September 30, 2014


30 September 2014

Aureus Mining Inc.




Aureus Mining Inc. (TSX: AUE / AIM: AUE) (“Aureus Mining” or the “Company”) is pleased to announce results from the remaining 49 holes of the phase four drilling programme at the Ndablama gold project (“Ndablama”). These results follow those announced on 27 January, 7 April and 10 July 2014. The phase four drilling programme included a total of approximately 19,000 metres of reverse circulation (“RC”) and diamond drilling. The RC drilling targeted the infill areas between diamond holes previously drilled, with the new diamond holes testing for down dip and strike extensions to the current mineralised system. Ndablama is located within the northern block of the Company’s 100% owned, Bea Mountain Mining licence in Liberia, 40 kilometres north-east of Aureus’ flagship New Liberty Gold project.


  • Results are presented for the final 24 diamond drill holes (4,101 metres) from the phase four drilling programme at Ndablama. Drilling was undertaken to test the down dip and strike extensions to the 2013 Inferred Mineral Resource of 451,000 ounces at 2.1 g/t Au, released on the 11 November 2013. Intercepts include:
    • 3.0 g/t over 28 metres from 139 metres
    • 3.0 g/t over 22 metres from 98 metres
    • 2.8 g/t over 24 metres from 88 metres
    • 3.3 g/t over 18 metres from 123 metres
    • 2.3 g/t over 24 metres from 95 metres
  • All drill holes have intersected the mineralised system and confirm the shallow westerly dip varying between 30 and 10 degrees.
  • Phase four diamond drilling results confirm continuity of the mineralised system down dip for a further 300 metres beyond the limits of the initial maiden resource, more than doubling the down dip extent of the mineralised system. Intercepts commence from 90 metres below surface to a maximum of 240 metres below the surface. The mineralised zone was extended southwards by a further 100 metres and remains open northwards.
  • The results announced today also include the remaining 25 RC drill holes (3,480 metres) carried out as infill holes in advance of upgrading the current inferred resource. Intercepts include:
    • 6.2 g/t over 45 metres from 85 metres
    • 2.9 g/t over 23 metres from surface
    • 2.5 g/t over 21 metres from 38 metres
    • 2.4 g/t over 22 metres from 71 metres
    • 2.2 g/t over 16 metres from 103 metres
    • 2.3 g/t over 11 metres from 185 metres
  • The infill RC drilling results confirm mineralisation continuity within the already defined ore body. This programme was designed to close the drill spacing down to 50 metres.
  • Following receipt of the phase four results, the Company is to commence a new NI 43-101 Resource estimate for Ndablama, due for completion in Q4 2014.
  • Further metallurgical studies are currently being conducted on the Ndablama deposit. These studies follow initial work conducted in 2013 which highlighted 70% gravity recovery and 94% leach recovery for fresh ore (see press release of the 10 December 2013).
  • Ndablama forms part of a five kilometre long pressure shadow corridor. Exploration work has confirmed that gold mineralisation is associated with a shallow, westerly dipping shear zone which can be followed at surface for five kilometres. To date only Ndablama and Leopard Rock have been drill tested. Exploration conducted on Ndablama Far North and Leopard Rock South returned encouraging trench and rock results and these targets are ready to be drill tested.
  • Towards the north-east the pressure shadow corridor connects to the Yambesei Shear Zone which is highlighted by continuous soil anomalies extending over 8 kilometres. This steep dipping shear zone straddles along the northern edge of the Ndablama granitoid. Reconnaissance work along this shear corridor has outlined four gold targets for follow up drill programmes.

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

“The phase four drilling programme continues to return excellent results. We believe that the Ndablama target is part of a new goldfield which can be traced for over thirteen kilometres around a granite body and to date only 15% of this area has been drill tested. The Company now looks forward to developing an upgraded resource during the next quarter.”

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









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 115 diamond drill holes covering 21,322 metres, 39 RC infill holes totalling 5,828 metres and 63 trenches for 3,967 metres have been completed at the Ndablama gold target. Ndablama locates within a five kilometre gold bearing pressure shadow zone which is defined by a shallow, westerly dipping shear zone locating near the contact between granite and greenstone rocks. Geological mapping and trenching has now been undertaken over the whole pressure shadow zone.

Gold mineralization is located within a sheared package of intercalated ultramafic and mafic rocks which are enveloped by a gneissic sequence and overly a granite batholith. The mineralization has a shallow westerly dip of 30° or less and strikes to the North. It has been drill investigated to a maximal vertical depth of 240 metres below surface. It remains open along strike and down dip.


