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TSX-V: AUR
AIM: AAAM
LONDON, Nov. 3 /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, announces the appointment of Dr Martin White as Project Manager of the Company's New Liberty gold deposit in western Liberia.
Dr Martin White is a mining engineer with over 25 years' experience. During his career he has provided technical expertise and management services on a number of gold mine feasibility studies and mine infrastructure development operations, including the Bibiani gold mine in Ghana, the Siguiri gold mine in Guinea and the Geita gold mine in Tanzania. He holds a BSc and PhD in mining Engineering from the University of Nottingham in the United Kingdom and has worked for some of the world's leading mining companies, having held senior technical management roles with JCI of South Africa, being Group Mining Engineer for Ashanti Goldfields of Ghana and General Mine Manager for Arcon Mines in Ireland. From 2004 to 2010 Martin has provided consultant services to a wide range of mining companies for International Mining Consultants.
Luis da Silva, Chief Executive of African Aura, commented:
"We are pleased to welcome Martin to the team at this important juncture for the New Liberty gold project, as it moves through its technical and feasibility studies. Martin's appointment follows the recent announcement that David Reading has joined the Company's board. When taken together these appointments demonstrate our focus on ensuring that we have the requisite skills and expertise to develop our assets and thereby create value as rapidly as possible."
About the New Liberty Project
The New Liberty gold deposit is a classic Archaean shear zone hosted greenstone gold deposit, located in western Liberia. The project has a resource of 1.38 million ounces at a grade of 3.18 g/t Au (NI 43-101 compliant 6.65Mt at 3.49 g/t measured and 6.87Mt at 2.88 g/t indicated) projected to a depth of 300m, comprising three zones along a 1.75km strike length.
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 at depth. Metallurgical testwork undertaken by the Company on drill core from New Liberty has indicated a non-refractory ore with excellent expected recoveries of up to 93%.
A scoping study by AMC Consultants (UK) Limited is presently underway that will contribute to a Bankable Feasibility Study for an open pit and/or underground gold mine, targeting 100,000oz annual production.
New Liberty is one of a series of gold deposits located within the Company's 457km2 'Class A' 25-year renewable Mining Licence. 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 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:
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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