TIDMAUE
RNS Number : 9391K
Aureus Mining Inc.
06 January 2016
06 January 2016
Aureus Mining Inc.
TSX : AUE
AIM : AUE
COMPLETION OF THE ACQUISITION OF THE SARAMA RESOURCES LIBERIAN
LICENCES AND GRANT OF OPTIONS TO DIRECTORS AND EMPLOYEES
Aureus Mining Inc., ("Aureus" or the "Company"), the TSX and AIM
listed West African Gold Producer, is pleased to announce that the
Company has completed the previously announced acquisition of three
exploration licences from Sarama Investments Limited ("Sarama"), a
wholly-owned subsidiary of Sarama Resources Ltd, for a total
consideration of 6,645,070 Aureus common shares ("Shares").
The acquired licences are contiguous to the Company's Bea
Mountain Mining Licence and are located close to the New Liberty
Gold Mine. As a result of the acquisition, the Company's total land
portfolio in Liberia has increased to 1,683 Km(2) from 1,402Km(2) .
A map of the Company's licence holding, including the newly
acquired licences can be found at the link below:
http://aureus-mining.com/wp-content/uploads/2015/11/Regional_Geology_Aureus_Portfolio.png
On initial closing 5,648,310 Shares have been issued to Sarama,
with the remaining 996,760 Shares retained and not issued until the
required withholding tax clearance certificate is obtained.
Application has been made to the London Stock Exchange for
admission to trading of the first tranche of 5,648,310 Shares on
AIM ("Admission"). It is expected that Admission of the first
tranche of Shares issued to Sarama will become effective on or
around the 7 January 2016, and the Shares will be subject to a
statutory four month hold period from the date of issue (the second
tranche of Shares will also be subject to a statutory four month
hold period from the date of issue).
Accordingly, the figure of 541,816,572 may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's
Disclosure and Transparency Rules.
Issue of Options
The Company also announces that, pursuant to its Stock Option
Plan, it has granted incentive stock options to certain directors
and employees of the Company as part of its annual incentive stock
option programme. The stock options were granted on 4 January 2016
over a total of 11,796,000 common shares, representing
approximately 2.18% of the issued share capital of the Company at
an exercise price of GBP 0.0562 per share, being equal to the
closing price of the common shares on 4 January 2016 on AIM.
1,150,000 of the stock options are exercisable immediately and the
remainder vest over the next two years upon completion of certain
vesting conditions. The stock options issued are capable of being
exercised up to 5 January 2021.
The allocation of stock options to directors was as follows:
Director Position New Options Total Current Current Shareholding
Issued Options Shareholding as a Percentage
Held in Aureus of Current
Following Issued Share
This Capital
Announcement
David President
Reading & CEO 1,200,000 4,150,000 1,090,805 0.20%
----------- ------------ -------------- -------------- ---------------------
David
Netherway Chairman 900,000 2,800,000 431,454 0.08%
----------- ------------ -------------- -------------- ---------------------
Adrian
Reynolds Director 400,000 1,100,000 76,247 0.01%
----------- ------------ -------------- -------------- ---------------------
Jean-Guy
Martin Director 400,000 1,100,000 99,382 0.02%
----------- ------------ -------------- -------------- ---------------------
Karin
Ireton Director 300,000 725,000 132,000 0.02%
----------- ------------ -------------- -------------- ---------------------
Loudon
Owen Director 300,000 725,000 99,593 0.02%
----------- ------------ -------------- -------------- ---------------------
These options were issued for nil consideration.
Correction - Please note that the total number of shares owned
by Mrs. Karin Ireton was incorrectly stated in the press releases
dated 30 November, and 9 December 2015. Mrs. Karin Ireton had an
existing beneficial shareholding of 52,000 common shares and
purchased another 80,000 common shares on 9 December 2015. The
correct number as to the total shares owned by Mrs. Karin Ireton is
132,000 common shares as shown in the table above.
Contact Information
Aureus Mining Inc. Buchanan
David Reading / Paul Thomson Bobby Morse / Anna Michniewicz
Tel: +44(0) 20 7010 7690 Tel: +44(0) 20 7466 5000
Numis Securities Limited GMP Securities Europe LLP
(Nominated Adviser and Joint Broker) (Joint Broker)
John Prior / James Black / Paul Richard Greenfield / Mitch Limb
Gillam Tel: +44(0) 20 7647 2800
Tel: +44(0) 20 7260 1000
About Aureus Mining Inc.
