African Aura Mining Inc. - FURTHER HIGH GRADE DRILL RESULTS FROM NEW LIBERTY
GOLD PROJECT
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
TSX-V: AUR
AIM: AAAM
TORONTO, Sept. 28 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company"), the TSX-V (AUR) and AIM (AAAM) listed exploration and development company focused on gold and iron ore in sub-Saharan Africa, provides an update on the drilling programme at the Company's 100% owned New Liberty gold deposit in western Liberia.
Highlights include:
- Intersections from current drilling campaign on Latiff Zone include:
- 4.32 g/t Au over 22m from 133m depth
- 5.17 g/t Au over 8m from 162m depth
- 4.33 g/t Au over 10m from 162m depth
- 3.81 g/t Au over 6m from 73m depth
- Independent NI 43-101 resource and pre-feasibility study due Q4 2010
Luis da Silva, President and CEO of African Aura commented:
"We are very pleased to announce further robust drill results from the Latiff zone of the New Liberty gold project which already has a 1.4moz NI 43-101 resource at a grade of 3.18 g/t and excellent metallurgy. New Liberty is shaping up to be a very significant advanced gold project in West Africa.
All the intersections are expected to fall within the open pit element of the forthcoming independent resource statement and pre-feasibility study expected to be delivered during Q4 2010. In the meantime, step-out drilling along strike to the west will continue."
New Liberty Drilling Data
The table below represents the new intersections being reported upon in this update.
A full list of New Liberty drilling data is available at: http://www.african-aura.com/s/NewLiberty.asp
The data given in this update represents 1,180 metres of drilling from the 2010 drilling programme of 13,350 metres drilled to date. The step-out programme is ongoing and expected to be completed during October with all assay results returned this year.
Assuming the pre-feasibility study produces a positive result, as anticipated by the Company, a Definitive Feasibility Study will commence immediately with a scheduled completion date before the end of H1 2011.
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From To Length Mean Au
Hole ID Easting Northing (m) (m) (m) (g/t)
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K167 263,104 775,257 100 102 2 2.20
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and 110 113 3 0.72
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and 125 155 30 3.18
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Including 133 155 22 4.32
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best cut 140 153 13 6.89
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K168 262,950 775,327 64 81 17 1.75
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Including 70 81 11 2.37
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best cut 73 79 6 3.81
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and 167 171 4 0.52
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K169 262,975 775,271 106 107 1 1.67
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and 124 125 1 1.06
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and 155 175 20 2.30
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best cut 162 170 8 5.17
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K170 262,918 775,284 142 150 8 1.01
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best cut 144 148 4 1.73
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and 212 214 2 1.44
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K171 263,184 775,206 162 172 10 4.33
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best cut 164 170 6 6.96
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and 185 187 2 0.45
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and 196 198 2 3.48
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Notes:
- Assay data are uncut.
- Length of intersection is down hole
- Coordinates, WGS 84 UTM zone 29N
About the New Liberty Gold Project
The New Liberty gold deposit is a classic Archaean shear zone hosted greenstone gold deposit, which is located in western Liberia. The project has a resource of 1.38 million ounces (NI 43-101 compliant 13.533 Mt measured and indicated resource at 3.18 g/t gold) comprising four zones along a 1.75km strike length, projected to a depth of 300m. Drilling has indicated that grades and widths continue below this level with intersections including 4.94 g/t Au over 10m in hole KGD136 from a depth of 379m and 4.42 g/t Au over 8m in KGD133 at a depth of 447m.
The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth and the deposit, which crops out at surface, remains open along strike and at depth. Metallurgical testwork undertaken by the Company on drill core from New Liberty has indicated a non-refractory ore with excellent recoveries of up to 93% from metallurgical test work completed to date.
A pre-feasibility study by AMC Consultants (UK) Limited is presently underway that will contribute to a Definitive Feasibility Study targeting 100,000oz annual production.
New Liberty is one of a series of gold deposits being worked by hard rock artisanal gold miners located within the Company's 457km(2) 'Class A' 25 year renewable Mining Licence, including the Ndablama, Weaju, Silver Hills and Gondoja gold projects. Geologically, Archaean greenstone belts are known to host major gold mines in Canada, Australia, the Democratic Republic of the Congo and Tanzania. The Company considers that the Archaean geology of the Man Craton of west Africa is one of very few provinces globally that is highly prospective, but has yet to be systematically explored.
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 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 30% 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.
Qualified Person
African Aura's Qualified Person responsible for preparing this release is Dr Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy, and a Fellow of the Geological Society.
Quality Control and Sample Preparation
African Aura 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 their in-country preparation facilities in Liberia, followed by XRF at their 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.
Forward-looking Statements
This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, 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.
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, or contact one of the following: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7299 4212; Evolution Securities Limited: Simon Edwards/Tim Redfern/Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Bell Pottinger: Charles Vivian/James MacFarlane, Tel: +44 (0) 20 7337 1500
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