The phase four diamond drill programme that started in November 2013 was completed in early August 2014 for a total of 61 holes totalling 13,000 metres. The results for the remaining 24 holes (NDD092 to NDD115) are presented below.

Borehole ID From (m) To (m) Length (m) Au (g/t)
NDD092 126 130 4 1.0
NDD093 178 184 6 0.6
NDD094 35 43 8 0.7
and 52 54 2 1.1
NDD095A 140 143 3 0.8
and 154 158 4 1.1
NDD096 94 111 17 1.2
incl 97 107 10 1.9
NDD097 59 70 11 1.0
NDD098 114 125 11 0.8
incl 114 118 4 1.2
and 132 134 2 1.5
NDD099 94 101 7 1.0
and 110 115 5 1.9
NDD100 138 142 4 1.1
and 186 191 5 1.0
NDD101 130 143 13 1.0
and 151 153 2 2.4
NDD102 54 120 66 1.2
incl 56 60 4 2.0
incl 95 119 24 2.3
NDD103 98 141 43 1.7
incl 123 141 18 3.3
NDD105 121 126 5 0.8
and 136 139 3 1.0
and 154 158 4 1.1
and 166 168 2 1.2
NDD106 78 113 35 1.2
incl 80 86 6 2.4
incl 105 113 8 2.0
and 154 155 1 4.9
NDD107 31 34 3 1.2
and 64 77 13 1.0
and 93 100 7 2.6
NDD108 79 102 23 1.0
incl 79 81 2 8.8
incl 100 102 2 2.4
NDD109 88 134 46 1.7
incl 88 112 24 2.8
NDD110 98 120 22 3.0
NDD111 53 74 21 0.5
incl 56 58 2 1.0
incl 66 69 3 1.0
NDD112 39.3 46.8 7.5 0.7
and 57 61 4 0.7
NDD113 94 97 3 1.4
and 121 124 3 1.1
NDD114 139 167 28 3.0
NDD115 113 116 3 0.7
and 143 148 5 0.8

NDD104: abandoned hole

Drilling has shown that mineralisation is associated with phlogopite, silica, chlorite alteration and disseminated pyrrhotite. Detailed examination of cores consistently shows the presence of coarse gold. Initial metallurgical testwork results which were announced on 10 December 2013 returned an average of + 70% gravity recovery from the fresh ore, which will have a positive impact on the plant design.

Of the 24 diamond drill holes reported in this release, fifteen holes tested the down dip continuation of the ore body. These drill holes returned good mineralisation within the main part of the ore body. The maiden Inferred resource of 451,000 at 2.1g/t, as reported on 11 November 2013, was based on only 250 metres of down dip mineralisation, while the phase four diamond holes have extended it by an additional 300 metres. The current maximal vertical depth that the mineralised zone has been intercepted is now 240 metres below surface. Two holes (NDDH092 and 93) tested the immediate northern extension of Ndablama and confirmed further mineralisation continuity. Three holes (NDD111 – 113) testing the southern extension extended the mineralisation by an additional 100 m towards Leopard Rock.

The results of the remaining 25 holes of the infill RC program are presented below:

Borehole ID From (m) To (m) Length (m) Au (g/t)
NDRC015 170 202 32 1.0
incl 185 196 11 2.3
NDRC016 170 198 28 1.1
incl 183 192 9 2.9
NDRC017 163 176 13 1.0
and 192 198 6 2.5
NDRC018 135 138 3 1.5
and 166 169 3 1.3
NDRC019 114 123 9 0.6
and 148 155 7 0.6
NDRC020 93 140 47 0.7
incl 98 105 7 1.2
incl 110 115 5 1.0
incl 126 133 7 1.6
NDRC021 85 98 13 0.9
NDRC022 88 110 22 0.8
incl 100 109 9 1.0
NDRC023 52 126 74 1.3
incl 71 93 22 2.4
incl 98 106 8 2.1
incl 119 122 3 2.8
NDRC024 32 93 61 1.3
incl 38 59 21 2.5
incl 73 80 7 2.2
NDRC025 81 93 12 0.6
and 102 119 17 1.2
and 138 143 5 1.6
NDRC026 87 119 32 1.3
incl 103 119 16 2.2
NDRC029 0 23 23 2.9
incl 0 8 8 7.3
NDRC030 5 17 12 0.8
incl 5 9 4 1.3
incl 13 16 3 1.0
NDRC032 45 65 20 1.1
incl 45 50 5 2.5
and 94 101 7 1.1
NDRC033 85 130 45 6.2
incl 111 127 16 15.5
NDRC034 5 22 17 1.5
incl 5 11 6 2.0
incl 17 22 5 2.4
NDRC035 5 9 4 1.7
NDRC036 8 13 5 0.9
NDRC037 65 67 2 1.1
and 70 72 2 1.5
and 75 81 6 1.2
NDRC038 55 71 16 1.3
and 86 100 14 0.5
NDRC039 100 107 7 1.2

