African Aura Mining Inc. - BOARD APPOINTMENT - DAVID READING
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES./
TSX-V: AUR
AIM: AAAM
TORONTO, Nov. 1 /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, is pleased to announce the appointment of David Reading as a non-executive director to the Board of African Aura, with immediate effect.
Mr Reading has significant expertise in the global mining industry with over 35 years' experience across the fields of exploration, feasibility, project development and mining. Mr Reading has an MSc in Economic Geology and has held senior positions with leading mining companies. He is the former CEO of European Goldfields and the former General Manager of African exploration for Randgold Resources. In addition he has held senior exploration and project development positions for Anglo American and Phelps Dodge. Pursuant to his appointment and the Company's Stock Option Plan, Mr Reading has been granted 200,000 incentive stock options over the Company's common shares of no par value at an exercise price of C$2.26 per share, being equal to the closing price of the Company's shares on the TSX-V on 29 October 2010. The options are granted for nil consideration and are exercisable immediately and for a period of five years from 01 November 2010. Mr Reading presently owns 200,000 common shares in the Company.
David Netherway, Chairman of African Aura, commented:
"We are pleased to welcome David to the Board of Directors. His proven track record in the exploration and development of substantial gold projects will be invaluable to African Aura as we move the New Liberty Gold project in Liberia towards production. David's expertise will complement the existing skills of the board and be valuable in maximising the potential of New Liberty as well as identifying and developing value creating growth opportunities in West Africa for our gold division."
The information in relation to Mr. Reading's appointment required pursuant to Schedule 2 paragraph (g) of the AIM rules for Companies is as follows:
Mr. Reading holds, or has held, the following directorships in the last five years:
Current Directorships:
Rio Novo Gold Inc.
Previous Directorships:
European Goldfields Ltd.
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.
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:
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 7257 2930 |
Evolution Securities Limited Simon Edwards / Tim Redfern |
Tel: +44 (0) 20 7071 4300 |
Pelham Bell Pottinger Charles Vivian / James MacFarlane |
Tel: +44 (0) 20 7861 3232 |
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