Aureus Mining Inc. (TSX: AUE) (AIM: AUE) ("Aureus Mining" or the "Company") is pleased to announce that DRA Mineral Projects ("DRA") has been awarded a contract to provide engineering, procurement, construction and management ("EPCM") services (the "Contract") in relation to the design and construction of the New Liberty gold project ("New Liberty"). New Liberty is located within the Company's 100% owned Bea Mountain Mining licence in Liberia.
The Contract is for the provision of a total EPCM service and DRA will be
responsible for project management, engineering and procurement and construction management. DRA has assisted Aureus with the evaluation of New Liberty for the past three years, having been involved with the Preliminary Economic Assessment ("PEA"), the Feasibility Study ("FS"), the Definitive Feasibility Study ("DFS") and the Front End Engineering Design ("FEED") work.
DRA has a long history of working on gold projects. This historic knowledge and experience, combined with expertise of the latest processing technology, enables DRA to successfully design gold plants, particularly in respect of gravity / carbon-in-leach ("CIL") processes which is utilised at New Liberty and is typical in West Africa. DRA recently completed the Edikan Gold Project for Perseus Mining in Ghana, New Luika for Shanta in Tanzania and Kibali for Randgold / Anglogold Ashanti in the Democratic Republic of Congo. DRA has also been involved with several feasibility studies for gold projects, including Otjikoto for B2Gold Corp in Namibia, Fekola for Papillon in Mali and Essase for Asanko (formerly Keegan Resources) in Ghana.
Commenting on the appointment of DRA, David Reading, President and Chief Executive Officer of Aureus Mining, said:
"We are delighted to appoint DRA to manage the design and construction of New Liberty. DRA has been involved in the New Liberty project from the PEA, the DFS and now through to the EPCM. They have gained valuable knowledge throughout this time and are very well placed to successfully execute the construction of the New Liberty project. We look forward to continuing to work with DRA and reaping the benefits of this fruitful relationship. Aureus remain on track for our first gold pour in Q1 2015."
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project" or the "Project"), which has an estimated proven and probable reserve of 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6
years of production. The Company has financed the Project's equity funding requirement, has mandated two banks for a project debt facility that have received credit committee approval, and has mandated one bank for a subordinated debt facility.