NDRC027: Abandoned hole due to ground conditions


NDRC031: Not reported due to poor recovery from the oxide mineralised zone

The results of the final 25 infill holes confirm the continuity of mineralisation within the already defined ore body. This programme undertaken between May and July 2014 was designed to close the drill spacing down to 50 metres from Ndablama’s central portion in prevision of upgrading the resource confidence in early Q4 2014. The bulk of the infill holes targeted a 400 metre north-south strike length by a 350 metre down dip length (maximal depth is 150 metres). The infill programme is now complete for a total of 39 holes and approximately 5,828 metres.

Now that all the results for the phase four drilling programme are received, the Company is undertaking a new NI 43-101 Resource estimate for Ndablama, due for completion in Q4 2014. Metallurgical studies are currently been conducted on the Ndablama deposit following initial studies undertaken in 2013 which highlighted 70% gravity recovery and 94% leach recovery for fresh ore (see press release of the 10 December 2013).


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

The Ndablama gold project is part of a thirteen kilometre mineralised corridor, of which five kilometres is represented by a shallow shear pressure shadow zone and the eight other forms part of a steeper shear system, referred as to the Yambesei Shear Zone. The Ndablama gold project locates within the five kilometre pressure shadow zone which is characterised by a mineralised structural zone which dips shallowly to the west and occurs close to the altered and sheared geological contact between metavolcanic rocks (ultramafic and mafic units) and the Ndablama granitoid. The pressure shadow zone extends from Ndablama North to Leopard Rock South and covers a distance of five kilometres. It is associated with extensive bedrock and alluvial artisanal gold mining. To date only 40% of the pressure shadow zone has been drill tested.

Extensive geological mapping has now completed over the whole pressure shadow zone. At Leopard Rock South where a 400 metres long mineralised zone was previously defined through trenching (press release of the 10 July 2014), new soil anomalies resulting from additional infill soil sampling have extended the mineralisation trace for a further 200 m towards SW. This is further confirmed by rock sample results returning grades up to 1.9 g/t Au. The previously reported trench results from Leopard Rock South include 8 metres at 1.2 g/t, 10 metres at 1.3 g/t, 11 metres at 1.6 g/t and 7 metres at 2.3 g/t. At Ndablama Far North, the best trench results that have been previously reported include 14 m @ 1.1 g/t and 7 m @ 1.8 g/t. Within the pressure shadow zone, Leopard Rock South and Ndablama Far North now represent targets ready to be drill tested while the remaining of the mineralisation system needs further follow up work.

Within the Yambesei Shear Zone regolith mapping show that a number of soil anomalies remain untested. A pitting program undertaken in the Gondoja-Welinkua area has led to the discovery of two new mineralised zones. The first zone extends over 600 m and runs parallel to the Gondoja existing mineralised zone. It is controlled by a NE structure developed between amphibolites and ultramafics. The second zone is located at Welinkua and strikes over more than 300 m along a contact between amphibolites and a granitoid. Pits in both locations returned grades up to 1.6 g/t. The pitting program will continue testing other soil anomalies along the corridor while existing targets will be reviewed and be subject to follow up work. Gondoja target is currently the most advanced target with historic best trench and drill results having returned respectively 7 m @ 13.1 g/t and 30 m @ 3.9 g/t. Best trench results at Gbalidee and Koinja are resp. 22 m @ 3.4 g/t and 6 m @ 2.2 g/t. The existing targets and potentially new targets will be prioritised for next phases of reconnaissance drilling.

Sampling and QA / QC

Drill core is split on site and RC samples are split at the rig with a 3 tier splitter. Samples are despatched under custody to the SGS Laboratory in in Monrovia and Tarkwa (Ghana).

All samples collected by Aureus are analysed using aqua regia digestion and 50g fire assay analysis with an atomic absorption finish. Assays with grades above 5 g/t are systematically assayed with a gravimetric 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 for exploration results 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 7010 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 2014. 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 2014, 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