VANCOUVER, BC--(Marketwire - Apr 19, 2011) -
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April 19, 2011
Aureus Mining Inc.
TSX: AUE
AIM: AUE
FURTHER ENCOURAGING DRILLING AND TRENCHING RESULTS IN LIBERIA AND BOARD
CHANGES
Aureus Mining Inc. ("Aureus" or the "Company"), the TSX (AUE) and AIM
(AUE) listed Exploration and Development company focused on gold in
Sub-Saharan Africa, announces encouraging exploration results from
reconnaissance exploration work at various prospects within the
Company's 100% owned Bea Mountain Mining licence in Liberia.
* Ndablama prospect's drilling results include 14m at 2.86 g/t and
10m at 2.77 g/t.
* Continuous bedrock mineralisation outlined over a 900 metre
strike extent at Ndablama.
* Drilling west of New Liberty deposit intersects 10m at 5.25 g/t
and 9m at 1.25 g/t.
* Diamond drilling contracts signed for six rigs and 36,000 metres.
David Reading, President and CEO of Aureus commented:"I am delighted to
announce such positive drilling results soon after
our arrival on the markets as an independent company. The further
positive drill results at Ndablama and the good intercepts at the
western extensions to New Liberty highlight the opportunity to expand
our current resources. The company is also very excited about the
potential of Weaju, Gondoja and Silver Hills. . Because of the size and
prospectivity of the Bea Mountain Mining licence to date, and with very
limited exploration having been carried out throughout the area, we
have always believed that there may be additional large deposits in
addition to New Liberty. The delivery of the new drill rigs will more
than double the metres drilled at New Liberty to date, as well as
facilitating further exploration of the Weaju, Ndablama and Gondoja
prospects."
Ndablama - trenching and diamond drilling outlines a continuous
mineralised zone
The Ndablama prospect is located in the northeast corner of the
Company's 457km2, twenty five year mining licence, in western Liberia
and is approximately 40km northeast of the Company's New Liberty
Deposit (1.5 million ounces grading 3.78 g/t). The Ndablama prospect
is defined by the presence of extensive artisanal mining activity and a
two kilometre, gold in soil anomaly which trends in a North - South
direction. The anomalous soil zone of gold enrichment is defined by
values of 150 to 3,000 ppb and is up to 600 metres wide in the south
eastern portion, and approximately 200 metres wide for the majority of
its northerly strike. The anomalous zone remains open to the North,
South and East.
Trenching and drilling indicates that the gold mineralisation is
located within in a North-South trending band of sheared, folded and
altered ultramafic rocks close to the contact with granite pegmatites
and intrusives. In the South East portion of the prospect the rocks are
folded and the strike changes direction from a north-south an east-west
orientation. Gold Mineralisation is associated with disseminated
pyrite, minor chalcopyrite and quartz veinlets.
Exploration activities at Ndablama include extensive trenching and
diamond drilling. Previous trench results and results for the first
eight diamond drilling holes were reported by African Aura Mining Inc
in the press releases of 2 November 2010 and 3 February 2011. The
remaining seven holes from the 3,423 metre programme are reported in
table one below. The more encouraging trench results are given in table
two.
The drilling and trenching results received to date define an area
which is 150 metres east-west by 900 metres north - south that hosts
multiple gold zones. This mineralised system is still open to the
North, South and South East and at depth.
Results are pending from a further 1,500 metres of trenching, which was
completed in the south eastern portion of the gold in soil anomaly in
order to understand the geology and mineralisation within this folded
area. Future exploration work at Ndablama will be focused on Ground
Geophysical surveys and follow up drilling programmes.
Table 1: Ndablama Prospect Diamond drill hole results
Borehole ID From (m) To (m) CoreLength (m) Au Grade
g/t
NDD9 15 23 8 0.68
and 31 41 10 2.34
NDD10 26 43 17 1.22
and 65 73 8 1.29
ND11 17 20 3 4.21
and 29 32 3 5.39
and 40 50 10 2.77
NDD12 24 38 14 2.86
NDD13 NSV
NDD14 4 12 8 1.09
NDD15 NSV
Assay grade data is un-cut. NSV = No Significant Value
Table 2: Ndablama Prospect Trench results
Trench ID From (m) To (m) Length (m) Au Grade
g/t
NT13 34 89 55 2.21
113 121 8 1.23
NT16 60 67 7 1.00
20 42 22 0.57
NT18 6 10 4 1.31
15 18 3 3.20
NT21 12 20 8 1.03
38 45 7 1.12
NT23 36 46 10 0.47
NT29 115 148 33 0.84
122 134 12 1.34
NT30 15 17 2 9.43
Assay grade data is un-cut.
