January 27, 2014


27 January 2014

Aureus Mining Inc.



Aureus Mining Inc. (TSX: AUE / AIM: AUE) (“Aureus Mining” or the “Company”) is pleased to announce the first 10 diamond drill hole results from the phase four drilling programme at the Ndablama gold project (“Ndablama”). Ndablama locates within the Northern Block of the Company’s 100% owned, Bea Mountain Mining licence in Liberia, and is situated 40 kilometres north-east of Aureus’ flagship New Liberty Gold project.

  • Final results from assays are presented for the first 10 diamond drill holes (2,483 metres) from the phase four drilling programme at Ndablama. Drilling was undertaken on the down dip extensions to the current Inferred Mineral Resource of 451,000 ounces at 2.1 g/t Au (using a 0.5 g/t cut-off). Intercepts include:

3.0 g/t over 33 metres from 109 metres

3.5 g/t over 18 metres from 96 metres

1.2 g/t over 33 metres from 99 metres

1.3 g/t over 24 metres from 107 metres

  • The latest results confirm continuity of the mineralised system down dip for a further 130 metres with intercepts commencing at 90 metres below surface. The mineralised body is open in all directions.
  • Geological mapping, soil geochemistry, trenching, geophysics and previous reconnaissance drilling have outlined a five kilometre mineralised structural zone which dips shallowly to the west and locates at the sheared and altered contact between granite and metavolcanics. This zone is referred to as the Pressure Shadow Corridor. It is associated with extensive bedrock and alluvial artisanal gold mining.
  • The phase four drilling programme is designed to expand the current Inferred Resource both down dip and along strike. A total of 50 diamond drill holes for approximately 10,000 metres are planned over a target area that strikes north for one kilometre, extends down dip for vertical depths of 250 metres below surface and encompasses targets referred to as Ndablama Central and Ndablama North. The Company’s exploration team continues to actively explore the Pressure Shadow Corridor. Drilling re-commenced in mid-January following the festive break.
  • Trenching and detailed sampling is in progress in the Ndablama Far North and Ndablama South areas prior to the commencement of reconnaissance drilling.

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

“The recent Ndablama drilling results highlights the excellent continuity of this deposit and we are on track to deliver an expanded resource during the current field season. Our work along the five kilometre corridor is demonstrating that we are dealing with an extensive mineralised system and we are very excited about the opportunity that this new goldfield presents for our shareholders”.

Details relating to the latest drilling results and the pressure shadow corridor are illustrated in the following diagrams:

Section 790850N

Ndablama Pressure Shadow Zone

Ndablama Proposed Drilling

Section 790720N

Ndablama Background

The Ndablama gold target is located within the Northern Block of the Company’s 457 km2, 100% owned, Bea Mountain Mining licence in Liberia, and is situated approximately 40 kilometres north-east of Aureus’ flagship New Liberty Gold project. To date a total of 64 diamond drill holes covering 10,797 metres and 63 trenches for 3,967 metres have been completed at the Ndablama gold target with the majority of this drilling focused on the Ndablama Central area.

The mineralisation is located within a sheared package of ultramafic and mafic rocks intercalated within a gneiss sequence overlying a granite batholith. The mineralisation has a shallow westerly dip reaching on average 30° and striking to the north. It has been drill investigated to a maximal vertical depth of 130 metres below surface. It remains open along strike and down dip.

The latest phase four drilling results are presented in Table 1 below:

Borehole ID From (m) To (m) Hole Length (m) Au (g/t)
NDD055 99 132 33 1.21
including 99 101 2 4.80
including 118 123 5 3.00
and 143 147 4 2.30
NDD056 89 96 7 1.11
and 107 131 24 1.25
including 108 113 5 2.00
including 123 125 2 6.50
NDD057 109 142 33 2.98
including 118 127 9 5.10
including 131 142 11 4.49
NDD058 90 96 6 0.72
and 105 116 11 1.01
and 124 127 3 0.75
and 133 138 5 1.22
NDD059 66 73 7 1.70
and 79 127 48 1.80
including 96 114 18 3.48
including 121 124 3 3.58
NDD060 122 144 22 1.22
including 122 129 7 2.85
NDD061 123 146 23 0.55
including 134 146 12 0.74
NDD062 136 141 5 1.31
and 168 170 2 1.43
NDD063 117 136 19 1.08
and 145 165 20 1.19
including 156 164 8 2.19
NDD064 87 94 7 1.50
and 104 136 32 0.66
including 104 108 4 1.28
including 120 124 4 1.65
Assay grade data is un-cut

Drilling to date has shown that mineralisation is hosted in sheared and altered metavolcanics which dips shallowly to the west at approximately 30o. Mineralisation is associated with phlogopite, chlorite alteration and disseminated pyrrhotite.

