Aureus Mining Inc. EXTENSION OF WAIVER AND STANDSTILL AGREEMENT (4633M)
13 October 2016 - 8:20PM
UK Regulatory
TIDMAUE
RNS Number : 4633M
Aureus Mining Inc.
13 October 2016
13 October 2016
Aureus Mining Inc.
TSX : AUE
AIM : AUE
EXTENSION OF WAIVER AND STANDSTILL AGREEMENT
Aureus Mining Inc. ("Aureus" or the "Company"), the TSX and AIM
listed West African gold producer, announces that it has received
an extension until 14 December 2016 of the default waiver and
standstill agreement agreed with its Lenders (Nedbank Limited and
FirstRand Bank Limited (acting through its Rand Merchant Bank
division)), announced on 15 June 2016. The previous waiver and
standstill agreement was due to expire on 14 October 2016.
MNG Gold Jersey Limited, the Company's majority shareholder, is
in discussions with the Lenders with regards to potentially
providing a corporate guarantee in exchange for the re-sculpting of
debt repayments and the relaxation of loan covenants. Should these
negotiations not result in an amendment to the terms of the
Company's project finance facilities, the Company may be in breach
of certain covenants once covenant testing recommences.
Contact Information
Aureus Mining Inc. Buchanan
Geoff Eyre Bobby Morse / Anna Michniewicz
Tel: +44(0) 20 7010 7690 Tel: +44(0) 20 7466 5000
-------------------------- -------------------------------
Numis Securities Limited
(Aureus Nominated Adviser
and Broker)
John Prior / James Black
/ Paul Gillam
Tel: +44(0) 20 7260 1000
-------------------------- -------------------------------
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 commercial production has been
declared. 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 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.
Forward Looking Statements
Certain information contained in this Announcement constitutes
forward looking information. This information may relate to future
events or the Company's future performance. All information other
than information of historical fact is forward looking information.
The use of any of the words "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "should",
"believe", "predict" and "potential" and similar expressions are
intended to identify forward looking information. This information
involves known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward looking information. No assurance
can be given that this information will prove to be correct and
such forward looking information included in this Announcement
should not be unduly relied upon. This information speaks only as
of the date of this Announcement.
Actual results could differ materially from those anticipated in
the forward looking information contained in this news release as a
result of the risk factors, including: the risk that the waiver and
standstill agreement will terminate; risks normally incidental to
exploration and development of mineral properties; the inability to
obtain required waivers and amendments from the Company's creditors
in respect of its debt repayment obligations and consequential
risks of default thereon; risks related to operating in West
Africa; health risks associated with the mining workforce in West
Africa; risks related to the Company's title to its mineral
properties; adverse changes in commodity prices; risks related to
current global financial conditions; the inability of the Company
to obtain, maintain, renew and/or extend required licences,
permits, authorizations and/or approvals from the appropriate
regulatory authorities and other risks relating to the legal and
regulatory frameworks in Liberia, including adverse changes in
applicable laws; competitive conditions in the mineral exploration
and mining industry; risks related to obtaining insurance or
adequate levels of insurance for the Company's operations; risks
related to environmental regulations; uncertainties in the
interpretation of results from drilling; risks related to the legal
systems in Liberia; risks related to the tax residency of the
Company; changes in exchange and interest rates; risks related to
the activities of artisanal miners; actions of third parties that
the Company is reliant upon; lack of availability at a reasonable
cost or at all, of plants, equipment or labour, including required
equipment, explosives and other necessary material not being
delivered in the expected time frame, or at all; the inability to
attract and retain key management and personnel; political risks;
and future unforeseen liabilities and other factors.
The forward looking information included in this Announcement is
expressly qualified by this cautionary statement and is made as of
the date of this Announcement. The Company does not undertake any
obligation to publicly update or revise any forward looking
information except as required by applicable securities laws.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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