The Company's assets include the New Liberty Gold Mine in
Liberia (the "New Liberty Gold Mine," "New Liberty" or the "mine")
which has an estimated proven and probable mineral reserve of 8.5
Mt with 924,000 ounces of gold grading 3.4 g/t and an estimated
measured and indicated mineral resource of 9,796 Kt with 1,143,000
ounces of gold grading 3.63 g/t and an estimated inferred mineral
resource of 5,730 Kt with 593,000 ounces of gold grading 3.2 g/t. A
Definitive Feasibility Study ("DFS") has been completed, the first
gold pour has taken place and work continues on commissioning the
plant for full scale commercial production. The mine is expected to
have an 8 year life and annual production of 119,000 ounces for the
first 6 years of production. The foregoing mineral reserve and
mineral resource estimates and additional information in connection
therewith are set out in the Company's technical report dated March
25, 2015 and entitled "New Liberty Gold Project, Bea Mountain
Mining Licence Southern Block, Liberia, West Africa, Definitive
Project Plan."
The New Liberty Gold Mine is located within the Southern Block
of the 100% owned Bea Mountain mining licence. This licence covers
478 km(2) and has a 25 year, renewable, mineral development
agreement. The Bea Mountain mining license also hosts additional
gold projects of Ndablama, Gondoja, Weaju and Leopard Rock which
are the focus of exploration programs during 2016. Ndablama has an
indicated mineral resource of 386,000 ounces of gold grading 1.6
g/t and inferred mineral resource of 515,000 ounces of gold grading
1.7 g/t and Weaju has an inferred mineral resource of 178,000
ounces of gold grading 2.1 g/t. The Yambesei (759 km(2) ), Archaen
West (112.6 km(2) ), Mabong (36.6 km(2) ) and Mafa West (15.6 km(2)
) licences will also be subject to preliminary reconnaissance
geological work. The foregoing mineral resource estimates and
additional information in connection therewith are set out in the
Company's technical report dated December 1, 2014 and entitled
"Ndablama and Weaju Gold Projects, Bea Mountain Mining Licence,
Northern Block, Technical Report on Mineral Resources" ("Ndablama
and Weaju Technical Report 2014").
The Company also has a gold exploration permit in Cameroon.
Qualified Persons
The Company's Qualified Person is David Reading, who holds a MSc
in Economic Geology from University of Waterloo, Canada and is a
Fellow of the Institute of Materials, Minerals and Mining. David
Reading is the President and CEO of Aureus Mining Inc. and has
reviewed and approves this press release.
Forward Looking Statements
Certain information in this news release relating to Aureus is
forward-looking and related to anticipated events and strategies.
When used in this context, words such as "will", "anticipate",
"believe", "plan", "intend", "target" and "expect" or similar words
suggest future outcomes. Forward-looking information contained in
this press release includes, but may not be limited to, statements
or information relating to: the New Liberty Gold Project (including
the quantity and quality of mineral resource and mineral reserve
estimates), the potential to upgrade inferred mineral resources,
opportunities to optimize the New Liberty Gold Project, the ability
of the Company to develop the New Liberty Gold Project into a mine
and the proposed new plans relating thereto regarding operations
and mine design, future gold production, and future cash flows, the
expected mine life of the New Liberty Gold Project, progress in the
fight against Ebola and the anticipated exploration and development
activities of Aureus. By their nature, such statements are subject
to significant risks and uncertainties that may cause actual
results or events to differ materially from current expectations,
including: risks normally incidental to exploration and development
of mineral properties; the inability of the Company to obtain
required financing when needed and/or on acceptable terms or at
all; risks that the cost of implementing the new mine plan at the
New Liberty Gold Project and the operating cash costs of the New
liberty Gold Project exceed those estimated in the new mine plan;
uncertainties in the interpretation of results from drilling and
test work; the possibility that future exploration, development or
mining results will not be consistent with expectations; regulatory
and government decisions; the possibility that future drawdowns
under the loan facilities may not be
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