TIDMAAAM
RNS Number : 6996Z
African Aura Mining Inc.
19 January 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
19 January 2011
TSX-V: AUR
AIM: AAAM
NKOUT DELIVERS HIGH GRADE CONCENTRATE OF 70% IRON -
MAIDEN RESOURCE ESTIMATE NEARS COMPLETION
African Aura Mining Inc. ("African Aura" or the "Company"), the
TSX--V (AUR) and AIM (AAAM) listed exploration and development
company is pleased to announce an update for its iron ore project
at Nkout, southern Cameroon.
-- A 33 hole drilling programme has been completed at Nkout
totalling over 4,200m
-- Excellent Davis Tube Recovery ("DTR") results from Nkout with
an average Fe (total) concentrate grade of 70% using a grind size
of P90 of less than 100u
-- No deleterious materials present with the final concentrate
low in silica, phosphorous and alumina
-- Mass recovery of 42%
-- Oxidised cap material grading between 40-62% Fe (total) with
metallurgical testwork underway
-- An additional target at the adjacent Ngoa was drilled, 10
shallow holes for 550m completed
-- Maiden resource statement is anticipated by early February
2011
Luis da Silva, Chief Executive of African Aura, commented:
"This is a major step forward in establishing Nkout as a
significant regional iron ore project. The progress made in less
than twelve months is significant and this will culminate with a
maiden resource statement in the coming weeks. After demonstrating
the underlying value in the company with the delivery of the gold
PEA which supports the current market capitalisation of the
Company, Nkout will further demonstrate the under-valuation of
African Aura and making the rationale for the proposed demerger
more compelling."
The Company recently completed a 4,200m core drill programme on
the Nkout property in southern Cameroon. The drilling has confirmed
the occurrence of an east-west trending and concordant magnetite
bearing banded iron formation ("BIF") that was discovered after the
completion of regional grab sampling and aerial and ground magnetic
surveys within the Djoum license area that is 100% owned by African
Aura.
Drilling has focused on the Nkout Centre target that makes up
approximately 3km of a regional magnetic anomaly that extends for
some 18km within the Djoum license area.
The drill programme that has been completed was designed to
target the magnetite BIF and overlying oxidized cap material with
11 inclined drillholes intercepting on average a 200m thick BIF
unit and 22 vertical drillholes targeting the weathered BIF and
intercepting up to 60m in thickness. All assays have now been
received for the exploration programme and SRK Consulting (UK)
Limited ("SRK") are currently in the process of undertaking the
inaugural Mineral Resource Estimation ("MRE") for the Nkout Centre
project. The results of the MRE are expected to be announced in
early February 2011.
The magnetite BIF averages approximately 40% Fe (total) with SRK
selecting 86 representative samples for DTR testwork. The Davis
Tube results are highly encouraging and show that when using a
grind size of P90 of less than 100u, that a very high grade
concentrate averaging 70% Fe, 0.17% Al2O3, 2.2% SIO2 and 0.01% P is
attained at a mass recovery of 42.2%. The Davis Tube results also
show that 87% of the Fe within the BIF relates to a magnetite
mineral phase.
The oxidized cap material shows elevated Fe grade that ranges
from 40% Fe (total) to 61.8% Fe (total) and is a result of the
natural enrichment of the BIF after Silica dissolution, this being
a typical weathering profile of Fe deposits in Central and West
Africa. SRK has selected a composite sample of the key
mineralization domain within the oxidized cap that is currently
undergoing testwork at the SGS laboratory in Truro UK, to test the
amenability to upgrade through standard gravity circuits into a
saleable concentrate. The results of the testwork are expected to
available for integration into the results of MRE.
Qualified Person
The summary of the Exploration results has been completed by
Howard Baker, a Principal Mining Geologist with SRK Consulting (UK)
Ltd, who is a Member of the Australian Institute of Mining and
Metallurgy (MAusIMM). Howard Baker has some ten years experience in
the exploration, definition and mining of iron ore Mineral
Resources. Howard Baker is a full-time employee of SRK Consulting
(UK) Ltd, an independent Consultancy and has sufficient experience
which is relevant to the style of mineralization and type of
deposit under consideration, and to the type of activity which he
is undertaking to qualify as a Competent Person as defined in the
June 2009 Edition of the AIM Note for Mining and Oil & Gas
Companies. Howard Baker 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.
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, or contact one of the following:
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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