Amara Mining plc (formerly Cluff Gold plc) ("Amara" or "the Company") (AIM:AMA)(TSX:AMZ), the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce its results for the quarter ended 30 September 2012.

HIGHLIGHTS FOR Q3 2012

Operational


--  Results of the Preliminary Economic Assessment for Sega gold project
    confirm potential viability of the project, with robust metrics
    including 48% IRR(i) 
--  Gold production from Kalsaka of 14,369 ounces despite unusually heavy
    rains in Burkina Faso 
--  8% decrease in cash cost per ounce produced to US$883/oz compared to Q2
    2012 (US$961/oz) 
--  2012 production is expected to be 53,000-57,000 ounces at a cash cost of
    under US$1,000/oz - higher grade ore is now anticipated to be recovered
    in H1 2013 
--  Work continues on the resource update for the Baomahun gold project in
    Sierra Leone 
--  Exploration at Yaoure gold project in Cote d'Ivoire continues to yield
    encouraging results - resource update on track for Q1 2013 with all
    holes drilled to date intersecting the targeted mineralised zone

Financial


--  22% increase in Group EBITDA to US$7.6 million compared to Q2 2012
    (US$6.2 million) driven by lower cash costs 
--  Cash and liquid assets of US$28.4 million at 30 September 2012 
--  Balance sheet further boosted by US$20 million cash drawn down under the
    Samsung facility in Q4

Corporate


--  Strategic partnership formed with Samsung C&T Corporation to provide
    potential framework for the long-term funding of Amara's growth
    projects, plus other development opportunities 
--  Change of name to symbolise the start of a new era for the Company's
    leadership under John McGloin

----------------------------------------------------------------------------
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                                                 Q3 2012   Q2 2012  Q1 2012 
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Kalsaka                                                                     
----------------------------------------------------------------------------
Total Gold Production (oz)                        14,369    15,191   12,504 
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Cash Costs excl. Royalties (US$/oz produced)         883       961    1,016 
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Average Realised Gold Price (US$/oz sold)          1,660     1,612    1,701 
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Group                                                                       
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Revenue (US$'000)                                 24,145    23,924   23,605 
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EBITDA (US$'000)                                   7,569     6,192    5,310 
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Basic EPS (cents)                                   1.79      1.19    (0.89)
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Peter Spivey, Chief Executive Officer of Amara, commented:

"During Q3 2012 Amara has been transformed: financially, operationally and corporately. Financially, with the commencement of the partnership with Samsung, we have made significant progress towards funding the development of Baomahun. Operationally, we have demonstrated that Kalsaka's mine life will be extended through integration with Sega through the Preliminary Economic Assessment which offers robust metrics. Corporately, our rebranding to Amara comes at a time when we are focused on demonstrating our ability to move to a larger production platform, through the long term development of our growth portfolio at both Baomahun and Yaoure. With a strengthened team and diversified portfolio of assets, we are well positioned for the future."

The Company will host an analyst conference call at 10:00am UK with a simultaneous webcast. Dial in details are as follows:


Telephone number: +44(0)20 3427 1919       
Passcode:         7590274                  

To log into the webcast, which will be aired simultaneously, please go to the homepage of the Company's website: www.amaramining.com. The webcast will subsequently be available for playback on this link.

A second conference call will be hosted at 9:30am EDT/2:30pm UK time for North American analysts. Dial-in details are as follows:


Canada                   +1-866-270-8076          
USA                      +1-866-793-4279          
Other parts of the world +44 20 8609 0205         
Participant PIN Code:    754198#                  

Operational Review

Overview

Q3 2012 has been a transformational period for Amara at all levels, as the Company has taken significant steps towards achieving its goal of becoming a mid-tier producer. Amara is more than just the sum of its assets. It is the Company's strong management team, non-executive directors and operational staff who will ensure that maximum value is delivered to shareholders from the Company's portfolio of assets.

During Q3 Amara has successfully moved to a more solid financial footing. The innovative funding deal with Samsung C&T Corporation ("Samsung"), which does not require recourse to expensive hedging or royalty financing, will allow the Company to deliver its growth plans while maximising returns to equity investors. It also ensures Amara's shareholders are exposed to the upside of an appreciating gold price. This partnership provides a framework for the long term funding of the Baomahun gold project ("Baomahun") in Sierra Leone and other development opportunities. Amara's management remains committed to expansion while minimising dilution to investors and the delivery of this new form of financing is testament to its ability to think innovatively to benefit shareholders.

Of equal importance, the results of the Preliminary Economic Assessment ("PEA") for the Sega gold project ("Sega") in Burkina Faso have confirmed the potential viability of mining oxide and transitional material at Sega. This will extend the mine life of the Kalsaka gold mine ("Kalsaka") and ensure that Amara maintains its status as a producer. The PEA demonstrates that Sega's metrics are robust, with a post-tax net present value ("NPV") of US$49.5 million. Including the initial acquisition costs, this delivers a strong internal rate of return ("IRR") of 48%. As the material will be processed at Kalsaka, Sega requires limited upfront capital expenditure (US$9.5 million) and mining is expected to commence in H1 2013, before Kalsaka's remaining reserves are exhausted. The results of the PEA were announced alongside an update on the promising exploration results received from Sega. Amara firmly believes that through the on-going exploration programme the mine life of the Kalsaka-Sega complex will be further extended, ensuring that it continues to deliver cashflow to underpin the development of the Company's growth projects.

In Sierra Leone, Amara has completed a structural analysis of the Baomahun deposit and the remodelling of the orebody is close to its conclusion. Whilst this work has taken longer than originally anticipated, the improved understanding of the mineralisation at Baomahun is absolutely necessary for both the near term development and the longer term exploration of the area. Amara expects to complete the resource update imminently and the full feasibility study in H1 2013. The Company's objective remains to see first gold poured at Baomahun in 2015. Importantly, the structural analysis has identified a number of additional exploration targets. These lie within the anticipated open pit shell and are the subject of Amara's current Baomahun drilling programme.

Most excitingly, the Company has had continued exploration success at the Yaoure gold project ("Yaoure") in Cote d'Ivoire, with all holes drilled to date having intersected the targeted mineralised zones. The final holes of the current phase were drilled in early November and the Company is currently compiling and analysing the data with the intention of announcing a significant increase in the resource base early in 2013. Amara has now drilled out an area covering a strike length of 1km across the historic open pits, targeting a shallow dipping (25 to 35 degrees ) package of mineralised material varying in thickness from 10m to 25m on drill fence lines with an average spacing of 100m by 100m.

