25 May 2012

Aureus reveals New Liberty plan 

02/02/2012 Robert Tyerman

Liberian gold play Aureus Mining (AUE) says its New Liberty project holds an established reserve of 873,000 oz, with production to start late next year. The AIM-quoted company suggests it can produce 123,000 oz a year, with a head grade of 3.7 grammes of gold per tonne of ore, at an operating cash cost of $632 an ounce, against today's gold price of $1,748 an ounce.

Chief executive officer David Reading says the expected initial capital cost of taking New Liberty into production is $113 million (£70 million) and indicates it is likely Aureus, which raised £21 million in May at 83p and is now talking to several banks, will seek to fund that mostly through debt. With a feasibility study on the project due in March, he declares 'now we are going to find some more gold and add another million oz to reserves.'

Highlighted by Growth Company Investor at 73.5p in October, Aureus shares, which have traded between 15p and 56.5p over the past year, now stand at 83.5p, valuing the company at £107 million. Hold on.          

Tags: AIM market, David Reading, Feasibility study, Liberian gold project, New Liberty

Sector: Mining

Companies: Aureus Mining

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