RELOCATION ACTION PLAN AND COMMUNITY DEVELOPMENT PLAN APPROVED FOR NEW LIBERTY
April 3, 2013Back
3 April 2013
Aureus Mining Inc.
TSX : AUE
AIM : AUE
RELOCATION ACTION PLAN AND COMMUNITY DEVELOPMENT PLAN APPROVED FOR NEW LIBERTY
Aureus Mining Inc. (TSX: AUE / AIM: AUE) (“Aureus” or the “Company”) is pleased to announce that the Liberian Environmental Protection Agency has approved the Relocation Action Plan (“RAP”) and the Community Development Plan (“CDP”) for the relocation of the Larjor and Kinjor villages in respect of the development of the Company’s New Liberty Gold Project (“New Liberty” or “the Project”) in the Republic of Liberia.
The granting of these approvals is the culmination of an extensive consultation process with Interested and Affected Parties, the community and the relevant Governmental departments of Liberia which commenced in December 2010. The RAP and the CDP have been completed in accordance with Liberian legislation and International Finance Corporation and World Health Organisation principles and standards. The granting of these approvals means that Aureus can proceed with the village relocation at New Liberty.
The RAP represents the resettlement of those affected people and associated assets from the two villages proximal to the New Liberty mine footprint area and associated 500 metre blasting zone. It describes the principles, objectives, procedures and actions that will be implemented prior to, during and after the resettlement of the villages.
The CDP aims to:
(a) restore livelihoods lost or impacted as a result of the development of the Project;
(b) ensure food security for project affected households through the establishment of income generating activities; and
(c) promote livelihood and enterprise development that will enable both affected and host communities to derive development benefits from the Project.
It is anticipated that New Liberty will become a major economic driver in the local area and the surrounding Grand Cape Mount County. The development and operation of the Project will provide a catalyst for socio-economic development, which will provide opportunities for local, national and international organisations to play a significant role in the development of the broader area.
The work on the relocation programme is progressing following the acquisition of the land for the new village site location. The village site is being cleared and construction of the 325 dwellings will commence this month – it is anticipated that the construction of the new village will be completed in Q3 2013.
Commenting on the approvals, David Reading, President and Chief Executive Officer of Aureus, said:
“The approvals of the RAP and CDP are important steps for Aureus in the development of New Liberty and in our commitment to work with the local community. To have obtained these approvals illustrates the productive relationships we have been able to develop with the local community and the government, both of whom are key stakeholders in New Liberty. We remain on track with our overall timetable for the development of New Liberty and to achieve first gold production in Q4 2014.”
|Contact InformationAureus Mining Inc.
David Reading / Jeremy Cave
Tel: +44(0) 20 7010 7690
|BuchananBobby Morse / Gordon Poole
Tel: +44 (0) 20 7466 5000
|RBC Capital Markets (Nominated Adviser and Joint Broker)Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000
|GMP Securities Europe LLP (Joint Broker)Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800
About Aureus Mining Inc.
The Company’s assets include the New Liberty gold deposit in Liberia (the “New Liberty Gold Project” or the “Project”), which has an estimated proven and probable reserve of 910,000 ounces of gold grading 3.3 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.6 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A feasibility study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an eight and a half year mine life and annual production of 120,000 ounces for the first five years of production. The Company has financed the Project’s equity funding requirement and has mandated two banks for the remaining debt balance.
The New Liberty Gold Project is located within the Bea Mountain mining licence, 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, Gondoja and Weaju, which are the focus of exploration programs during 2013. The contiguous Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target.
The Company also has gold exploration permits in Cameroon.
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, the future plans and objectives of Aureus Mining and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus Mining. 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, economic and mining industry conditions; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs, no unusual geological or technical problems occur and no significant events occur outside of the normal course of Aureus Mining’s respective 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; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under “Risk Factors” in the Preliminary Prospectus of Aureus Mining Inc. dated April 20, 2011, a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is available at www.aureus–mining.com.
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 their respective properties 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, as applicable. 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.