SOURCE: Amara Mining plc

Amara Mining PLC

April 15, 2014 07:00 ET

Amara Mining plc ("Amara" or "the Company"): 2013 Audited Full Year Results

LONDON, UNITED KINGDOM--(Marketwired - Apr 15, 2014) - Amara Mining plc (AIM: AMA), the AIM-listed West African focused gold mining company, is pleased to announce its audited results for the year ended 31 December 2013.

HIGHLIGHTS

  • Three key milestones for 2013 achieved and Amara is now well-positioned for the next phase of its growth
  • Preliminary Economic Assessment ("PEA") delivered for the Yaoure Gold Project ("Yaoure") with compelling returns, including a 32% Internal Rate of Return ("IRR") and a US$688 million Net Present Value ("NPV") at a gold price of US$1,250 and a discount rate of 8%
  • 6.3 million ounce Mineral Resource update announced at Yaoure, growing Amara's total resources to 10.1Moz, the largest resource base of any London-listed junior gold mining company(1)
  • 4.2 million ounces within a US$950 per ounce pit shell at Yaoure and significant exploration upside potential - 2014 in-fill drilling programme has commenced
  • Strong financial position and fully funded to advance Yaoure to Pre-Feasibility Study ("PFS") in Q1 2015 following placing to raise £18.2 million (US$30 million) and open offer to raise £0.3 million (US$0.5 million)
  • Feasibility Study ("FS") delivered for Baomahun Gold Project ("Baomahun") and first phase of optimisation work has demonstrated the transformational underground opportunity
  • Further optimisation of Baomahun FS ongoing, including planning for a highly targeted drilling campaign to increase in-pit resources
  • Kalsaka Gold Mine ("Kalsaka") and Sega Gold Project ("Sega") integrated in 16 months - rapid timeline from acquisition to production
  • Production guidance of 60,000-70,000 ounces for Kalsaka/Sega Gold Mine ("Kalsaka/Sega") in 2014 at a total cash cost of US$900-1,000 per ounce
  • Significant cost efficiency measures implemented to ensure Amara is well positioned to adapt to the current challenging market environment

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http://www.rns-pdf.londonstockexchange.com/rns/8130E_1-2014-4-14.pdf

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