Amara Mining PLC: H1/Q2 2013 RESULTS

LONDON, UNITED KINGDOM--(Marketwired - Sep 10, 2013) - Amara Mining PLC ( TSX : AMZ ) ( AIM : AMA )

10 September 2013 AIM:AMA / TSX:AMZ Amara Mining plc ("Amara" or "the Company") H1/Q2 2013 RESULTS Amara Mining plc, the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce its results for the quarter ended 30 June 2013 ("Q2 2013"). HIGHLIGHTS Operational * Feasibility Study ("FS") for Baomahun Gold Project ("Baomahun") delivered confirming robust financial returns with further optimisation work expected to be completed in Q4 2013 * Integration of Sega Gold Project ("Sega") in progress following receipt of Mining Licence - project is now fully permitted * Sega mine plan re-optimised at a gold price of US$1,100 per ounce to generate strong cash flow in the near term - blast hole drilling has commenced and production is on track to begin in Q3 2013 * Metallurgical results from Yaoure Gold Project ("Yaoure") confirm simple, non-refractory nature of mineralisation and identify three potential processing routes - further resource update and Preliminary Economic Assessment ("PEA") expected in Q4 2013 * Gold production from Kalsaka Gold Mine ("Kalsaka") of 9,933 ounces, 5% increase on Q1 2013 * Production guidance for 2013 of 50-60,000 ounces is maintained Financial * Significant cost cutting measures and operating efficiencies implemented including: o Rationalising of workforce - targeting a 25% decrease in headcount with an annualised saving of over US$1.5 million by year end compared to 31 December 2012 o Total package cuts for Board and senior/middle management with an annualised saving of over US$650,000 o Further savings targeted to reduce annual G&A cash costs by 25% compared to FY2012 o Drilling programme completed - exploration focused on low cost target generation work only * Cash and liquid assets of US$18.1 million at 30 June 2013 - significant investment made in Sega integration, Baomahun FS and Yaoure exploration during the quarter Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/5730N_1-2013-9-9.pdf For more information please contact: Amara Mining plc +44 (0)20 7398 1420 John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations Canaccord Genuity Limited +44 (0)20 7523 8000 (Nominated Adviser & Broker, London) Andrew Chubb Joe Weaving Tim Redfern Bell Pottinger - Pelham +44 (0)20 7861 3232 (Financial Public Relations) Charlie Vivian James Macfarlane This information is provided by RNS The company news service from the London Stock Exchange END