SOURCE: Amara Mining plc

November 20, 2013 07:00 ET

Amara Mining plc: Q3 2013 UPDATE

LONDON--(Marketwired - Nov 20, 2013) -

 Amara Mining plc (AIM: AMA) (TSX: AMZ)

20 November 2013                                     AIM: AMA / TSX: AMZ

                           Amara Mining plc
                     ("Amara" or "the Company")

                           Q3 2013 UPDATE

Amara Mining plc, the AIM-listed West African focused gold mining
company, is pleased to announce an update for the quarter ended 30
September 2013 ("Q3 2013").


* Partnership with long-term strategic investor, RDV Corporation
  (the US-based wealth management company), to bolster Amara through a
  share purchase agreement with Amlib Holdings plc ("Amlib") and
  underpin the development projects within the enlarged group.
  Completion expected on or around 26 November 2013

* Optimisation work for Baomahun Gold Project ("Baomahun")
  continues to progress - update expected to be delivered in January

* Metallurgical testwork confirms Yaoure Gold Project ("Yaoure")
  mineralisation is simple, non-refractory and amenable to a variety of
  processing methods - results received in Q3 2013 demonstrate robust
  recoveries for low grade samples

* Further Yaoure Mineral Resource update expected in Q4 2013, with
  Preliminary Economic Assessment ("PEA") in Q1 2014

* Successful integration of Kalsaka Gold Mine ("Kalsaka") and Sega
  Gold Project ("Sega") completed - ramp up continues with 56,000 ounces
  annualised production rate achieved since the start of November 2013

* Q3 2013 gold production from Kalsaka of 8,008 ounces reflecting
  cessation of operations - full year 2013 production is expected to be
  approximately 40,000 ounces

* Production is anticipated to strengthen significantly in 2014 due
  to the impact of the higher grade Sega ore - 2014 production from
  Kalsaka/Sega is expected to be 60,000-70,000 ounces

* Cost cutting measures taking effect, with a 29% decrease in
  corporate G&A in 9M 2013 on 9M 2012 and a 28% decrease in exploration
  expenditure in 9M 2013 on 9M 2012

* Cash and liquid assets of US$11.7 million at 30 September 2013,
  prior to US$10 million cash injection from RDV

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