May 23, 2011


May 23, 2011

Aureus Mining Inc.





The Board of Aureus Mining Inc. (“Aureus” or the “Company”) announces that, pursuant to the completion of the offering of 27,000,000 common shares of nil par value (“Common Shares”) completed on 19 May 2011 (the “Offering”) the following directors have acquired Common Shares at the offering price of C$1.30 (c. GBP0.83):

Director Common Shares Acquired
David Netherway 35,000
David Reading 25,000
David Beatty 50,000

In addition, pursuant to the terms of the Company’s Stock Option Plan, Aureus has granted incentive stock options (“Options”) to directors and certain employees of the Company. The Options were granted over a total of 2,435,000 Common Shares, representing approximately 2.15% of the current issued share capital of the Company at an exercise price of C$ 1.55 (c.GBP0.98) per share, being equal to the closing price of the Common Shares on 20 May 2011 on the TSX (being the latest practical date prior to the grant of the Options), exercisable immediately and for a period of 5 years from 23 May 2011.

The allocation of stock options to directors and their resultant shareholdings following their participation in the Offering are as follows:

Name Title New Options 


Total Options 


Current Shareholding in Aureus Percentage of Current Issued Share Capital
David Netherway Chairman 300,000 1,355,123 139 594 0.12
David Reading President & CEO 1,000,000 1,350,000 258 334 0.23
David Beatty Director 200,000 200,000 50 000 0.04
Luis da Silva Director 200,000 1,357,000 74,826 0.07
David Knight Director 50,000 50,000
Adrian Reynolds Director 200,000 200,000

These Options were issued for nil consideration.

About Aureus Mining Inc.

The company’s assets include the New Liberty gold deposit in 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). A preliminary economic assessment (“PEA”) of the New Liberty Gold Project filed in December 2010 outlined a robust open pit gold mine with a pre-tax NPV of US$234 million based on an $1100/oz. gold price and a 10% discount rate. The PEA outlined an 8.5 year mine life with approximate production of 100 000 ounces per year in the first five years. The New Liberty Gold Project is being advanced through to a definitive feasibility study.

The New Liberty Gold Project locates within the Bea Mountain mining license which covers 457 km2 and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Weaju, Silver Hills and Gondoja which are the focus of exploration programs during 2011.

The company also has gold assets within exploration properties in Sierra Leone and Cameroon.

Contact Information

Aureus Mining Inc. 

David Reading, CEO

Tel: +44 (0) 20 7257 2930


Bobby Morse / Katharine Sutton

Tel: +44 (0) 20 7466 5000

Evolution Securities Limited 

Jeremy Ellis / Neil Elliot

Tel: +44 (0) 20 7071 4300

RBC Capital Markets 

Martin Eales

Tel: +44 (0) 20 7653 4000

Qualified Person

The Company’s Qualified Person responsible for preparing this release is David Reading, who holds a MSc in Economic Geology from University of Waterloo, Canada and is a Fellow of the Institute of Materials, Minerals and Mining. David Reading is the President and CEO of Aureus Mining Inc. and consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.