TIDMAAAM
RNS Number : 3218C
African Aura Mining Inc.
04 March 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES
4 March 2011
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
TIMETABLE FOR RESTRUCTURING AND POSTING OF CIRCULAR
4 March 2011, African Aura Mining Inc. ("African Aura" or the
"Company" expected to be renamed Afferro Mining Inc. ("Afferro"))
the TSX-V (AUR) and AIM (AAAM) listed exploration and development
company with divisions focused on iron ore and gold projects in
sub-Saharan Africa, announces that, further to its recent press
releases, a notice of special meeting and information circular
dated February 28, 2011 (the "Circular") detailing the proposed
restructuring of its assets involving Aureus Mining Inc. ("Aureus
Mining") (the "Arrangement") will today be posted to
shareholders.
Luis da Silva, President and CEO of African Aura commented:
"We are extremely pleased that the process for the Company's
restructuring is nearing completion, subject to the relevant
approvals. There is now a clear timetable for the split. A real
opportunity exists for investors to buy-in to the split concept and
the upside that management believes will be created by holders
receiving two new shares in the resulting pure iron ore and gold
entities, Afferro and Aureus, respectively."
The anticipated timetable of principal events relating to the
Arrangement is as follows:
Record date to establish entitlement 25 February 2011
to attend and vote at the Special
Meeting (note: this is not
the "record date" for the purposes
of participating in the Arrangement)
Publication and Posting of 4 March 2011
the Circular to Shareholders
------------------------------
Latest time for receipt of 31 March 2011 at 11.00 a.m.
Form of Instruction for Depositary GMT
Interest holders for the Special
Meeting
------------------------------
Latest time for receipt of 1 April 2011 at 11.00 a.m.
Form of Proxy for Shareholders GMT
for the Special Meeting
------------------------------
African Aura Special Meeting 5 April 2011 at 11.00 a.m.
GMT
------------------------------
Receipt of Final Court Order 6 April 2011
approving the Arrangement
------------------------------
Last day of dealings in African 7 April 2011
Aura Shares (with the right
to receive Aureus Mining Shares)
for settlement purposes
------------------------------
African Aura Shares marked 8 April 2011 at 8.00 a.m. GMT
"ex-entitlement" (i.e not having
the right to receive Aureus
Mining Shares) by the London
Stock Exchange for settlement
purposes
------------------------------
Record date for purposes of 13 April 2011 at 12.01 a.m.
determining African Aura Shareholders (Toronto time) / 5.01 a.m.
entitled to Aureus Mining Shares GMT
------------------------------
Effective date of the Arrangement 13 April 2011
------------------------------
Admission and commencement 13 April 2011 at 8.00 a.m.
of dealings in the Shares of GMT
Aureus Mining on AIM and CREST
accounts credited with entitlements
to Depository Interests and
commencement of trading of
the Shares of the Company under
the new name Afferro Mining
Inc. on AIM and the TSX-V
------------------------------
The above timetable represents the Company's current
expectations and is subject to change. The Company will provide a
further update by press release if the timing set out above
changes.
In accordance with AIM Rules 20 and 26 a copy of the Circular is
also available on the Company's website: www.african-aura.com
About African Aura Mining Inc.
African Aura is an established exploration and development
company listed on the TSX-V (AUR) and London's AIM (AAAM). The
Company operates two divisions that are intended to be split into
separate listed companies becoming effective, subject to
shareholder, regulatory and other approvals in April 2011:
- The iron ore division includes its 38.5% interest in the 2.4Bt
Putu iron ore project in Liberia, which is subject to a resource
expansion drilling programme and moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of London and Moscow listed OAO Severstal). In September
2010, Putu was granted a 25 year renewable Mineral Development
Agreement by the Government of Liberia. The division also includes
a 100% interest in the Nkout 1Bt iron ore project and surrounding
iron targets in Cameroon which is subject to a resource expansion
drilling programme.
- The gold assets, to be held in "Aureus Mining Inc." when
listed independently, include the New Liberty gold deposit in
western Liberia which has a resource of 1.51 million ounces of gold
grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in
the indicated category and 7,040,000 tonnes grading 3.40 g/t in the
inferred category) which is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills
and Gondoja gold projects all within the Company's Bea Mountain 25
year renewable Mineral Development Agreement.
In addition, the Company has a 22% interest in AIM-listed
diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com). It is proposed that, following
completion of the Arrangement, this holding will be held by Aureus
Mining Inc.
The Company has a highly motivated and experienced team with a
track record of discovering mines and taking projects through
development and into production. As a pioneer, African Aura has
attracted some excellent strategic partners and shareholders,
always with the objective of preserving or enhancing shareholder
value. For further information on the Company you are invited to
visit its website at www.african-aura.com, or SEDAR's website at
www.sedar.com, or contact one of the following:
African Aura Mining Inc.
Luis da Silva, President & CEO
Tel: +44 (0) 20 7257 2930
Evolution Securities Limited
Rob Collins / Tim Redfern
Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232
Qualified Person
Howard Baker has some ten years experience in the exploration,
definition and mining of iron ore Mineral Resources. Howard Baker
is a full-time employee of SRK Consulting (UK) Ltd, an independent
Consultancy and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration,
and to the type of activity which he is undertaking to qualify as a
Qualified Person in accordance with NI43-101 and a Competent Person
as defined in the June 2009 Edition of the AIM Note for Mining and
Oil & Gas Companies. Howard Baker consents to the inclusion in
the announcement of the matters relating to iron ore in the form
and context in which they appear and confirms that the information
is accurate and not false or misleading.
Mr C G Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC Consultants
(UK) Limited consents to the inclusion in the announcement of the
matters relating to gold in the form and context in which they
appear and confirms that the information is accurate and not false
or misleading.
Forward-Looking Information
This press release contains certain forward-looking information.
All information, other than information regarding historical fact,
that addresses activities, events or developments that the Company
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 African Aura, including the
completion of the proposed Arrangement and the terms, timing and
consequences (including the potential upside that management
believes exists in respect of the Arrangement) relating thereto;
and the admission on AIM of the Aureus Mining Shares to be received
by African Aura shareholders in connection with the Arrangement,
the holding of the shareholders meeting to consider the
Arrangement, and the receipt by the Company of a final court order
approving the Arrangement and the timing related to these and the
other events set out in the timetable above. The foregoing and
other forward-looking information contained in this press release
reflects the current expectations, assumptions or beliefs of
African Aura based on information currently available to African
Aura. With respect to the forward-looking information contained in
this press release, African Aura has made assumptions regarding,
among other things: general business, economic and mining industry
conditions; the completion of the Arrangement, including the
receipt of all necessary approvals to proceed therewith; the
Company's ongoing exploration and development activities; and it
has also been assumed that no material adverse change in the price
of precious and/or base metals occurs and no significant events
occur outside of African Aura's normal course of 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: delays in
obtaining, or a failure to obtain, required regulatory approvals
(including the approval of the Toronto Stock Exchange and AIM with
respect to the listing and admission, respectively, of the Aureus
Mining Shares to be received by African Aura's shareholders as part
of the Arrangement); the Company's inability to complete the
Arrangement or obtain a favourable confirmation from the Canada
Revenue Agency regarding the tax consequences of the Arrangement;
risks normally incidental to exploration and development of mineral
properties; 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 Circular
and the Company's Annual Information Form dated April 30, 2010
available under the Company's profile on SEDAR at
www.sedar.com.
Forward-looking information speak only as of the date on which
it is made and, except as may be required by applicable law,
African Aura 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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