Kalsaka has continued to perform well in Q3, generating US$16.3 million in net cash inflows from operating activities and ensuring that that the Company's business model remains sustainable. While gold production fell by 5% during the period, cash costs decreased by 12% and the gold price strengthened, improving margins and lifting EBITDA by 20%. These improvements were seen despite Q3 being a challenging quarter, with unusually heavy rains in Burkina Faso forcing Kalsaka's mining team to alter its plans and move to areas of lower grade and higher waste stripping. Due to the working capital cycle of a heap leach operation, the full effect of these challenges will not be seen until Q4.

Looking ahead to Q4, Amara expects to return to higher grade zones in the K-zone 1 pit. However, due to the leach cycle the Company expects to fall marginally short of the lower end of previous guidance, producing 53,000-57,000 ounces as opposed to the 60,000 ounces originally anticipated. The ultimate impact will be that some of the higher grade ore will now be recovered in H1 2013, giving Amara further comfort on the smooth transition between Kalsaka and Sega ore sources in 2013.

The Company finished the quarter with US$28.4 million in cash and liquid assets. With the additional US$20 million from the Samsung facility, Amara is in a very healthy position to deliver on its near term growth and exploration plans. The management believes that there is better clarity than ever before on the future growth potential of the Company. A strong balance sheet, ongoing production and the long term partnership with Samsung ensure that Amara is well placed to deliver on its aspiration of becoming a mid-tier producer. As the Company move towards the feasibility study at Baomahun, an updated mineral resource estimate at Yaoure, and further extensions of the Kalsaka-Sega mine life, Amara is confident that it can continue to demonstrate the latent value in the Company for the benefit of all shareholders.


Kalsaka Gold Mine, Burkina Faso                                             
                                                                            
Production statistics                                                       
                                     Q3 2012 Q2 2012 Q3 2011 9M 2012 9M 2011
                                                                            
Ore mined              (kt)              270     434     550   1,223   1,401
Waste mined            (kt)            2,015   1,646   3,209   6,548   9,735
Total tonnage mined    (kt)            2,285   2,079   3,759   7,771  11,136
Strip ratio            (w:o)            7.45    3.80    5.84    5.35    6.95
Ore processed          (kt)              359     408     451   1,174   1,230
Average ore head grade (g/t)            1.29    1.42    1.63    1.27    1.50
Gold production        (oz)           14,369  15,191  23,611  42,064  55,129
Cash costs excl.                                                            
 royalties             (US$/oz prod)     883     961     756     951     842
Cash costs excl.                                                            
 royalties             (US$/oz sold)     886   1,008     848     952     890
Average realised gold                                                       
 price                 (US$/oz sold)   1,660   1,612   1,746   1,656   1,568
Pre-tax cash margin    (US$/oz sold)     774     603     898     705     677
EBITDA                 (US$m)           10.9     9.1    23.6    27.9    39.4

Kalsaka delivered robust EBITDA in Q3 despite challenging conditions, with production decreasing by 5% on the previous quarter. However, due to the lower cash costs achieved in Q3 and the strengthening gold price, Kalsaka's EBITDA increased by 20%.

Burkina Faso suffered unusually heavy rains this year, which had a negative impact on both head grade and strip ratio. The original Kalsaka mine plan for H2 2012 focused on the K-zone 1 pit, which contains higher than average resource grade material. However, the heavy rainfall caused pit-wall failures, restricting access to higher grade ore and increasing waste stripping. Consequently, Kalsaka's operational team focused on opening lower grade pits, originally scheduled for mining in H1 2013, in order for production to continue. The gold produced from this material will not come out of the heap until Q4 as the leach cycle time is approximately 4 months. Now that the wet season is complete, Kalsaka's mining team is re-accessing K-zone 1's higher grade material, which is expected to have a positive impact on head grade and production in H1 2013.

Cash costs per ounce produced in Q3 were lower than in H1 as expected, due to the working capital cycle of a heap leach operation. The high grade, low strip ore stacked in Q2, which was leached in Q3, had a beneficial effect on this quarter's cash costs, allowing a pre-tax margin of US$774/oz to be generated. However, cash costs in Q4 will be higher than previously anticipated as the lower grade ore processed in Q3 is recovered. Despite this, cash costs per ounce produced for the full year are expected to remain below US$1,000 per ounce, delivering a healthy pre-tax cash margin.

As production was budgeted to be weighted towards H2 and the operational results achieved in Q3 were weaker than anticipated, full year production is now expected to be 53,000-57,000 ounces. Despite the weaker production, Kalsaka continues to deliver strong EBITDA, which differentiates Amara from its exploration-only peers and self-funds it exploration programme. Amara's production is expected to increase in 2013 as the higher grade Sega material begins to be processed together with the delayed K-zone 1 material at Kalsaka. This, combined with the Company's larger ownership of Sega (90% compared to 78% at Kalsaka), is expected to ensure that Amara continues to generate robust cashflow.

Sega

Maintaining cashflow in Burkina Faso until production is scheduled to commence at Baomahun in 2015 is a key priority for Amara. The Company is committed to upholding its producer status, which lends flexibility to its development plans as it continues to grow its portfolio of assets. The results of the PEA for Sega, which were announced on 16 October 2012, confirm the potential viability of mining oxide and transitional material at Sega, located 20km north of Kalsaka, and transporting it to Amara's existing heap leach operation at Kalsaka for processing.

The PEA demonstrates that Sega has solid metrics, with a post-tax NPV of US$49.5 million, using a gold price of US$1,500 per ounce and a discount rate of 10%. Including the initial acquisition costs, this delivers a strong internal rate of return ("IRR") of 48%. The upfront capital expenditure required for the project is limited at US$9.5 million, as the material from Sega will be trucked to Kalsaka and processed in the existing plant. Combined with the good existing infrastructure in place, this reduces the permitting hurdle and diminishes the timeline to production.

Based on the mineral resources delineated at Sega to date, the mine plan delivers contained gold of 162,825 ounces over the 21 month initial mine life and a cash cost per ounce produced, excluding royalties, of US$821/oz. Amara's management is optimistic that production will continue from Kalsaka's reserves until the trucking of material begins from Sega, ensuring that production continues uninterrupted. The NI 43-101 technical report is on track to be filed on SEDAR before the deadline of 30 November 2012 and the environmental permit is expected to be received from the Burkina Faso government in Q1 2013. The mining licence is anticipated to be received shortly thereafter, with mining at Sega expected to commence in H1 2013.

