement of production, tax and royalty rates,
future gold prices, metallurgical rates, pit design, operations and
management, grades, the base case analysis and the proposed budget
for further exploration plans and objectives); the supply and
demand for commodities and precious and base metals and the level
and volatility of the prices of gold; market competition; the
ability of the Company to raise sufficient funds from capital
markets and/or debt to meet its future obligations and planned
activities; the business of the Company including the continued
exploration of its properties; the political environments and legal
and regulatory frameworks in Liberia and Cameroon with respect to,
among other things, the ability of the Company to obtain, maintain,
renew and/or extend required permits, licences, authorizations
and/or approvals from the appropriate regulatory authorities and
the ability of the Company to continue to obtain qualified staff
and equipment in a timely and cost-efficient manner to meet its
demand. Assumptions used in the preparation of such information,
although considered reasonable by Aureus at the time of
preparation, may prove to be incorrect.
Any mineral resource and mineral reserve 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 the Company believes that
the mineral resource and mineral reserve estimates in respect of
its properties are well established, by their nature mineral
resource and mineral reserve estimates are imprecise and depend, to
a certain extent, upon statistical inferences which may ultimately
prove unreliable. If such mineral resource and mineral reserve
estimates are inaccurate or are reduced in the future, this could
have a material adverse impact on the Company. 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. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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