SOURCE: Amara Mining plc

September 10, 2013 07:00 ET

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").


* 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


* 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

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the associated PDF document. 

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


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