Kalsaka/Sega exploration

Exploration at the Kalsaka-Sega complex is a primary focus for Amara. Drilling results received to date give confidence that there is further upside potential to Sega's current resources, with particularly encouraging intercepts logged at the Touli prospect. This upside potential adds further confidence that production will continue uninterrupted at the Kalsaka-Sega complex as the Company continues to develop its portfolio of growth assets.

As previously announced, 35,464 metres of RC and RAB drilling have been completed by the Company on the 313km2 Sega licence area. This followed up on the 10,000 metre drilling programme conducted by Orezone in Q1 2012 prior to the transfer to Amara. The recent drilling has focused on the Touli, Sampella, KNW and Bangassilla targets. Significant intercepts include(ii):


--  26m at 3.05g/t from 8m at Touli 
--  18m at 3.49g/t from 18m at Touli 
--  11m at 2.89 g/t from 25m at KNW 
--  5m at 3.48g/t from 96m at Sampella 
--  4m at 2.07g/t from 99m at Bangassilla

A significant intercept has a minimum width of 2m, a minimum grade of 0.4 g/t and a maximum internal dilution of 2m.

Further RC drilling commenced at KNW in late Q3 and will be completed, together with further drilling at Touli and initial drilling at a further target, Tiba3Sud, in Q4 after the harvest. Exploration work is also ongoing on the Kalsaka permit, focusing on areas east of the existing K-zone pits along the K-zone shear structure, where additional resources are expected to be defined.

Baomahun, Sierra Leone

In Sierra Leone, Amara has completed a fundamental re-analysis of the structural controls of the Baomahun resources. This work ensures that the Company not only has a robust geological model at the core of the Baomahun feasibility study, but it has also proved to be a valuable exploration tool, defining a number of new exploration targets that lie within the existing open pit shell that are currently classified as waste. Work on the Baomahun resource update is nearing its conclusion and it is anticipated that the final resource figures will be announced within the next few weeks.

The feasibility study for Baomahun remains at an advanced stage, based on a 2Mtpa CIL plant. The two outstanding technical aspects are the resource update, as detailed above, and geotechnical work for the final optimised open pit. Amara expects to announce the timing of the delivery of the feasibility study as part of the resource update, but it is currently anticipated that this should be completed in H1 2013. Importantly, with the financing options inherent in the recently announced strategic partnership with Samsung, and the work already completed on initial infrastructure at the Baomahun site, Amara anticipates that it can still meet its expectation of first gold in 2015 at Baomahun.

Exploration

Due to the onset of the wet season in Sierra Leone, exploration at Baomahun was minimal during Q3. Whilst drilling at Pujehun South halted in mid-July, work at the Makong South prospect continued with sampling and trenching in artisanal areas. Following the cessation of the rains, drilling has recommenced in November, focusing on the new targets within the resource area as well as the Pujehun South prospect.

Drilling at Pujehun South, located 700m north of the Baomahun deposit, has discovered multiple zones of mineralisation within the hinge zones of isoclinal folds. The 2013 drilling campaign is expected to progress Pujehun South to the resource estimation stage.

Significant results have been received from sampling of the Makong South artisanal workings in quartz veined mylonites. An aggressive trenching programme is now underway to take the Makong South targets to the early drilling stage, with a drilling programme planned to commence in the current dry season.

Yaoure, Cote d'Ivoire

Exploration is the lifeblood of a mining company and through an extensive exploration programme, Yaoure forms Amara's medium term growth. The promising results received in Q2 warranted an aggressive approach and accordingly up to four diamond rigs were on site at Yaoure in Q3.

The drilling campaign continues to deliver encouraging results, underlining the potential for a large scale, moderate-grade, open pittable deposit. Drilling has covered a strike length of 1km across the historic open pits targeting a shallow dipping (25 to 35 degrees ) package of mineralised material varying in thickness from 10m to 25m where continuity is being established. However, it is expected that thinner, higher grade sub-vertical cross-cutting veins with frequent visible gold contained within the shallow dipping zones will enhance the overall grade of the ore body. Significant intercepts reported on 14 August 2012(iii) included:


--  17.8m at 4.44 g/t from 111.9m in hole YDD0060 
--  9.4m at 4.88 g/t from 126.6m and 10.3m at 5.58 g/t from 542.8m in hole
    YDD0056 
--  6.2m at 9.06 g/t from 421. 7m in hole YDD0054

All of the 53 holes reported this year have encountered mineralisation, and the mineralisation remains open in all directions. The current drilling campaign concluded in early November and the Company expects to announce further drilling results in late November 2012, with a resource update targeted for Q1 2013.

The delineation of a sizeable resource at Yaoure would allow Amara to achieve greater flexibility in its portfolio of assets. Yaoure's location presents a number of advantages that will enhance the prospects for a CIL plant to be developed at site. These include excellent existing infrastructure including close proximity to the Kossou Barrage which offers the potential for lower operating and capital costs through the utilisation of hydro-electric power. In addition Yaoure benefits from an existing mining licence and environmental permits.

Corporate

Following John McGloin's appointment as Executive Chairman on 28 May 2012, a number of changes have taken place within Amara. Working alongside Peter Spivey and Pete Gardner, John has refocused Amara on a portfolio approach, ensuring that all of the Company's assets in West Africa are optimised and moved along the growth curve in a timely manner. However, the Company's assets are just one part of Amara's investment case - people are Amara's most valuable resource and it is the management team, non-executive directors and operational staff who will ensure that maximum value is delivered to shareholders.

John's background in geology has also driven the new approach towards the Baomahun resource. The focus on gaining a thorough understanding of the structural controls that underpin the resource estimate is expected to produce a more reliable geological model and consequently a better long term mine plan. Management's philosophy is that it is always best to make decisions with the maximum information available.

Amara is moving closer to its goal of becoming a mid-tier producer and to mark the beginning of this transitional period, the Company changed its name from Cluff Gold plc to Amara Mining plc on 1 October 2012. The rebranding coincided with the change of Amara's registered office to 29-30 Cornhill, London, EC3V 3NF.