New Liberty - a new zone outlined to the west of the current gold
resource
An eight hole, diamond drill programme (K172 - K179) totalling 1,101
metres was completed to the west of the currently defined gold
resources at New Liberty. Drilling covered a potential westerly strike
extension of the mineralised systems for five hundred metres.
Encouraging drill intercepts of 9m at 1.25g/t and 10m at 5.25 g/t were
intersected some 150 metres west of the edge of the planned New Liberty
open pit outlined in the Company's Preliminary Economic Assessment
reported by African Aura Mining Inc in the press releases of 14
December 2010 and 21 December 2011.
The geology and mineralisation intercepted in these drill holes is
identical to that encountered in the New Liberty deposit. The
mineralisation would appear to have a potential strike extent of 100
metres. Holes drilled west and east of this area did not return any
significant intercepts. Further drilling is warranted in the area and a
programme of ground geophysics is also planned.
Table 3: Results of New Liberty Extension drilling
Borehole ID From (m) To (m) Core Length (m) Au Grade
g/t
K173 51 60 9 1.25
K177 137 147 10 5.25
Holes K172, K174-176 and K178-179 did not return any significant
intercepts. Assay grade data is un-cut.
Bea Mountain Mining Licence Exploration: Ground Geophysics and Diamond
drilling contracts signed
The Company has engaged the services of Fugro Ground Geophysics Pty
Ltd) to carry out Induced Polarisation ("IP") and ground magnetic
surveys covering a total of 15 line kilometres over target areas around
new Liberty as well as the prospects of Weaju, Ndablama and Gondoja.
The New Liberty ore body is strongly magnetic in character due to the
presence of abundant pyrhotite and magnetite. The orebody hosts between
3 and 10% disseminated sulphides by volume. The objective of the ground
geophysics work is to attempt to pick up similar types of deposits to
New Liberty. The Ground geophysical programmes will commence on 25
April 2011.
The Company has signed drilling contracts with two international
diamond drilling companies covering a total of 36,000 metres and six
rigs. Four of these rigs will be dedicated to infill drilling for the
New Liberty definitive feasibility study and then will be used to test
potential gold targets around the New Liberty area. Two rigs will be
dedicated to drilling the Weaju, Gondoja and Ndablama prospects.
Board Changes
The Company also announces that Marvin Singer, a non-executive director
of the Company, intends to resign from the Aureus board and that this
will be effective upon a replacement director being appointed by the
Company. Mr Singer is resigning for personal reasons. The Company has
identified a replacement director and is currently completing the
necessary documentation and obtaining the applicable approvals prior to
an appointment being made. The Company would like to thank Mr Singer
for his contribution as a non-executive director of the Company.
Qualified Person
The Company's Qualified Person responsible for preparing this release
is David Reading, who holds a MSc in Economic Geology from University
of Waterloo, Canada and is a Fellow of the Institute of Materials,
Minerals and Mining. David Reading is the President and CEO of Aureus
Mining Inc. and consents to the inclusion in the announcement of the
matters based on their information in the form and context in which it
appears and confirms that this information is accurate and not false or
misleading.
Quality Control and Sample Preparation
Aureus has a rigorous Quality Control Programme (QCP) inserting a
minimum 5% of standards, blanks and duplicates into the sample stream.
The Company employs independently owned and managed OMAC Laboratories
for all its assay requirements, including the preparation of pulps to
90% -100 micron at its in-country preparation facilities in Liberia,
followed by chemical analysis at its main laboratory in Loughrea,
Ireland. OMAC is accredited to ISO 17025 by INAB (Irish National
Accreditation Board), which is a member of ILAC (International
Laboratory Accreditation Cooperation), and is a signatory to the ILAC
Mutual Recognition Arrangement. OMAC operates an internal QA/QC check
assay programme using in-house standards, reagent blanks and
duplicates.
About Aureus Mining Inc.
Aureus 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 ) which is advancing the highly diamondiferous
Druzhba kimberlite pipe.
Contact Information
Aureus Mining Inc.
David Reading, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited RBC Capital Markets
Jeremy Ellis/ Neil Elliot/ Tim Redfern Martin Eales
Tel: +44 (0) 20 7071 4300 Tel: 44 (0)207 653 4000
Buchanan
Bobby Morse / Katharine Sutton
Tel: +44 (0) 20 7466 5000
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 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 Aureus Mining and their anticipated future
growth, the admission and listing of the common shares of Aureus Mining
as set forth above, mineral resource estimates and the anticipated
exploration and development activities of Aureus Mining. The foregoing
and any other forward-looking information contained in this press
release reflects the current expectations, assumptions or beliefs of
Aureus Mining based on information currently available to Aureus
Mining. With respect to the forward-looking information contained in
this press release, Aureus Mining has 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 Aureus Mining's respective business.
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 Aureus Mining
believes 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 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, 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.
Ends
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