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").

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

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