African Aura Mining Inc. - TSX VENTURE EXCHANGE APPROVAL AND CLOSING OF
PLACING

/THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL/

TSX-V: AUR
AIM: AAAM

LONDON, England, Dec. 2 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company") the TSX-V (AUR) and AIM (AAAM) listed exploration and development company with divisions focused on iron ore and gold projects in sub-Saharan Africa, is pleased to announce that, further to the Company's news release dated 26 November 2010, the Company has received TSX Venture Exchange approval for and closed its placement of 13,515,797 common shares in the capital of the Company ("Common Shares") at 150 pence per share, for aggregate gross proceeds of approximately £20.3 million (c. US$32.0 million).

In consideration for its services as underwriter in connection with the placement, the Company has agreed to pay Evolution Securities Limited a cash commission of £857,034.

Certain of the shares issued in the placement, being those placed to insiders of the Company, are subject to a hold period and may not be traded in Canada until 3 April 2011, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.

Restricted Jurisdiction
The new Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and, may not be offered, sold or delivered, directly or indirectly, in the United States or to or for the account or benefit of any U.S. person unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.

About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions, namely: iron ore and gold:

• The iron ore division includes its 38.5% interest in the Putu iron ore project in Liberia, which is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of Moscow listed OAO Severstal). In September 2010 Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia. The division also includes a 100% interest in the Nkout iron ore project and surrounding iron targets in Cameroon which is subject to a resource definition drilling programme.
• The gold division includes the multi million ounce potential New Liberty greenstone gold deposit, which is being advanced through a bankable feasibility study, and the proximal Ndablama, Weaju, Silver Hills and Gondoja gold projects all within the Company's Bea Mountain 25 year renewable Mineral Development Agreement.

In addition, the Company presently has a 22% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com).

The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS ANNOUNCEMENT.

This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Evolution or by any of its respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Evolution is acting as Global Co-ordinator and Sole Bookrunner in connection with the Placing. Evolution, which is authorised and regulated by the Financial Services Authority, is acting for the Company in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to the clients of Evolution nor for providing advice in relation to the Placing or any other matter referred to herein.

The distribution of this Announcement and the Placing of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or Evolution that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and Evolution to inform themselves about, and to observe, such restrictions.

The information in this Announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of any prospectus or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

No public offer of securities of the Company is being made in the United Kingdom, the United States, Canada or elsewhere. The information in this Announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") nor the security laws of any state or other jurisdiction of the United States. The securities mentioned herein may not be offered or sold in the United States except pursuant to Regulation S under the Securities Act or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

African Aura Mining Inc. Luis da Silva, President & CEO	Tel:  [phone]
Evolution Securities Limited Simon Edwards / Tim Redfern	Tel:  [phone]
Pelham Bell Pottinger Charles Vivian / James MacFarlane	Tel:  [phone]