As part of the Board's review of its structure following John's appointment, Bobby Danchin, Nicholas Berry and Ronald Winston resigned as directors on 30 September 2012. The Board now comprises three executive directors and three non-executive directors, which is appropriate for a company of Amara's size. Amara now has the right team to drive the Company's growth and achieve the next stage of its development into a sustainable mid-tier producer.


Financial Report                                                            
                                                                            
Group Financial Highlights                                                  
                                                                            
US$000                         Q3 2012  Q2 2012   Q3 2011  9M 2012   9M 2011
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Revenue                         24,145   23,924    38,817   71,674    86,592
Gross profit                     9,923    9,994    19,355   26,052    29,761
EBITDA                           7,569    6,192    21,987   19,071    33,133
Profit before taxation           5,434    4,110    11,670   10,941    13,876
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Basic EPS (cents per share)       1.79     1.19      4.82     2.41      4.38
                                                                            
Cash generated from operating                                               
 activities                     16,256    1,569    17,944   23,904    26,984
Net change in cash and cash                                                 
 equivalents                     3,387  (32,708)    8,469   (4,790)    4,694
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Total cash and cash                                                         
 equivalents                    23,850   20,298    25,559   23,850    25,559
                                                                            
Total capital expenditure       10,919   41,379     6,552   63,294    19,076

Amara continued to deliver a robust financial performance in Q3 with Group EBITDA increasing by 22% to US$7.6 million, driven by the strong financial performance at Kalsaka. At Yaoure, the quarterly EBITDA represents a US$1.6 million loss as the remaining gold in process from the old Angovia heap leach was recovered. Amara's management is targeting reduced administrative costs at Yaoure in Q4 to reflect the project's status as an exploration property.

Sustaining capital expenditure fell in the quarter as the main annual cost, the addition of leach pads at Kalsaka, was incurred during H1. Other capital expenditure includes some of the initial costs of mechanical equipment for Sega; however, the majority of expenditure for Sega will be incurred during Q4 2012 and Q1 2013.

Group exploration expenditure was maintained in line with budget, with US$9.3 million incurred during the quarter compared to US$10.6 million in the previous period. At Yaoure, four diamond drills worked throughout the quarter with the aim of delivering a resource update in Q1 2013. Expenditure at Baomahun represents the ongoing costs of the feasibility study, together with maintenance of the camp and minor exploration work. Kalsaka expenditure relates entirely to work commencing on the new Sega licences, targeting the upside potential around the existing resource. Other segment expenditure relates to the completion of the initial drill programme in Mali.

Amara ended the quarter with cash and liquid assets totalling US$28.4 million, comprising US$23.9 million in cash and US$4.5 million in bullion sold after the quarter end. This healthy financial position has been strengthened further in October by the drawdown of the US$20 million facility provided by Samsung. This form of financing is revolutionary for both Amara and the wider mining sector as, unlike many traditional forms of debt, it does not require any hedging. The price paid by Samsung for gold is not fixed in any way, so Amara's shareholders will still see the majority of the upside of a rising gold price. It also avoids the disadvantages of other financing options, such as royalties, as it has a limited life and the obligations to deliver gold to Samsung cease after the debt is repaid. The longer term relationship with Samsung set out in the agreement delivers a solution with the potential to fund a significant proportion of Baomahun's financing requirements, alleviating a significant amount of risk from the Company's long term financing plans.


AMARA MINING PLC                                                            
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                    
For the three and nine months ended 30 September 2012 and 2011              
                                                                            
                               3 months    3 months    9 months    9 months 
                                  ended       ended       ended       ended 
                                     30          30          30          30 
                              September   September   September   September 
                                   2012        2011        2012        2011 
                       Notes    US$'000     US$'000     US$'000     US$'000 
                              Unaudited   Unaudited   Unaudited   Unaudited 
Continuing operations                                                       
                                                                            
Revenue                          24,145      38,817      71,674      86,592 
Cost of sales                   (14,222)    (19,462)    (45,622)    (56,831)
                                                                            
                            ------------ ----------- ----------- -----------
Gross profit                                                                
                                  9,923      19,355      26,052      29,761 
General and                                                                 
 administrative                                                             
 expenses                        (2,005)     (3,288)     (6,830)     (6,374)
Other operating costs            (2,712)     (3,777)     (8,173)     (9,543)
                                                                            
                            ------------ ----------- ----------- -----------
Operating profit                  5,206      12,290      11,049      13,844 
                                                                            
Investment income                   228          29         157          97 
Finance costs                         -        (649)       (265)        (65)
                                                                            
                            ------------ ----------- ----------- -----------
Profit before taxation            5,434      11,670      10,941      13,876 
                                                                            
Income tax                       (1,184)     (3,188)     (4,559)     (5,016)
                                                                            
                            ------------ ----------- ----------- -----------
Profit for the period             4,250       8,482       6,382       8,860 
                                                                            
                            ------------ ----------- ----------- -----------
                            ------------ ----------- ----------- -----------
                                                                            
Attributable to:                                                            
Equity holders of the                                                       
 parent company                   3,001       6,351       3,727       5,769 
Non-controlling                                                             
 interests                        1,249       2,131       2,655       3,091 
                                                                            
                            ------------ ----------- ----------- -----------
Profit for the period             4,250       8,482       6,382       8,860 
                                                                            
                            ------------ ----------- ----------- -----------
                            ------------ ----------- ----------- -----------
                                                                            
                                                                            
Total comprehensive                                                         
 income for the period            4,250       8,482       6,382       8,860 
                                                                            
                            ------------ ----------- ----------- -----------
                            ------------ ----------- ----------- -----------
                                                                            
Earnings per share                                                          
Basic (cents per                                                            
 share)                    3       1.79        4.82        2.41        4.38 
Diluted (cents per                                                          
 share)                    3       1.78        4.74        2.39        4.30 
                                                                            
                            ------------ ----------- ----------- -----------
                            ------------ ----------- ----------- -----------
                                                                            
                                                                            
AMARA MINING PLC                                                            
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                      
As at 30 September 2012                                                     
                                                                            
                                          As at         As at         As at 
                                   30 September  30 September   31 December 
                                           2012          2011          2011 
                             Notes      US$'000       US$'000       US$'000 
                                      Unaudited     Unaudited       Audited 
ASSETS                                                                      
NON-CURRENT ASSETS                                                          
Intangible assets                4      120,812        62,441        68,027 
Property, plant and                                                         
 equipment                       5       21,540        19,939        17,453 
Other receivables                             -         2,192         1,452 
Deferred tax asset                            -           943             - 
                                                                            
