SOURCE: Amara Mining plc

December 13, 2013 07:00 ET

Amara Mining PLC: SIX MILLION OUNCE MINERAL RESOURCE AT YAOURE

LONDON, UNITED KINGDOM--(Marketwired - Dec 13, 2013) -

TSX:AMZ

13 December 2013                                                AIM:AMA


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

        SIX MILLION OUNCE MINERAL RESOURCE AT YAOURE GOLD PROJECT

Amara Mining plc, the AIM-listed West African focused gold mining
company, is pleased to announce an updated NI 43-101 compliant Mineral
Resource estimate for its 100% owned Yaoure Gold Project ("Yaoure") in
Cote d'Ivoire.

HIGHLIGHTS

   * Inferred Mineral Resource of 5.5 million ounces (133Mt at
     1.29g/t) representing an increase of 3.3 million ounces 1,2

   * Indicated Mineral Resource of 0.8 million ounces (20Mt at
     1.20g/t) representing an increase of 0.3 million ounces 1,3

   * Mineral Resource remains robust at a lower gold price and
     includes 0.4 million ounces of oxide material (9.4Mt at 1.33g/t)
     potentially amenable to low cost heap leach processing 1

   * 71% increase in Amara's global Mineral Resources to 3.7 million
     ounces Measured and Indicated and 6.4 million ounces Inferred

   * Minimal discovery cost of US$3.50/oz4 versus average industry
     discovery cost in Africa of US$16/oz 5

   * Metallurgical testwork has confirmed the simple, non-refractory
     nature of the gold mineralisation and its amenability to a range of
     processing options - results received in Q3 2013 also demonstrate
     robust recoveries for low grade samples

   * Location of Yaoure is highly advantageous due to close proximity
     to Kossou dam, which offers cheap hydro-electric power ("HEP") and
     abundant water, excellent roads and accommodation

   * Preliminary Economic Assessment ("PEA") is anticipated to be
     completed in Q1 2014, focused on a large scale, long life
     carbon-in-leach ("CIL") or flotation scenario and a short-term heap
     leach opportunity


Notes

    1. Using a 0.5g/t cut-off and a US$1,500 pit shell. At a 0.8g/t
       cut-off, the Yaoure Mineral Resource contains 0.6 million ounces
       Indicated (13.2Mt at 1.48g/t) and 4.6 million ounces Inferred
       (85.7Mt at 1.65g/t)

    2. Previously 2.2 million ounces Inferred using a 0.5g/t cut-off
       or 1.7 million ounces Inferred at a 0.8g/t cut-off

    3. Previously 0.5 million ounces Indicated using a 0.5g/t cut-off
       or 0.3 million ounces Indicated at a 0.8g/t cut-off

    4. Based on total Yaoure exploration expenditure of US$22m between
       Q4 2011 and H1 2013 (2011: US$1.6m, 2012: US$14.0m, 2013:
       US$6.4m)

    5. Source: MinEx Consulting, July 2012


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