VANCOUVER, BC--(Marketwire - Apr 13, 2011) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES.
April 13, 2011
Afferro Mining Inc. Aureus Mining Inc.
TSX-V: AFF (formerly AUR) TSX: AUE
AIM: AFF (formerly AAAM) AIM: AUE
JOINT NEWS RELEASE
COMPLETION OF PLAN OF ARRANGEMENT AND COMMENCEMENT OF TRADING
April 13, 2011, African Aura Mining Inc. ("African Aura") and Aureus
Mining Inc. ("Aureus Mining") are pleased to announce the completion of
the previously announced plan of arrangement (the "Arrangement"),
pursuant to which African Aura's interests in its gold assets
(including the New Liberty Gold Project in Liberia), approximately 14%
of the outstanding ordinary shares of Stellar Diamonds Plc and cash and
cash equivalents equal to 40% of African Aura's total cash balance as
at the effective time of the Arrangement (the "Effective Time") were
transferred to Aureus Mining. As a result of the Arrangement, each
shareholder of African Aura received one new common share of African
Aura and one common share of Aureus Mining for each common share of
African Aura held by such shareholder at the Effective Time. In
addition, African Aura has now changed its name to "Afferro Mining
Inc." as part of the Arrangement and all further press releases of
African Aura will be issued under the name of "Afferro Mining Inc."
("Afferro Mining"). Afferro Mining's new website effective today is
www.afferro-mining.com .
Following the completion of the Arrangement, the common shares of
Afferro Mining have today been admitted to trading on the AIM market of
the London Stock Exchange and will be listed on the TSX Venture
Exchange (the "TSXV"), in each case under the stock symbol "AFF". The
common shares of Aureus Mining have today also been admitted to trading
on the AIM market of the London Stock Exchange and will be listed on
the Toronto Stock Exchange (the "TSX"), in each case under the stock
symbol "AUE".
Evolution Securities Limited acts as Nominated Adviser and Broker to
Afferro Mining and Nominated Adviser and Joint Broker to Aureus
Mining. RBC Capital Markets acts as Joint Broker to Aureus Mining.
A copy of the Aureus Mining Admission Document is available at
www.aureus-mining.com .
Luis da Silva and David Reading, CEOs of Afferro and Aureus,
respectively, commented:"This marks the final step in the
restructuring of African Aura on its
path to unlock the latent value in the combined group. The IPO of
Aureus creates two attractive and robust pure commodity plays well
positioned for growth in the immediate future. With two strong
executive and management teams and solid technical experience, both are
companies ready for progress as independent entities."
About Afferro Mining Inc. (formerly African Aura Mining Inc.)
Afferro Mining is an established exploration and development company
listed on the TSX-V (AFF) and London's AIM (AFF). Afferro Mining's
portfolio includes a 100% interest in the Nkout iron ore project
(the "Nkout Project"), which has an estimated Inferred Mineral
Resource of some 1.04 billion tonnes grading 34.2% Fe, 43.0% SiO2
and 2.9% AL2O3 and 0.05% P, and surrounding iron targets in
Cameroon which is subject to a resource expansion drilling
programme targeting 4Bt. Afferro Mining also has a 38.5% interest
in the Putu iron ore project in Liberia (the "Putu Project"),
which has an estimated Inferred Mineral Resource of 185 Mt of
oxide material with a grade of 37.8% Fe, 17 Mt of
haematite itabirite at 48.25% Fe, and 2,173 Mt of magnetite itabirite
at 33.7% Fe. The Putu Project is subject to a resource expansion
drilling programme and is moving through pre-feasibility managed by
joint venture partner Severstal Resources (the mining division of
London and Moscow listed OAO Severstal). In September 2010, Putu was
granted a 25 year renewable Mineral Development Agreement by the
Government of Liberia.
About Aureus Mining Inc.
Aureus Mining is a TSX and AIM listed gold mining company (AUE). Its
assets include the New Liberty gold deposit in western Liberia
(the "New Liberty Gold Project"), which has an estimated Indicated Mineral
Resource of 751,000 ounces of gold grading 4.17 g/t (contained in
5,599,000 tonnes) and an estimated Inferred Mineral Resource of 762,000
ounces of gold grading 3.40 g/t (contained in 7,040,000 tonnes). The
New Liberty Gold Project is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills and
Gondoja gold projects are all within the Company's Bea Mountain 25 year
renewable Mineral Development Agreement.
In addition, the Aureus Mining has an approximate 14% interest in
AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com ).
Contact Information
Afferro Mining Inc. Aureus Mining Inc.