                                  -------------- ------------- -------------
Total non-current assets                142,352        85,515        86,932 
                                                                            
                                  -------------- ------------- -------------
CURRENT ASSETS                                                              
Inventories                      6       15,635        16,707        18,275 
Other receivables                         6,611         4,834         6,586 
Cash and cash equivalents                23,850        25,559        28,905 
                                                                            
                                  -------------- ------------- -------------
Total current assets                     46,096        47,100        53,766 
                                                                            
                                  -------------- ------------- -------------
TOTAL ASSETS                            188,448       132,615       140,698 
                                                                            
                                  -------------- ------------- -------------
                                  -------------- ------------- -------------
                                                                            
CAPITAL AND RESERVES                                                        
Share capital                    7        2,950         2,374         2,375 
Share premium                           163,185       117,774       117,823 
Merger reserve                           15,107        15,107        15,107 
Share option reserve                      3,748         3,118         3,316 
Currency translation reserve                987           987           987 
Accumulated losses                      (27,016)      (37,507)      (30,886)
                                                                            
                                  -------------- ------------- -------------
TOTAL EQUITY ATTRIBUTABLE TO                                                
 THE PARENT                             158,961       101,853       108,722 
Non-controlling interests                 2,026         4,723         3,441 
                                                                            
                                  -------------- ------------- -------------
TOTAL EQUITY                            160,987       106,576       112,163 
                                                                            
                                  -------------- ------------- -------------
                                                                            
NON-CURRENT LIABILITIES                                                     
Provisions                                9,445         7,397         8,578 
Deferred tax liability                      168             -           305 
                                                                            
                                  -------------- ------------- -------------
Total non-current                                                           
 liabilities                              9,613         7,397         8,883 
                                                                            
                                  -------------- ------------- -------------
                                                                            
CURRENT LIABILITIES                                                         
Trade and other payables                 15,575        14,177        14,705 
Corporation tax                           2,273         4,465         4,947 
                                                                            
                                  -------------- ------------- -------------
Total current liabilities                17,848        18,642        19,652 
                                                                            
                                  -------------- ------------- -------------
TOTAL LIABILITIES                        27,461        26,039        28,535 
                                                                            
                                  -------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES            188,448       132,615       140,698 
                                                                            
                                  -------------- ------------- -------------
                                  -------------- ------------- -------------
                                                                            
                                                                            
AMARA MINING PLC                                                            
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                       
For the three and nine months ended 30 September 2012 and 2011              
                                                                            
                                ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
                               ---------------------------------------------
                                                           Share    Currency
                                  Share   Share   Merger  option translation
                                capital premium  reserve reserve     reserve
                                US$'000 US$'000  US$'000 US$'000     US$'000
                                                                            
As at 1 January 2011              2,365 117,410   15,107   2,556         987
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Profit for the period                 -       -        -       -           -
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           -       -        -       -           -
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital       9     364        -       -           -
Share option charge                   -       -        -     717           -
Reserve transfer                      -       -        -    (155)          -
Dividend                              -       -        -       -           -
                                                                            
----------------------------------------------------------------------------
As at 30 September 2011           2,374 117,774   15,107   3,118         987
----------------------------------------------------------------------------
                                                                            
Profit for the period                 -       -        -       -           -
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           -       -        -       -           -
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital       1      49        -       -           -
Share option charge                   -       -        -     199           -
Reserve transfer                      -       -        -      (1)          -
Dividend                              -       -        -       -           -
                                                                            
----------------------------------------------------------------------------
As at 31 December 2011            2,375 117,823   15,107   3,316         987
----------------------------------------------------------------------------
                                                                            
Profit for the period                 -       -        -       -           -
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           -       -        -       -           -
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital     575  47,712        -       -           -
Share issue costs                     -  (2,350)       -       -           -
Share option charge                   -       -        -     575           -
Reserve transfer                      -       -        -    (143)          -
Dividend                              -       -        -       -           -
                                                                            
----------------------------------------------------------------------------
As at 30 September 2012           2,950 163,185   15,107   3,748         987
----------------------------------------------------------------------------

                                  ATTRIBUTABLE TO                           
                               EQUITY HOLDERS OF THE                        
                                       PARENT                               
                               ----------------------                       
                                                              Non-          
                                Accumulated     Sub-   controlling    Total 
                                     losses    total     interests   equity 
                                    US$'000  US$'000       US$'000  US$'000 
                                                                            
As at 1 January 2011                (43,431)  94,994         2,012   97,006 
----------------------------------------------------------------------------
                                                                            
Profit for the period                 5,769    5,769         3,091    8,860 
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           5,769    5,769         3,091    8,860 
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital           -      373             -      373 
Share option charge                       -      717             -      717 
Reserve transfer                        155        -             -        - 
Dividend                                  -        -          (380)    (380)
                                                                            
----------------------------------------------------------------------------
As at 30 September 2011             (37,507) 101,853         4,723  106,576 
----------------------------------------------------------------------------
                                                                            
Profit for the period                 6,620    6,620         1,732    8,352 
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           6,620    6,620         1,732    8,352 
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital           -       50             -       50 
Share option charge                       -      199             -      199 
Reserve transfer                          1        -             -        - 
Dividend                                  -        -        (3,014)  (3,014)
                                                                            
----------------------------------------------------------------------------
As at 31 December 2011              (30,886) 108,722         3,441  112,163 
----------------------------------------------------------------------------
                                                                            
Profit for the period                 3,727    3,727         2,655    6,382 
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                           3,727    3,727         2,655    6,382 
----------------------------------------------------------------------------
                                                                            
Issue of ordinary share capital           -   48,287             -   48,287 
Share issue costs                         -   (2,350)            -   (2,350)
Share option charge                       -      575             -      575 
Reserve transfer                        143        -             -        - 
Dividend                                  -        -        (4,070)  (4,070)
                                                                            
----------------------------------------------------------------------------
As at 30 September 2012             (27,016) 158,961         2,026  160,987 
----------------------------------------------------------------------------
                                                                            
                                                                            
AMARA MINING PLC                                                            
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                              
For the three and nine months ended 30 September 2012 and 2011              
                                                                            
                            3 months     3 months     9 months     9 months 
                               ended        ended        ended        ended 
                                  30           30           30           30 
                           September    September    September    September 
                                2012         2011         2012         2011 
                             US$'000      US$'000      US$'000      US$'000 
                           Unaudited    Unaudited    Unaudited    Unaudited 
Cash flow from operating                                                    
 activities                                                                 
                                                                            
