AAAM African Aura

 

TIDMAAAM 
 
RNS Number : 8297R 
African Aura Mining Inc. 
31 August 2010 
 

 NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE 
                                    SERVICES. 
 
TSX-V: AUR 
AIM: AAAM 
 
August 31, 2010 
 
                            AFRICAN AURA MINING INC. 
                        ("African Aura" or the "Company") 
 
                     Publication of Quarter 2 2010 Accounts 
 
The Board of African Aura is pleased to release the Unaudited Interim 
Consolidated Financial Statements of the Company for the quarter ended, June 30, 
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 Company finds itself at a very exciting period of growth.  The first half 
capital raise means that the Company can carry out its planned strategy and key 
projects are adequately funded. 
 
The Board believes that the current value of the Company does not recognise 
fully its key assets. With this in mind the Board is considering splitting 
African Aura into two separate companies, one focussed on developing its gold 
assets and the main surviving entity developing the iron ore assets.  This 
process, being a Canadian incorporated company, would follow the most tax 
efficient means for the Company and its shareholders.  At the appropriate time 
in the near future, the Board will announce the results of its review. 
 
Meanwhile, at project level, the Putu iron ore project in which the Company has 
a 38.5% interest is making excellent progress. The drilling for the 
pre-feasibility study commenced in quarter two and the study itself will 
complete at the latest in 2012. The definitive feasibility study is then 
expected to be completed 18 months thereafter. A project update with 
metallurgical and current drilling progress will follow in September. 
 
The Nkout Iron ore project in the Cameroon is an exciting prospect over which 
the Company has commenced a resource drilling programme in late July 2010. The 
Board believes there is currently no value attributed to the Cameroon iron ore 
assets in the Company's market capitalisation.  Having commenced the year with 
an iron ore exploration licence the intention is to deliver an inferred resource 
statement by year end or early next year, depending on drilling progress. 
 
The gold strategy is based around progressing New Liberty towards a definitive 
feasibility study during the first half of 2011.  Further definition drilling in 
the Latiff zone has been completed and assays are expected during September. 
The resource statement to NI 43-101 level and results of the scoping study are 
expected towards the end of October. 
 
The Company is also stepping out along strike with extension drilling to further 
test the geology of the system. Additional targets within the same Bea Mountain 
licence area are being reviewed in order to provide further near surface 
mineable gold 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." 
 
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 / Tim Redfern / 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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