August 6, 2013


6 August 2013

Aureus Mining Inc.




Aureus Mining Inc. (TSX: AUE / AIM: AUE) (“Aureus” or the “Company”) is pleased to announce its Q2 2013 financial results for the 3 month period ended 30 June 2013 and provide an operational update for H1 2013.

Construction continues at Aureus’ 100% owned New Liberty gold project in Liberia (the “New Liberty Gold Project” or the “Project”) with first gold pour expected in Q4 2014.


Debt Financing

  • Nedbank Capital (“Nedbank”) and Rand Merchant Bank (“RMB”) (collectively, the “Banks”) mandated to arrange a Project Debt Finance Facility for New Liberty, as announced on 20 March 2013
  • The Banks have completed a detailed due diligence review. Credit committee approvals are expected mid-Q3 2013
  • Loan documentation is targeted for Q4 2013 with the first draw-down anticipated by year end


  • Cash and cash equivalents as at 30 June 2013 of US$ 53.9 million
  • Total assets as at 30 June 2013 of US$ 152.3 million
  • Loss for the quarter to 30 June 2013 of US$ 0.6 million
  • US$ 18.0 million of New Liberty capital cost estimate incurred to date

New Liberty Gold Project

  • Definitive Feasibility Study (“DFS”) announced on 20 May 2013
    • A robust NPV of US$ 230 million and IRR of 29% at a flat gold price of US$ 1,400 / oz
    • Life of mine (“LOM”) operating cash cost will average US$ 668 / oz using contract mining
    • Initial capital cost estimate of US$ 136 million (excluding contingency of US$13.6 million)
    • New Liberty to be the first commercial gold mine in Liberia and will produce an average of 119,000oz per annum at 3.6 g/t for the first six years
    • Plant commissioning and first gold pour scheduled for December 2014
    • NI 43-101 compliant proven and probable reserve estimate of 924,000 ounces (8.5 million tonnes grading 3.4 g/t)
  • The New Liberty Project DFS optimisation process has been completed. A number of changes have been outlined including relocation of the Tailings Storage Facility (“TSF”) and plant, now located south of the pit. Waste rock dumps have been redesigned to wrap around the pit. The process plant has been redesigned to incorporate additional grinding and reduction in reagent consumption. The Marvoe Creek Diversion Channel (“MCDC”) has accommodated a natural depression minimising excavation. The open pit design now incorporates new geotechnical data and latest operating costs. The outcome of this work is that the project will be easier to operate than previously envisaged with less environmental risk
  • The ball mill order, the Project’s key long lead item, placed in May 2013 with delivery expected in May 2014
  • The construction phase commenced in December 2012 and progressed throughout H1 2013, specifically in respect of the early earthworks. Bulk excavation has been completed at the MCDC and is progressing at the plant site with the shaping of the plant access road and the terracing for the primary and secondary crusher facilities
  • The Kinjor village relocation is in progress and the new site has been cleared and top soil removed. The church and school buildings are being built and brickmaking for housing construction is underway
  • All key permits in place following receipt of environmental permit in October 2012 and the Community Development Plan (“CDP”) approval in March 2013


  • Completion of phased drilling campaigns at Weaju and Ndablama (both within Aureus’ 100% owned Bea Mountain Mining Licence) and focused on regional soil and stream sediment geochemical programmes which cover the whole licence portfolio of 546 km2. Exploration work has now stopped due to the onset of the rainy season
  • Weaju Gold Target
    • Drilling to date has outlined three zones (Main, North and Creek-Ridge) of mineralisation with a cumulative strike length of one kilometre. In each zone, gold mineralisation is focused within Westerly plunging bodies which are traced from surface to shallow depths of 80 metres. Over 9,000 metres of drilling (62 holes) has been completed in H1 2013 and the following high grade shallow intercepts are highlighted:
      • 10.0 g/t over 7.5m from 0.2m
      • 9.1 g/t over 6.0m from 47.3m
      • 6.9 g/t over 8.7m from surface
      • 6.6 g/t over 9.0m from 114.4m
      • 5.6g/t over 14.0m from 39.0m
      • 4.6 g/t over 11.3m from 13.9m
      • 2.5 g/t over 19.0m from 24.0m
      • 3.7 g/t over 11.0m from 36.0m
      • 5.5 g/t over 6.6m from 12.9m
      • 3.8 g/t over 9.0m from 78.0m
    • Mineralisation is still open in all directions. At the Main zone soil geochemistry and pitting has outlined a potential SW extension of one kilometre. Soil work and trenching also highlights a potential westerly extension to the North Zone and an easterly extension to the Ridge and Creek zones. All zones are still open at depth. To date only 50% of the anomalous gold areas have been drill tested
  • Ndablama Gold Target
    • A 2,330 metre 18 hole Phase 3 drilling programme highlighted multiple shallow intercepts which included:
      • 4.1 g/t over 43.0m from 78.0m
      • 4.3 g/t over 27.0m from 70.0m
      • 2.6 g/t over 18m from 89m
      • 2.5 g/t over 18m from 52m
      • 2.4 g/t over 17m from 68.0m
      • 2.3 g/t over 15.0m from 83.0m
      • 9.7 g/t over 14.0m from 78.0m
      • 5.5 g/t over 12.0m from 51.0m
      • 16.7 g/t over 11.0m from 108.0m
      • 2.2 g/t over 10m from 66.0m
      • 3.4 g/t over 9.0m from 67.0m
    • Current and historical drilling and trenching at Ndablama has outlined a total of approximately one kilometre of continuous gold mineralisation in three, north trending, zones which dip shallowly to the West
    • Ndablama locates within a 13 kilometre belt of gold in soil anomalies which straddles a granite – greenstone contact zone. Six gold targets have been subject to follow up exploration programmes and drilling has intersected high grade gold mineralisation at three of these referred to as Gondoja, Ndablama and Leopard Rock. To date less than 15% of the potential strike length has been drill tested
  • Following the completion of the soil geochemistry programmes covering the complete licence portfolio, a generative study is in progress to define additional target areas
  • Batouri licence in Cameroon has been subjected to trenching and pitting programmes and results are pending