Operating profit for the                                                    
 period                        5,206       12,290       11,049       13,844 
Depreciation/amortisation      1,600        4,393        7,069       11,610 
Increase in trade and                                                       
 other payables                1,301        2,544        1,615        4,236 
Decrease/(increase) in                                                      
 trade and other                                                            
 receivables                   5,785          (38)       1,169       (2,002)
Decrease/(increase) in                                                      
 inventories                   1,913       (1,433)       1,560       (2,759)
Increase in provisions           253            4          867        1,338 
Share option charge              198          184          575          717 
                                                                            
                         ------------ ------------ ------------ ------------
Net cash flows from                                                         
 operating activities         16,256       17,944       23,904       26,984 
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
Income taxes paid             (1,521)        (815)      (7,370)      (3,818)
                         ------------ ------------ ------------ ------------
                                                                            
Cash flows used in                                                          
 investing activities                                                       
                                                                            
Interest receivable               63           29          157           97 
Interest payable                   -           (5)           -          (23)
Purchase of property,                                                       
 plant and equipment          (1,415)      (1,147)      (9,360)      (3,392)
Purchase of intangible                                                      
 assets - deferred                                                          
 exploration                  (9,996)      (7,165)     (27,643)     (15,147)
Purchase of intangible                                                      
 assets - mining rights            -                   (14,959)             
                                                                            
                         ------------ ------------ ------------ ------------
Net cash flows used in                                                      
 investing activities        (11,348)      (8,288)     (51,805)     (18,465)
                                                                            
                         ------------ ------------ ------------ ------------
Cash flows (used in)/from                                                   
 financing activities                                                       
                                                                            
Proceeds from the issue                                                     
 of share capital                  -            8       34,551          373 
Dividends paid                     -         (380)      (4,070)        (380)
                                                                            
                         ------------ ------------ ------------ ------------
Net cash flows (used                                                        
 in)/from financing                                                         
 activities                        -         (372)      30,481           (7)
                                                                            
                         ------------ ------------ ------------ ------------
                                                                            
Net increase/(decrease)                                                     
 in cash and cash                                                           
 equivalents                   3,387        8,469       (4,790)       4,694 
                                                                            
Cash and cash equivalents                                                   
 at start of period           20,298       17,734       28,905       20,907 
Exchange gains/(losses)                                                     
 on cash                         165         (644)        (265)         (42)
                                                                            
                         ------------ ------------ ------------ ------------
Cash and cash equivalents                                                   
 at end of period             23,850       25,559       23,850       25,559 
                                                                            
                         ------------ ------------ ------------ ------------
                         ------------ ------------ ------------ ------------
                                                                            
                                                                            
AMARA MINING PLC                                                            
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION           
For the three and nine months ended 30 September 2012 and 2011              

1. Basis of preparation

The condensed interim financial information has been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and implemented in the UK. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31 December 2011, which this interim consolidated financial information should be read in conjunction with. The financial information has been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the nine months ended 30 September 2012 and 30 September 2011 is unaudited, and has not been reviewed by the auditors.

The financial information for the year ended 31 December 2011 has been derived from the Group's audited financial statements for the period as filed with the Registrar of Companies. It does not constitute the financial statements for that period. The auditor's report on the statutory financial statements for the year ended 31 December 2011 was unqualified and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.

After review of the Group's operations, financial position and forecasts, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the unaudited interim financial information.

2. Segmental reporting

An analysis of the consolidated income statement by operating segment, presented on the same basis as that set out in the 2011 annual report, is set out below:


                                                         All other          
                           Kalsaka   Yaoure    Baomahun   segments    Total 
                           US$'000  US$'000     US$'000    US$'000  US$'000 
                                                                            
Three months ended 30                                                       
 September 2012                                                             
External revenue            24,297      382           -          -   24,679 
Direct costs of production (11,603)  (1,239)          -          -  (12,842)
Other operating and                                                         
 administrative costs       (1,808)    (711)          -     (1,749)  (4,268)
                                                                            
                          --------------------------------------------------
Segmental result - EBITDA   10,886   (1,568)          -     (1,749)   7,569 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
Exploration expenditure      1,986    3,908       2,510        927    9,330 
Other capital expenditure      736       39         612        202    1,589 
Mining rights                    -        -           -          -        - 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
                                                                            
Three months ended 30                                                       
 September 2011                                                             
External revenue            42,746    2,083           -          -   44,829 
Direct costs of production (17,091)    (229)          -          -  (17,320)
Other operating and                                                         
 administrative costs       (2,051)  (1,174)          -     (2,297)  (5,522)
                                                                            
                          --------------------------------------------------
Segmental result - EBITDA   23,604      680           -     (2,297)  21,987 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
Exploration expenditure      2,191        -       3,038         95    5,324 
Other capital expenditure      464      559         161         44    1,228 
Mining rights                    -        -           -          -        - 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
                                                                            
Nine months ended 30                                                        
 September 2012                                                             
External revenue            69,995    2,089           -          -   72,084 
Direct costs of production (36,506)  (2,687)          -          -  (39,193)
Other operating and                                                         
 administrative costs       (5,583)  (2,514)          -     (5,723) (13,820)
                                                                            
                          --------------------------------------------------
Segmental result - EBITDA   27,906   (3,112)          -     (5,723)  19,071 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
Exploration expenditure      5,442    9,989      10,266      1,478   27,174 
Other capital expenditure    3,759      279       5,521        235    9,794 
Mining rights               26,326        -           -          -   26,326 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
                                                                            
Nine months ended 30                                                        
 September 2011                                                             
External revenue            86,508    8,346           -          -   94,854 
Direct costs of production (41,486)  (7,355)          -          -  (48,841)
Other operating and                                                         
 administrative costs       (5,604)  (2,387)          -     (4,889) (12,880)
                                                                            
                          --------------------------------------------------
Segmental result - EBITDA   39,418   (1,396)          -     (4,889)  33,133 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------
                                                                            
Exploration expenditure      3,444        -      11,905        192   15,541 
Other capital expenditure    2,248      793         393        101    3,535 
Mining rights                    -        -           -          -        - 
                                                                            
                          --------------------------------------------------
                          --------------------------------------------------

A reconciliation of segmental revenue to that reported in the interim financial statements is as follows:


