May 19, 2011



May 19, 2011

Aureus Mining Inc.





TORONTO, May 19, 2011 — Aureus Mining Inc. (“Aureus Mining” or the “Company”) (TSX: AUE)(AIM: AUE) is pleased to announce that it has completed a prospectus offering of 27,000,000 common shares (the “Offering”) at a price of C$1.30 (c.£0.83) per common share for aggregate net proceeds of C$32,759,228 (c.£20.9 million). The Offering was carried out by a syndicate of underwriters co-led by RBC Capital Markets and GMP Securities L.P. and included Clarus Securities Inc., Jennings Capital Inc. and Raymond James Ltd. (collectively, the “Underwriters”).

In addition, the Company has granted to the Underwriters an option (the “Over-Allotment Option”) to purchase, at the Underwriters’ election, up to an additional number of common shares that is equal to 15% of the number of common shares sold under the Offering. Such Over-Allotment Option is exercisable, in whole or in part, at any time during the 30 day period immediately following the closing of the Offering.

The Company intends to use the net proceeds of the Offering, together with its existing cash resources to, among other things, complete a definitive feasibility study on the New Liberty Gold Project and undertake follow-up exploration programs within the Bea Mountain mining licence in Liberia, as well as exploration work in Cameroon .

Commenting on the Offering, David Reading, Chief Executive Officer of Aureus Mining, said: “The completion of the fund raise represents a major building block in the birth of Aureus Mining. The Company now has the capacity to achieve its principal objectives of completing the definitive feasibility study on the New Liberty project and expanding the current resources through the implementation of our aggressive drilling programmes.”

About Aureus Mining Inc.

Aureus Mining 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). Mineral resources that are not mineral reserves do not have demonstrated economic viability. The New Liberty Gold Project is being advanced through to a definitive feasibility study. The Company is also focused on multi-phased exploration programs within the Bea Mountain mining licence which include the priority exploration targets of Ndablama, Weaju, Silver Hills and Gondoja. The Company also has a portfolio of exploration projects in Sierra Leone and Cameroon.

Contact Information

Aureus Mining Inc. 

David Reading, CEO

Tel: +44 (0) 20 7257 2930

Evolution Securities Limited 

Jeremy Ellis / Neil Elliot / Tim Redfern

Tel: +44 (0) 20 7071 4300

RBC Capital Markets 

Martin Eales

Tel: +44 (0) 20 7653 4000

GMP Securities Europe LLP 

Richard Greenfield / Mark Wellings

Tel: +44 (0) 20 7647 2800


Bobby Morse / Jonathan Rivlin

Tel: +44 (0) 20 7466 5000

Qualified Person

The technical information contained in this press release relating to the New Liberty Gold Project is from the technical report entitled “New Liberty Gold Project, Liberia, West Africa, Amended and Restated Technical Report on Additional Drilling, Estimated Mineral Resources and Preliminary Economic Assessment” dated effective December 21, 2010 and prepared by Christopher G. Arnold and Martin Staples, each an employee of AMC Consultants (UK) Limited (“AMC”) and a “qualified person” within the meaning of NI 43-101. A copy of such technical report is available under Aureus Mining’s SEDAR profile at

Mr. Christopher G. Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC consents to the inclusion in this press release of the matters relating to gold in the form and context in which they appear and confirms that the information is accurate and not false or misleading.

United States Advisory

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

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 believes, expects or anticipates 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, mineral resource estimates and the anticipated exploration and development activities of Aureus Mining, the development of the Company’s New Liberty Gold Project and future exploration plans. 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 conditions; and it has also been assumed that no significant events occur outside of the normal course of Aureus Mining’s 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; uncertainty of mineral resources estimates; and future unforeseen liabilities and other factors.

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 the New Liberty Gold Project 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. 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 disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.