AAAM African Aura

 

TIDMAAAM 
 
RNS Number : 8053M 
African Aura Mining Inc. 
01 June 2010 
 

 
 
 NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE 
                                    SERVICES. 
 
TSX-V:  AUR 
AIM:      AAAM 
 
June 1, 2010 
 
                            AFRICAN AURA MINING INC. 
                        ("African Aura" or the "Company") 
 
                     Publication of Quarter 1 2010 Accounts 
 
The Board of African Aura is pleased to release the Unaudited Interim 
Consolidated Financial Statements of the Company for the quarter ended, March 31 
2010 which should be read in conjunction with the accompanying Management 
Discussion and Analysis. These documents have been filed on Sedar and are 
available on the Company's website (http://www.african-aura.com) or at 
www.sedar.com. 
 
Luis da Silva, President and CEO of African Aura commented: 
 
"The outlook for the Company is very promising despite the difficult trading 
conditions in the financial markets. The Company is now well positioned in its 
chosen commodities, gold and iron ore, to pursue strategies that will maximise 
the value of the Company. 
 
The Putu iron ore project in which the Company has a 38.5% interest made 
excellent progress in 2009 and the early part of 2010. The drilling for a 
pre-feasibility study is commencing now and the study will complete in 2012. The 
definitive feasibility study is then expected to be delivered 18 months 
thereafter. The Nkout Iron ore project in the Cameroon is an exciting prospect 
and the Company has plans to commence a resource drilling programme during Q2, 
2010. There is currently no value attributed to the Cameroon iron ore assets in 
the Company's market capitalisation. 
 
The gold strategy is based around progressing New Liberty towards a definitive 
feasibility study during the first half of 2011. Additional targets within the 
same licence area are being reviewed in order to provide further near surface 
ounces. Of particular note are Silver Hills, Weaju and Ndablama, all located 
within 15-30 kilometres of New Liberty. These near surface target ounces will 
allow for truckable ore to be transported to New Liberty. 
 
The key priorities for the Company for 2010 are summarised below: 
 
(a) 62,000m resource drilling programme at Putu starting in the first half of 
2010 with metallurgical test results due in the middle of the year; 
(b) Finalisation of the 25 year MDA for Putu; 
(c) Commencement of a 4,000m resource definition drilling programme at satellite 
prospects near New Liberty; 
(d) Interpretation of the airborne survey over the Nkout Iron Ore prospect in 
the Cameroon leading to a drilling programme to define a maiden resource; 
(e) Update the resource at New Liberty and deliver a scoping study to evaluate 
the different mining scenarios and the investment case; and 
(f) Based on a successful scoping study, progress New Liberty towards a 
definitive feasibility study encompassing an environmental assessment, 
metallurgical test work, mine planning and design, plant and infrastructure and 
a full economic evaluation." 
 
On behalf of the Board of African Aura Mining Inc. 
 
Luis da Silva 
President and CEO 
 
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, 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, Ndablama and Silver Hills projects, all 
in western Liberia. 
 
In addition, the Company has a 30.8% 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 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 7299 4212 
 
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 
 
 
 
 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. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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