                         3 months      3 months      9 months      9 months 
                            ended         ended         ended         ended 
                               30            30            30            30 
                        September     September     September     September 
                             2012          2011          2012          2011 
                          US$'000       US$'000       US$'000       US$'000 
                                                                            
Revenue for                                                                 
 reportable segments       24,679        44,829        72,084        94,854 
Change in accrued                                                           
 revenue for gold                                                           
 bullion in stock            (534)       (6,012)         (410)       (8,262)
                                                                            
                     ------------- ------------- ------------- -------------
Revenue for interim                                                         
 financial statements      24,145        38,817        71,674        86,592 
                                                                            
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------

A reconciliation of segmental EBITDA to the profit before tax reported in the interim financial statements is as follows:


                                       3 months      9 months      9 months 
                         3 months         ended         ended         ended 
                            ended            30            30            30 
                     30 September     September     September     September 
                             2012          2011          2012          2011 
                          US$'000       US$'000       US$'000       US$'000 
                                                                            
EBITDA for                                                                  
 reportable segments        7,569        21,987        19,071        33,133 
Depreciation and                                                            
 amortisation              (1,459)       (4,387)       (6,928)      (11,610)
Share based payments         (198)         (184)         (575)         (717)
Net interest                                                                
 received                      59            24           153            74 
Change in accrued                                                           
 profit for gold                                                            
 bullion in stock            (679)       (4,002)         (521)       (5,240)
Exploration costs                                                           
 written-off                    -             -             -             - 
Exchange rate                                                               
 variance                     336        (1,201)         (150)         (199)
VAT provided in                                                             
 period                      (194)         (567)         (109)       (1,565)
                                                                            
                    -------------- ------------- ------------- -------------
Profit before                                                               
 taxation                   5,434        11,670        10,941        13,876 
                                                                            
                    -------------- ------------- ------------- -------------
                    -------------- ------------- ------------- -------------

3. Earnings per share

The calculation of basic and diluted earnings per ordinary share is based on the following data:


                             3 months     3 months     9 months     9 months
                                ended        ended        ended        ended
                         30 September 30 September 30 September 30 September
                                 2012         2011         2012         2011
                               Shares       Shares       Shares       Shares
Weighted average number                                                     
 of ordinary shares in                                                      
 issue for the period                                                       
  - Number of shares                                                        
   with voting rights     168,047,937  131,848,222  154,707,791  131,733,492
  - Effect of share                                                         
   options in issue           579,772    2,112,481    1,277,411    2,317,956
                                                                            
                        ------------- ------------ ------------ ------------
  - Total used in                                                           
   calculation of                                                           
   diluted earnings per                                                     
   share                  168,627,709  133,960,702  155,985,202  134,051,448
                                                                            
                        ------------- ------------ ------------ ------------
                        ------------- ------------ ------------ ------------
                                                                            
                                                                            
Profit for the period                                                       
 attributable to owners                                                     
 of the parent (US$'000)    3,000,749    6,351,458    3,727,120    5,769,623
                                                                            
                        ------------- ------------ ------------ ------------
                        ------------- ------------ ------------ ------------
Earnings per share                                                          
  - Basic (cents per                                                        
   share)                        1.79         4.82         2.41         4.38
  - Diluted (cents per                                                      
   share)                        1.78         4.74         2.39         4.30
                                                                            
                        ------------- ------------ ------------ ------------

4. Intangible assets


                                    Deferred     Exploration                
                                 exploration      and mining                
                                       Costs          rights           Total
                                     US$'000         US$'000         US$'000
                                                                            
Cost                                                                        
At 1 January 2011                     22,242          30,223          52,465
Additions                             15,541               -          15,541
                                                                            
                              --------------  --------------  --------------
At 30 September 2011                  37,783          30,223          68,006
Additions                              6,155               -           6,155
                                                                            
                              --------------  --------------  --------------
At 31 December 2011                   43,937          30,223          74,160
Additions                             27,175          26,326          53,501
                                                                            
                              --------------  --------------  --------------
At 30 September 2012                  71,112          56,549         127,661
                                                                            
                              --------------  --------------  --------------
Depreciation                                                                
At 1 January 2011                          -           4,114           4,114
Charge for the period                      -           1,451           1,451
                                                                            
                              --------------  --------------  --------------
At 30 September 2011                       -           5,565           5,565
Charge for the period                      -             568             568
                                                                            
                              --------------  --------------  --------------
At 31 December 2011                        -           6,133           6,133
Charge for the period                      -             716             716
                                                                            
                              --------------  --------------  --------------
At 30 September 2012                       -           6,849           6,849
                                                                            
                              --------------  --------------  --------------
Net book value                                                              
                                                                            
At 30 September 2012                  71,112          49,700         120,812
                                                                            
                              --------------  --------------  --------------
                              --------------  --------------  --------------
                                                                            
At 31 December 2011                   43,937          24,090          68,027
                                                                            
                              --------------  --------------  --------------
                              --------------  --------------  --------------
                                                                            
At 30 September 2011                  37,783          24,658          62,441
                                                                            
                              --------------  --------------  --------------
                              --------------  --------------  --------------

5. Property, plant and equipment


                                                             Motor          
                                    Mine development     vehicles,          
                         Assets in    and associated        office          
                        the course   property, plant    equipment,          
                                of     and equipment  fixtures and          
                      construction             costs     computers    Total 
                           US$'000           US$'000       US$'000  US$'000 
                                                                            
Cost                                                                        
At 1 January 2011                -            70,604         4,698   75,302 
Additions                        -             2,526         1,009    3,535 
Transfer                         -               161          (161)       - 
                                                                            
                      ------------ ------------------ ------------- --------
At 30 September 2011             -            73,291         5,546   78,837 
Additions                        -                 -           372      372 
Disposals                        -               (24)            -      (24)
                                                                            
                      ------------ ------------------ ------------- --------
At 31 December 2011              -            73,267         5,918   79,185 
Additions                    4,466             3,981         1,347    9,794 
Disposals                        -               (27)            -      (27)
                                                                            
                      ------------ ------------------ ------------- --------
At 30 September 2012         4,466            77,221         7,265   88,952 
                                                                            
                      ------------ ------------------ ------------- --------
Depreciation                                                                
At 1 January 2011                -            44,439         2,978   47,417 
Charge for the period            -            10,825           656   11,481 
Transfer                         -               133          (133)       - 
                                                                            
