TIDMAAAM
RNS Number : 2940C
African Aura Mining Inc.
03 March 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
03 March 2011
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
Exercise of Share Options
3 March 2011, African Aura Mining Inc. ("African Aura" or the
"Company") has applied for 159,375 new common shares in the Company
("Common Shares") to be admitted to trading on the London Stock
Exchange's AIM market for listed securities ("Admission").
The new Common Shares are being issued pursuant to the exercise
of options. Admission is expected to become effective on 8 March
2011. The new Common Shares will rank pari passu with the Company's
existing Common Shares.
Following admission of the new Common Shares, the total issued
share capital of the Company will be 86,252,592 Common Shares, all
of which have voting rights.
The above figure (86,252,592) may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, African Aura Mining Inc.
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 that are intended to be split into
separate listed companies becoming effective, subject to
shareholder, regulatory and other approvals in April 2011:
- The iron ore division includes its 38.5% interest in the 2.4Bt
Putu iron ore project in Liberia, which is subject to a resource
expansion drilling programme and moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of London and 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 1Bt iron ore project and surrounding
iron targets in Cameroon which is subject to a resource expansion
drilling programme.
- The gold assets, to be held in "Aureus Mining Inc." when
listed independently, include 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). It is proposed that, following
completion of the Arrangement, this holding will be held by Aureus
Mining Inc.
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 Information
This press release contains certain forward-looking information.
All information, other than information regarding historical fact,
that addresses activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future is
forward-looking information. Forward-looking information contained
in this press release includes, but may not be limited to: the
future plans and objectives of African Aura, including the
completion of the proposed Arrangement and the terms, timing and
consequences relating thereto; the admission on and AIM of the
Aureus Mining Shares to be received by African Aura shareholders in
connection with the Arrangement and the timing related thereto; and
the timing of the shareholders meeting to consider the Arrangement.
The foregoing and other forward-looking information contained in
this press release reflects the current expectations, assumptions
or beliefs of African Aura based on information currently available
to African Aura. With respect to the forward-looking information
contained in this press release, African Aura has made assumptions
regarding, among other things: general business, economic and
mining industry conditions; the completion of the Arrangement,
including the receipt of all necessary approvals to proceed
therewith; the Company's ongoing exploration and development
activities; and it has also been assumed that no material adverse
change in the price of precious and/or base metals occurs and no
significant events occur outside of African Aura's normal course of
business.
Such forward-looking information is 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 a failure to obtain, required regulatory approvals
(including the approval of the AIM with respect to the listing and
admission, respectively, of the Aureus Mining Shares to be received
by African Aura's shareholders as part of the Arrangement); the
Company's inability to complete the Arrangement or obtain a
favourable confirmation from the Canada Revenue Agency regarding
the tax consequences of the Arrangement; risks normally incidental
to exploration and development of mineral properties; adverse
changes in precious and/or base metal prices; and future unforeseen
liabilities and other factors including, but not limited to, those
listed under "Risk Factors" in the Circular and the Company's
Annual Information Form dated April 30, 2010 available under the
Company's profile on SEDAR at www.sedar.com.
Forward-looking information speak only as of the date on which
it is made and, except as may be required by applicable law,
African Aura 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.
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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