TSX : AUE
AIM : AUE
TORONTO , March 18, 2014 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus" or the "Company") is pleased to announce that it has completed the pouring of concrete for the ball mill foundations at the process plant at the New Liberty gold project ("New Liberty" or "Project") in Liberia and that the overall construction schedule remaining on track to deliver first gold pour in Q1 2015. The completion of the ball mill foundations is a major achievement and is a key milestone in the overall New Liberty project construction schedule.
The pouring of concrete for the ball mill foundations was completed using a continuous pour undertaken between Wednesday 5 March and Sunday 9 March 2014. Please refer to the following links for pictures:
The manufacture of the mill components remains on schedule and will be completed by the end of March 2014. All of the mill components will be shipped from South Africa to Liberia and are due to arrive in the first week of June 2014. The ball mill, which is 17 ½ foot x 23 ½ foot, will take between four to six months to erect, with commissioning starting in Q4 2014 and scheduled to be completed in Q1 2015. The mass of the complete ball mill installation, in a ready to run state, is approximately 250 tonnes and its power consumption will be 3,500kW.
New Liberty has had a good safety performance for the construction period, having achieved the first major safety target for the Project of 1,000,000 lost time injury ("LTI") free hours in February 2014. The social programmes, which are part of the Company's Corporate Social Responsibility, are progressing well.
The civil works for the primary crushers, secondary crushers and screens are anticipated to be completed by the end of March 2014 for handover for the commencement of steel erection. The CIL bases are anticipated to be ready for handover to the SMPP contractor by mid-April 2014 , when the steel work will commence. All of the equipment being manufactured is on schedule.
The bank financing process remains on track with first drawdown scheduled for April 2014 .
Commenting on the Project's development, David Reading , President and Chief Executive Officer of Aureus Mining, said:
"The completion of the foundations for the ball mill is a key construction milestone in bringing New Liberty into production in Q1 2015. Beyond the rapid progress being made on site, we have enjoyed a strong working partnership with the local communities as well as the local and national Liberian governments, all of whom have been intrinsic to the successful building of Liberia's first commercial gold mine."
The estimates of mineral Resources for the DFS were calculated in accordance with NI 43-101 and carried out by Chris G Arnold BSc (Hons), MSc, MAusIMM (CP) of independent consultants AMC. The Reserve Study for the DFS was prepared by Mr M Staples of AMC, a Qualified Person, for the purposes of the study, under the standards set forth by National Instrument 43-101 "Standards of Disclosure for Mineral Project", of the Canadian Securities Administrators ("NI 43-101″).
The Company's Qualified Person responsible for preparing this release, other than as detailed above in respect of the DFS, is David Reading , who holds an MSc in Economic Geology from University of Waterloo , Canada and is a Fellow of the Institute of Materials, Minerals and Mining. David Reading is the President and CEO of Aureus Mining Inc. and 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 Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project" or the "Project"), which has an estimated proven and probable reserve of 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6 years of production. The Company has financed the Project's equity and debt funding requirement.
The New Liberty Gold Project is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 457 km² and has a 25 year, renewable, mineral development agreement. The Northern Block of the Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. Ndablama has an inferred mineral resource of 451,000 ounces of gold grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000 ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target. The Yambesei (759 km2), Archaen West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological work.
The Company also has gold exploration permits in Cameroon .
This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that Aureus Mining 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 Aureus Mining and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus Mining. The foregoing and any other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of Aureus Mining based on information currently available to Aureus Mining. With respect to the forward-looking information contained in this press release, Aureus Mining has made assumptions regarding, among other things: general business, economic and mining industry conditions; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs, no unusual geological or technical problems occur and no significant events occur outside of the normal course of Aureus Mining's respective 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: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and test work; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; 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 Annual Information Form of Aureus Mining Inc. dated March 20, 2013 a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is available at www.aureus–mining.com.
Any mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While Aureus Mining believes that the mineral resource estimates in respect of their respective properties are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on Aureus Mining, as applicable. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, Aureus Mining 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.
SOURCE Aureus Mining Inc.
- Commodity Markets
- Company Earnings