                      ------------ ------------------ ------------- --------
At 30 September 2011             -            55,397         3,501   58,898 
Charge for the period            -             2,249           590    2,839 
Disposals                        -                (5)            -       (5)
                                                                            
                      ------------ ------------------ ------------- --------
At 31 December 2011              -            57,641         4,091   61,732 
Charge for the period            -             4,865           842    5,707 
Disposals                        -               (27)            -      (27)
                                                                            
                      ------------ ------------------ ------------- --------
At 30 September 2012             -            62,479         4,933   67,412 
                                                                            
                      ------------ ------------------ ------------- --------
Net book value                                                              
At 30 September 2012         4,466            14,742         2,332   21,540 
                                                                            
                      ------------ ------------------ ------------- --------
                      ------------ ------------------ ------------- --------
                                                                            
At 31 December 2011              -            15,626         1,827   17,453 
                                                                            
                      ------------ ------------------ ------------- --------
                      ------------ ------------------ ------------- --------
                                                                            
At 30 September 2011             -            17,894         2,045   19,939 
                                                                            
                      ------------ ------------------ ------------- --------
                      ------------ ------------------ ------------- --------

6. Inventories


                                       As at           As at           As at
                                30 September    30 September     31 December
                                        2012            2011            2011
                                     US$'000         US$'000         US$'000
                                                                            
Consumable stores                      1,702           1,971           2,358
Ore stockpiles                         5,764           1,900           6,544
Gold in process                        6,255           8,758           7,347
Gold bullion                           1,914           4,078           2,026
                                                                            
                             --------------- --------------- ---------------
                                      15,635          16,707          18,275
                                                                            
                             --------------- --------------- ---------------
                             --------------- --------------- ---------------

7. Share capital


                                       As at           As at           As at
                                30 September    30 September     31 December
                                        2012            2011            2011
                                     US$'000         US$'000         US$'000
                                                                            
Authorised:                                                                 
200,000,000 Ordinary shares                                                 
 of 1p each                            3,080           3,080           3,080
                                                                            
                             --------------- --------------- ---------------
                             --------------- --------------- ---------------
                                                                            
                                                                            
                                         No.             No.             No.
Issued and Fully Paid:                                                      
Ordinary shares of 1p each       168,047,937     131,852,026     131,897,937
                                                                            
                             --------------- --------------- ---------------
                             --------------- --------------- ---------------
                                                                            
                                     US$'000         US$'000         US$'000
Issued and Fully Paid:                                                      
Ordinary shares of 1p each             2,950           2,374           2,375
                                                                            
                             --------------- --------------- ---------------

During the period 36,150,000 ordinary shares were issued as follows:

On 8 March 2012, 150,000 ordinary shares of 1p were issued at 74p in respect of the exercise of share options.

On 22 March 2012, by way of placing, 25,000,000 ordinary shares of 1p were issued at 92p.

On 24 March 2012, 11,000,000 ordinary shares of 1p were issued at 62.75p in respect of the acquisition of the Sega Gold project in Burkina Faso.

8. Contingent liabilities

As stated in note 21 of the Annual report and accounts for the year ended 31 December 2011, the Company received a proposal for additional costs sustained by the mining contractor at the Yaoure Mine totalling US$9.2m in February 2011.

An updated claim was made in June 2011 totalling a further US$5.4m. Whilst the situation remains unresolved the Company has received external advice that confirms that the current provision of US$1.0m is, in the opinion of the Directors, the maximum payable under the terms of the contract.

The terms of the contract clearly state that the rates set out therein shall apply regardless of the difficulty in performing the works under the contract, such that the majority of the additional costs claimed cannot be recovered under the contract.

9. Post balance sheet events

On 12 September the Company announced the signing of a strategic alliance with Samsung C&T Corporation which was due to commence with a US$20m unhedged debt facility. Following the completion of certain conditions precedent the US$20m was drawdown by the Company on 24 October 2012.

This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, anticipated production at Kalsaka and cash flow from Kalsaka, expected grade of material processed from Sega, the finalisation of a fiscal stability agreement with the Sierra Leone Government, commencement of production at Baomahun, statements regarding the exploration, drilling results, mineral resource update and potential future production at Yaoure, Kalsaka and Baomahun, the timing of the feasibility study for Baomahun, and future capital plans and objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, the Company's ability to delineate sufficient sulphide resources for the development of a CIL/CIP operation, risks related to international operations, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined as well as future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Non IFRS Measures - EBITDA (Earnings Before Interest, Income Taxes, Depreciation and Amortization), cash cost per ounce, pre-tax cash margin and average realised gold price are financial measures used by many investors to compare mining companies on the basis of operating results, asset value and the ability to incur and service debt. EBITDA is used because Amara's net income alone does not give an accurate picture of its cash generating potential. Management believes that EBITDA is an important measure in evaluating the Company's financial performance, ability to fund future capital expenditures and repay any future project financing, and in determining whether to invest in Amara. Similarly, cash cost per ounce, pre-tax cash margin and average realised gold price are measures that are considered key measures by Amara in evaluating the Company's operating performance. However, EBITDA, cash cost per ounce and average realised gold price are not measures of financial performance, nor do they have a standardized meaning prescribed by IFRS, and may not be comparable to similar measures presented by other companies.

Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Amara's performance or to cash flows from operating, investing and financing activities of liquidity and cash flows. These measures have been described and presented in this document in order to provide shareholders and potential investors with additional information regarding the Company's operational performance, liquidity and its ability generate funds to finance its operations.

Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager.

(i) See the Company's press release, "Results of the Preliminary Economic Assessment and Exploration Update for the Sega Gold Project", dated 16 October 2012

(ii) See the Company's press release, "Results of the Preliminary Economic Assessment and Exploration Update for the Sega Gold Project", dated 16 October 2012

(iii) See the Company's press release "Further drilling results from the Yaoure project", dated 14 August 2012

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE

Contacts: Amara Mining plc John McGloin, Chairman Peter Spivey, Chief Executive Officer Pete Gardner, Finance Director Katharine Sutton, Head of Investor Relations +44 (0)20 7398 1420 Canaccord Genuity Limited (Nominated Adviser & Broker, London) Rob Collins Sebastian Jones Joe Weaving +44 (0)20 7523 8350 Pelham Bell Pottinger (Financial Public Relations) Charlie Vivian Daniel Thole Lorna Spears +44 (0)20 7861 3232