The phase four drill results reported in this release have extended the known mineralisation down dip by an extra 150 metres, with mineralisation continuing down to a vertical depth of 130 metres. The drilling has highlighted the continuity of the mineralisation 100 metres further to the north of the maiden resource of 451,000 at 2.1g/t, as reported during the Company’s Press Release of 11 November 2013. The mineralisation remains open at depth and along strike.

The phase four drill programme is ongoing within the Ndablama North and Central zones; with the aim of expanding the current NI 43-101 Inferred Resource of 451,000 oz grading 2.1 g/t Au (using a 0.5 g/t cut-off). Drilling recommenced in mid-January and will continue throughout the remainder of the current field season. To date only ten holes from a planned fifty hole programme have been completed. The drill programme will total 50 diamond drill holes for approximately 10,000 metres, planned over a target area that strikes north for one kilometre, extends down dip for vertical depths of 250 metres below surface and encompasses the targets referred to as Ndablama Central and Ndablama North.

At Ndablama North Zone, gold mineralisation has been traced by trenching over a further one kilometre in a northerly direction and includes additional diamond drilling over the first 300 metres. Results for this zone were presented in the Company’s press release of 10 September 2012. Highlights of this exploration work include:

  • 19 metres at 1.1 g/t from a depth of 16 metres in borehole NDD026
  • 8 metres at 1.1 g/t from a depth of 4 metres in borehole NDD014
  • 82 metres at 2.1 g/t from trench NT17
  • 9 metres at 2.1 g/t from trench NT62

Ndablama is situated within a five kilometre pressure shadow zone and is an area of extensive artisanal gold activity

The Ndablama gold project locates within a five kilometre mineralised, structural zone which dips shallowly to the west and occurs at the altered and sheared geological contact between metavolcanic rocks (ultramafic and mafic units) and granite. This zone is referred to as the Pressure Shadow Corridor, and extends from Ndablama Far North to Leopard Rock South. It is associated with extensive bedrock and alluvial artisanal gold mining. To date less than 20% of the pressure shadow corridor has been drill tested.

Resource expansion work is currently being undertaken at Ndablama Central and at a portion of Ndablama North. To the north and south of the resource expansion area the Company is focussed on undertaking trenching, rock sampling and additional reconnaissance drilling in order to better understand the mineralised system in these areas and to define additional targets for follow up drilling programmes.

Eight hundred metres south east of Ndablama, the Leopard Rock target has been drilled at a reconnaissance level and demonstrated shallow westerly dipping gold mineralisation which is very similar to Ndablama. This drilling has extended the mineralisation system a further one kilometre to the south east. Soil anomalies and artisanal activity indicate that it can be extended for another kilometre south east beyond the known drilling.

Sampling and QA / QC

Drill core is split on site and samples are despatched under custody to the SGS Laboratory in in Monrovia.

All samples collected by Aureus are analysed using aqua regia digestion and fire assay analysis with an atomic absorption finish. Assay quality control protocols include the submission of commercial certified reference standards, blanks, field duplicates, pulp duplicates and umpire control samples. Standards are inserted into the sample stream at a frequency of 1 in 10. All other quality control samples are submitted at a frequency of 1 in 20. Assay quality control samples are reviewed on a monthly basis. Aureus also submits samples for screened fire assay analysis.

Qualified Persons

The Company’s Qualified Person 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.

Contact Information

Aureus Mining Inc. David Reading / Paul Thomson

Tel: +44(0) 20 010 7690

Buchanan Bobby Morse / Gordon Poole

Tel: +44(0) 20 7466 5000

Numis Securities Limited (Nominated Adviser and Joint Broker)John Prior / James Black

Tel: +44(0) 20 7260 1000

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 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 and debt funding requirement.

The New Liberty Gold Project is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 457 km² and has a 25 year, renewable, mineral development agreement. The Northern Block of the Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. Ndablama has an inferred mineral resource of 451,000 ounces of gold grading 2.1 g/t and Weaju has an inferred mineral resource of 178,000 ounces of gold grading 2.1 g/t. The Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target. The Yambesei (759 km2), Archaen West (112.6 km2), Mabong (36.6 km2) and Mafa West (15.6 km2) licences will also be subject to preliminary reconnaissance geological work.

The Company also has gold exploration permits in Cameroon.

Forward-looking Statements

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 Annual Information Form of Aureus Mining Inc. dated March 20, 2013 a copy of which is available on SEDAR at, and in the Aureus Mining 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 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