Luis da Silva, President & CEO David Reading, CEO
Tel:+44 (0) 20 7257 2930 Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Evolution Securities Limited Jeremy Ellis/ Neil Elliot
Jeremy Ellis/ Neil Elliot Tel: +44 (0) 20 7071 4300
Tel: +44 (0) 20 7071 4300
RBC Capital Markets
Martin Eales
Tel: 44 (0)207 653 4000
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232 Buchanan Communications Limited
Bobby Morse / Katharine Sutton
Tel: +44 (0) 20 7466 5000
Qualified Person
The technical information contained in this press release relating to
the Putu Project is from the technical report entitled "Mineral
Resource Update for the Putu Iron Ore Project, Grand Gedeh County,
Liberia" dated February 4, 2011 and prepared by Howard Baker, a
full-time employee of SRK Consulting (UK) Ltd. ("SRK"), an independent
Consultancy, and a "qualified person" within the meaning of National
Instrument 43-101 ("NI 43-101"), and Ben Lepley, an employee of SRK.
The technical information contained in this press release relating to
the Nkout Project is from the technical report entitled "Mineral
Resource Estimate for the Nkout Centre Iron Project, Community of
Djoum, Cameroon" dated January 28, 2011 and prepared by Howard Baker,
an employee of SRK and a "qualified person" within the meaning of NI
43-101, and Robert Goddard, an employee of SRK. Copies of the
above-noted technical reports are available under African Aura's/
Afferro Mining's SEDAR profile at www.sedar.com .
Howard Baker has some ten years experience in the exploration,
definition and mining of iron ore Mineral Resources. Mr. Baker has
sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration, and to the type of activity
which he is undertaking to qualify as a "qualified person" under NI
43-101 and a Competent Person as defined in the June 2009 Edition of
the AIM Note for Mining and Oil & Gas Companies. Howard Baker consents
to the inclusion in this press release of the matters relating to iron
ore in the form and context in which they appear and confirms that the
information is accurate and not false or misleading.
The technical information contained in this press release relating to
the New Liberty Gold Project is from the technical report entitled
"Technical Report on Additional Drilling, Estimated Mineral Resources
and Preliminary Economic Assessment" dated December 21, 2010 and
prepared by Christopher G. Arnold and Martin Staples, each an employee
of AMC Consultants (UK) Limited ("AMC") and a "qualified person" within
the meaning of NI 43-101. A copies of such technical report is
available under African Aura's/Afferro Mining's SEDAR profile at
www.sedar.com .
Mr. Christopher G. Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC consents
to the inclusion in this press release of the matters relating to gold
in the form and context in which they appear and confirms that the
information is accurate and not false or misleading.
Forward-Looking Information
This press release contains certain forward-looking information. All
information, other than information regarding historical fact, that
addresses activities, events or developments that Afferro Mining and/or
Aureus Mining believe, expect or anticipate will or may occur in the
future is forward-looking information. Forward-looking information
contained in this press release includes, but may not be limited to,
the future plans and objectives of Afferro Mining and Aureus Mining and
their anticipated future growth, the admission and listing of the
common shares of each of Afferro Mining and Aureus Mining as set forth
above, mineral resource estimates, the anticipated exploration and
development activities of each of Afferro Mining and Aureus Mining
(including the resource expansion drilling programme at the Nkout
Project and surrounding iron projects in Cameroon and the projected
targets relating thereto). The foregoing and any other forward-looking
information contained in this press release reflects the current
expectations, assumptions or beliefs of Afferro Mining and/or Aureus
Mining based on information currently available to Afferro Mining and/
or Aureus Mining. With respect to the forward-looking information
contained in this press release, Afferro Mining and Aureus Mining have
made assumptions regarding, among other things: general business,
economic and mining industry conditions; and it has also been assumed
that no material adverse change in the price of precious and/or base
metals occurs, no unusual geological or technical problems occur and no
significant events occur outside of the normal course of Afferro
Mining's or Aureus Mining's respective businesses.
Such forward-looking information is subject to a number of risks and
uncertainties that may cause actual results or events to differ
materially from current expectations, including: risks normally
incidental to exploration and development of mineral properties;
uncertainties in the interpretation of results from drilling and test
work; the possibility that future exploration, development or mining
results will not be consistent with expectations; uncertainty of
mineral resources estimates; adverse changes in precious and/or base
metal prices; and future unforeseen liabilities and other factors
including, but not limited to, those listed under "Risk Factors" in the
Information Circular of African Aura dated February 28, 2011, a copy of
which is available on SEDAR at www.sedar.com , and in the Aureus Mining
Admission Document, a copy of which is available at
www.aureus-mining.com .
Any mineral resource figures referred to in this press release are
estimates and no assurances can be given that the indicated levels of
minerals will be produced. Such estimates are expressions of judgment
based on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
Afferro Mining and Aureus Mining believe that the mineral resource
estimates in respect of their respective properties are well
established, by their nature mineral resource estimates are imprecise
and depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. If such mineral resource estimates are
inaccurate or are reduced in the future, this could have a material
adverse impact on Afferro Mining and/or Aureus Mining, as applicable.
Due to the uncertainty that may be attached to inferred mineral
resources, it cannot be assumed that all or any part of an inferred
mineral resource will be upgraded to an indicated or measured mineral
resource as a result of continued exploration.
Forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable law, Afferro Mining
and Aureus Mining disclaim any obligation to update or modify such
forward-looking information, either as a result of new information,
future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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