Outlook – Key Targets for H2 2013

  • Bank financing – seek Banks’ credit committee approvals, complete loan documentation in Q3 / Q4 2013 with first draw down of funds in late Q4 2013
  • Complete the following New Liberty development milestones:
    • MCDC
    • Kinjor village relocation
    • Plant earthworks
  • Commence the following development activities:
    • Civil construction
    • TSF earthworks
  • Exploration
    • Define new resources at Weaju and Ndablama
    • Generative study to define new targets in Liberian licence portfolio

Commenting on the results, David Reading, President and Chief Executive Officer of Aureus, said:

“Aureus has made significant progress in the first half of 2013 despite the economic down turn for gold companies. The completion of the optimised DFS and the commencement of the construction phase at New Liberty have ensured we are well on our way to achieving our strategic goals for 2013, as well as smoothly and rapidly transitioning the Company from explorer to developer. Our discussions with the mandated Banks continue to be constructive, with detailed due diligence concluded and the financing process for the completion of credit approval nearing completion”.

“Our successful exploration campaigns highlight the prospectivity and long term project pipeline across the wider licence area. At Weaju and Ndablama we have achieved exciting high grade, near surface results which bode well for future developments both in terms of satellite feed for New Liberty and for a new standalone, second gold project. In all cases the geology of the mineralised systems is very similar and good grades are a strong characteristic of these gold belts which underpins the significant future opportunities within our sizeable licence area”.

“To have achieved so much in such a short period of time demonstrates the commitment, endeavour and support the Company receives from its shareholders, board, management and employees. I would like to thank everyone for their hard work and I look forward to Aureus becoming one of West Africa’s newest gold producers.”

The financial statements and the accompanying Management’s Discussion and Analysis for Q2 2013 are available for review at the Company’s website,, as well as being available on, and should be read in conjunction with this press release.

Contact Information

Aureus Mining Inc.David Reading / Paul ThomsonTel: +44(0) 20 7010 7690 BuchananBobby Morse / Gordon PooleTel: +44(0) 20 7466 5000
RBC Capital Markets (Nominated Advisor and Joint Broker)Martin Eales / Richard HughesTel: +44(0) 20 7653 4000 GMP Securities Europe LLP (Joint Broker)Richard Greenfield / Alexandra CarseTel: +44(0) 20 7647 2800

Qualified Person

The estimates of mineral Resources for the DFS were calculated in accordance with NI 43-101 and carried out by Chris G Arnold BSc (Hons), MSc, MAusIMM (CP) of independent consultants AMC. The Reserve Study for the DFS was prepared by Mr M Staples of AMC, a Qualified Person, for the purposes of the study, under the standards set forth by National Instrument 43-101 “Standards of Disclosure for Mineral Project”, of the Canadian Securities Administrators (“NI 43-101″).

The Company’s Qualified Person responsible for preparing this release, other than as detailed above in respect of the DFS, is David Reading, who holds an 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.

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 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6 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 100% owned 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.

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 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 and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus. The foregoing and any other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of Aureus based on information currently available to Aureus. With respect to the forward-looking information contained in this press release, Aureus 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’ 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 Inc. dated April 20, 2011, a copy of which is available on SEDAR at, and in the Aureus Admission Document, a copy of which is available at www.aureus–

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 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, 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 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.