LONDON, UNITED KINGDOM--(Marketwire - Jan 4, 2013) - Amara Mining plc (AMA.L)(AMZ.TO), the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce that a National Instrument 43-101-compliant technical report, dated 03 January 2013, detailing the resource update for its Baomahun Gold Project ("Baomahun") in Sierra Leone was filed on SEDAR yesterday. This follows the news release dated 19 November 2012.
A copy of the technical report may be obtained via www.sedar.com and on Amara''s website at http://www.amaramining.com/Investor-Relations/NI43-101-Reports. A copy of the news release may also be obtained via SEDAR and on Amara''s website.
The previously announced highlights of the Baomahun resource update are as follows:
- Increased resource in the indicated category through addition of low grade halo around the existing high grade core: updated resource of 38.4Mt at 1.82g/t totalling 2.24Moz in the indicated category1 (previously 25.6Mt at 2.50g/t totalling 2.06Moz2)
- High grade core of mineralisation maintained at 23.0Mt at 2.60g/t totalling 1.92Moz in the indicated category
- Updated resource model significantly more robust following structural re-analysis
- Additional exploration targets identified
- On track for first gold production in 2015 with the Feasibility Study expected to be completed in H1 2013
|(1)||Using a 0.5g/t cut-off within a US$1,600/oz open pit shell and a 2.0g/t cut-off for resources suitable for underground mining|
|(2)||Using a 1g/t cut-off within a US$1,500/oz open pit shell and a 1.5g/t cut-off for resources suitable for underground mining. See the technical report entitled "A 43-101 Technical Report, Mineral Resource Estimate at the Baomahun Gold Project" dated October 2011.|
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from Amara''s expectations include, among others, risks related to international operations, the actual results of current exploration and drilling activities, the results of the Baomahun feasibility study, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
John Arthur is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Dr Arthur (CGeol FGS; MIMMM CEng) is a Principal Consultant (Geology) with the firm of SRK Consulting (UK) Ltd, a consultant to Amara.