🕐03.07.10 - 15:11 Uhr
African Aura Mining: EXCELLENT DRILL RESULTS & NEW ZONE AT NEW LIBERTY GOLD DEPOSIT
Please find attached and below a copy of the announcement by African Aura this morning:
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
June 16, 2010
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
EXCELLENT DRILL RESULTS & new zone AT NEW LIBERTY GOLD DEPOSIT
Highlights:
· Drilling in new gold zone (“Latiff Zone”) confirms potential to add new ounces
· Latest drilling intersections from New Liberty include:
o Latiff Zone
§ 5.60 g/t Au over 16m from 79m depth
§ 5.68 g/t Au over 18m from 70m depth
§ 4.64 g/t Au over 25m from 166m depth
o Marvoe Zone
§ 2.29 g/t Au over 56m from 334m depth
§ 5.20 g/t Au over 11m from 158m depth
§ 4.68 g/t Au over 13m from 196m depth
· Additional 1,445m of drilling to delineate Latiff Zone to 220m depth
· Independent resource estimate and scoping study findings expected in July
African Aura Mining Inc.
(“African Aura” or the “Company”), the TSX‑V (AUR) and AIM (AAAM) listed exploration and development Company focused on gold and iron ore in sub-Saharan Africa, provides an update on the drilling programme at the Company’s 100% owned New Liberty gold deposit in western Liberia.
The new Liberty gold deposit is estimated to contain a NI 43-101 compliant measured and indicated resource of 1.38 million ounces of gold at a grade of 3.18 g/t.
Luis da Silva, President and CEO of African Aura commented:
“We are pleased to be delivering on our promises made to our shareholders.
The holes being announced today, which conclude the results from the initial drilling campaign, have returned some of the strongest gold intercepts to date at New Liberty.
The newly discovered Latiff Zone is approximately 235m long and lies 40m west of the Kinjor zone and 130m east and the Larjor zone.
As with all zones at New Liberty the Latiff zone remains open at depth and the Company considers that its discovery can only enhance the project’s open pit mining potential.
Follow up drilling is already underway on the Latiff Zone and I look forward to updating shareholders shortly with the results from this work and the scoping study, which is now entering its final stages.”
Latest Gold Intersections, New Liberty gold deposit
(visit: http://www.african-aura.com/s/NewLiberty.asp for a more detailed drill plan)
Hole ID
Easting
Northing
From
To
Length
Mean Au
Zone
(m)
(m)
(m)
(g/t)
K153
263,537
774,894
334
390
56
2.29
Marvoe
including
339
350
11
4.64
including
359
367
8
5.82
including
380
384
4
5.58
K154
263,843
774,855
407
437
30
1.23
Marvoe
including
413
418
5
3.84
K155
263,552
775,151
117
125
8
2.56
Marvoe
including
117
120
3
5.13
K156
263,713
775,072
154
174
20
2.99
Marvoe
including
158
169
11
5.2
K157
263,937
774,856
No Significant Result
Marvoe
K158
264,005
774,972
171
230
59
1.75
Marvoe
including
196
209
13
4.68
K159
263,782
775,080
126
166
40
0.45
Marvoe
including
141
146
5
1.5
KGD160
263,915
774,999
186
218
32
0.51
Marvoe
including
189
199
10
0.63
including
215
218
3
1.27
KGD161
264,093
774,960
117
118
1
0.66
Marvoe
and
149
152
3
0.28
KGD162
263,095
775,311
45
47
2
0.8
Latiff
and
79
95
16
5.6
including
82
90
8
10.07
KGD163
262,994
775,323
67
69
2
2.67
Latiff
And
80
90
10
6.81
including
81
87
6
11.08
KGD164
263,146
775,305
54
56
2
1.51
Latiff
and
70
88
18
5.68
including
77
87
10
9.26
and
146
156
10
0.46
KGD165
263,036
775,261
124
134
10
1.51
Latiff
and
143
147
4
0.28
and
164
193
29
4.04
including
166
191
25
4.64
KGD166
263,194
775,299
64
65
1
3.73
Latiff
and
72
79
7
0.18
and
145
148
3
2.59
Notes:
- Assay data are uncut.
- Length of intersection is down hole
- Coordinates, UTM zone 29N
African Aura Mining also announces that the Annual Report and Accounts for the year ended 31 December 2009 were distributed to shareholders on 26 May 2010.
An electronic copy is available on the Companys website at http://www.african-aura.com .
About the New Liberty Gold Project
The New Liberty gold deposit is classic Archaean shear zone hosted greenstone gold deposit, located in western Liberia.
The project has a resource of 1.38 million ounces (NI 43-101 compliant 13.533 Mt measured and indicated resource at 3.18 g/t gold) projected to a depth of 300m, comprising three zones along a 1.75km strike length.
The Company considers the results from the current phase of drilling, which have shown that the ore body extends below 300m, including 4.94g/t Au over 10m in hole KGD136 from a depth of 379m and 4.42g/t Au over 8m in KGD133 at a depth of 447m, have the potential to expand the resource base further.
The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth and the deposit, which crops out at surface, remains open at depth.
Metallurgical testwork undertaken by the Company on drill core from New Liberty has indicated a non-refractory ore with excellent expected recoveries of up to 93%.
A scoping study by AMC Consultants (UK) Limited is presently underway that will contribute to a Bankable Feasibility Study for an open pit and/or underground gold mine, targeting 100,000oz annual production.
New Liberty is one of a series of gold deposits located within the Company’s 457km2 ‘Class A’ 25 year renewable Mining Licence.
Geologically, Archaean greenstone belts are known to host major gold mines in Canada, Australia, the Democratic Republic of the Congo and Tanzania.
The Company considers that the Archaean geology of the Man Craton of west Africa is one of very few provinces globally that is highly prospective, but has yet to be systematically explored.
About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and Londons AIM (AAAM).
The Company operates two divisions, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu iron ore project in Liberia, which is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of Moscow listed OAO Severstal).
The division also includes a 100% interest in the Nkout iron ore project and surrounding iron targets in Cameroon.
- The gold division includes the multi million ounce potential New Liberty greenstone gold deposit, which is being advanced through a bankable feasibility study, and the proximal Weaju, Gondoja and Silver Hills projects, all in western Liberia.
In addition, the Company has a 30% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com).
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 SEDARs 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
Simon Edwards / Chris Sim / Neil Elliot Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44 (0) 20 7861 3232
Qualified Person
African Auras Qualified Person responsible for preparing this release is Dr Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy, and a Fellow of the Geological Society.
Quality Control and Sample Preparation
African Aura has a rigorous Quality Control Programme (QCP) inserting a minimum 5% of standards, blanks and duplicates into the sample stream.
The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100 micron at their in-country preparation facilities in Liberia, followed by chemical analysis at its main laboratory in Loughrea, Ireland.
OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board), which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement.
OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.
Forward-looking Statements
This press release includes certain forward-looking statements.
All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors.
Such forward-looking statements are 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 failure to obtain required regulatory approvals.
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.
Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, 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
James Macfarlane
Account Director
Direct line: +44(0)20 7861 3864
Mobile: +44 (0)7841 672 831
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
PLEASE NOTE OUR NEW OFFICE ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010
…………………………………
A CarbonNeutral® company
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