PEA on New Liberty Gold Project (4305Y)
December 22 2010 - 4:41AM
UK Regulatory
TIDMAAAM
RNS Number : 4305Y
African Aura Mining Inc.
22 December 2010
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES
22 December 2010
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
AFRICAN AURA FILES PRELIMINARY ECONOMIC ASSESSMENT STUDY ON NEW
LIBERTY GOLD PROJECT
22 December 2010, African Aura Mining Inc. ("African Aura" or
the "Company") the TSX-V (AUR) and AIM (AAAM) listed exploration
and development company with divisions focused on iron ore and gold
projects in sub-Saharan Africa, announces the filing of a
Preliminary Economic Assessment study pursuant to National
Instrument 43-101, relating to the Company's 100% owned New Liberty
gold project located in western Liberia.
With this news release, the Company is reporting the filing as
required under the National Instrument 51-101. A copy of the
document may be obtained via www.sedar.com and on the Company's
corporate website www.african-aura.com.
-- Study highlights potential for robust open pit gold mine with
strong economics
-- First five year's production with minimum 100,000oz pa in
initial 8.5 year mine life
-- Pre-tax NPV of $234m (GBP148m) based on $1,100/oz Au and 10%
discount rate
-- Initial capex of $92m, average cash cost of $484/oz and head
grade of 3.6 g/t Au
-- IRR of 73% and capital payback in under two years
-- Definitive Feasibility Study underway and on track for 4Q
2011 completion
About African Aura Mining Inc.
African Aura is an established exploration and development
company listed on the TSX-V (AUR) and London's AIM (AAAM). The
Company operates two divisions, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu
iron ore project in Liberia, which is moving through
pre-feasibility managed by joint venture partner Severstal
Resources (the mining division of Moscow listed OAO Severstal). In
September 2010 Putu was granted a 25 year renewable Mineral
Development Agreement by the Government of Liberia. The division
also includes a 100% interest in the Nkout iron ore project and
surrounding iron targets in Cameroon which is subject to a resource
definition drilling programme.
- The gold division includes the New Liberty gold deposit in
western Liberia which has a resource of 1.51 million ounces of gold
grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in
the indicated category and 7,040,000 tonnes grading 3.40 g/t in the
inferred category) which is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills
and Gondoja gold projects all within the Company's Bea Mountain 25
year renewable Mineral Development Agreement. In addition, the
Company has a 22% interest in AIM-listed diamond producer Stellar
Diamonds Plc (AIM: STEL, www.stellar-diamonds.com). The Company has
a highly motivated and experienced team with a track record of
discovering mines and taking projects through development and into
production. As a pioneer, African Aura has attracted some excellent
strategic partners and shareholders, always with the objective of
preserving or enhancing shareholder value. For further information
on the Company you are invited to visit its website at
www.african-aura.com or SEDAR's website at www.sedar.com.
African Aura Mining Inc.
Luis da Silva, President & CEO Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Rob Collins / Tim Redfern Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44 (0) 20 7861 3232
Forward-looking Statements
This press release includes certain forward-looking statements.
All statements, other than statements of historical fact, included
herein, including without limitation, statements regarding the
future plans and objectives of African Aura, are forward-looking
statements that involve various known and unknown risks and
uncertainties as well as other factors. Such forward-looking
statements are subject to a number of risks and uncertainties that
may cause actual results or events to differ materially from
current expectations, including delays in obtaining or failure to
obtain required regulatory approvals. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Any forward-looking statements speak only as of
the date hereof and, except as may be required by applicable law,
African Aura disclaim any obligation to update or modify such
forward-looking statements, either as a result of new information,
future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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