TIDMAAAM
RNS Number : 9716D
African Aura Mining Inc.
31 March 2011
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES
31 March 2011
TSX-V: AUR
AIM: AAAM
African Aura Mining Inc.
Indications of Support from Institutions and Directors exceed
40%
31 March 2011, African Aura Mining Inc. ("African Aura" or the
"Company" expected to be renamed Afferro Mining Inc. ("Afferro"))
the TSX-V (AUR) and AIM (AAAM) listed exploration and development
company with divisions focused on iron ore and gold projects in
sub-Saharan Africa, announces that, further to its recent press
releases regarding the proposed restructuring of its assets (the
"Arrangement"), the Company has received indications of support
from institutional shareholders and all directors representing in
excess of 40% of the issued share capital of the Company ahead of
the Meeting of the Company's shareholders scheduled to consider,
among other things, the Arrangement, (the "Special Meeting").
The Company wishes to remind shareholders that the Special
Meeting will be held at Cobbetts LLP, 70 Gray's Inn Road, London,
WC1X 8BT, United Kingdom at 11:00 a.m. (London time) on 5 April
2011. If holders of depository interests in the United Kingdom are
not able to attend the Special Meeting they are reminded that the
Form of Instruction must be received by Computershare Investor
Services plc by no later than 11.00 a.m. (BST) on 31 March 2011.
For shareholders who are unable to attend the Special Meeting, they
are reminded that the Form of Proxy must be received by
Computershare Investor Services Inc. by no later than 11.00 a.m.
(BST) on 1 April 2011.
Luis da Silva, President and CEO of African Aura commented:
"This is extremely encouraging in terms of voting prior to next
Tuesday's special meeting and reiterates the compelling case and
rationale for the split to create focused commodity plays. In the
last four months, the Company has met with a significant number of
shareholders as well as many potential investors and the sentiments
have been consistent in supporting the split. We look forward to a
positive vote on the Arrangement and beyond that delivering on our
commitment to creating value for our shareholders."
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 that are intended to be split into
separate listed companies becoming effective, subject to
shareholder, regulatory and other approvals in April 2011:
- The iron ore division, to be renamed Afferro, includes its
38.5% interest in the 2.4Bt Putu iron ore project in Liberia, which
is subject to a resource expansion drilling programme and moving
through pre-feasibility managed by joint venture partner Severstal
Resources (the mining division of London and Moscow listed OAO
Severstal). In September 2010, Putu was granted a 25 year renewable
Mineral Development Agreement by the Government of Liberia. The
division also includes a 100% interest in the Nkout 1Bt iron ore
project and surrounding iron targets in Cameroon which is subject
to a resource expansion drilling programme targeting 4Bt.
- The gold assets, to be held in "Aureus Mining Inc." when
listed independently, include the New Liberty gold deposit in
western Liberia which has a resource of 1.51 million ounces of gold
grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in
the indicated category and 7,040,000 tonnes grading 3.40 g/t in the
inferred category) which is being advanced through a bankable
feasibility study, and the proximal Ndablama, Weaju, Silver Hills
and Gondoja gold projects all within the Company's Bea Mountain 25
year renewable Mineral Development Agreement.
In addition, the Company has a 14% interest in AIM-listed
diamond producer Stellar Diamonds Plc (AIM: STEL,
www.stellar-diamonds.com). It is proposed that, following
completion of the Arrangement, this holding will be held by Aureus
Mining Inc.
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 7257 2930
Evolution Securities Limited
Neil Elliot/ Tim Redfern
Tel: +44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 20 7861 3232
Qualified Person
Howard Baker has some ten years experience in the exploration,
definition and mining of iron ore Mineral Resources. Howard Baker
is a full-time employee of SRK Consulting (UK) Ltd, an independent
Consultancy and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration,
and to the type of activity which he is undertaking to qualify as a
Qualified Person in accordance with NI43-101 and a Competent Person
as defined in the June 2009 Edition of the AIM Note for Mining and
Oil & Gas Companies. Howard Baker consents to the inclusion in
the announcement of the matters relating to iron ore in the form
and context in which they appear and confirms that the information
is accurate and not false or misleading.
Mr C G Arnold, BSC(Hons),MSc, MAusIMM (CP) of AMC Consultants
(UK) Limited consents to the inclusion in the announcement of the
matters relating to gold in the form and context in which they
appear and confirms that the information is accurate and not false
or misleading.
Forward-Looking Information
This press release contains certain forward-looking information.
All information, other than information regarding historical fact
that addresses activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future is
forward-looking information. Forward-looking information contained
in this press release includes, but may not be limited to: the
future plans and objectives of African Aura and Aureus Mining Inc.,
including the completion of the proposed Arrangement and the terms,
timing and consequences relating thereto; the listing of Aureus
Mining Inc. following the completion of the Arrangement and the
anticipated voting of the shareholders referred to in this press
release relating to the Arrangement resolution. The foregoing and
other forward-looking information contained in this press release
reflects the current expectations, assumptions or beliefs of
African Aura based on information currently available to African
Aura. With respect to the forward-looking information contained in
this press release, African Aura has made assumptions regarding,
among other things: general business, economic and mining industry
conditions; the completion of the Arrangement, including the
receipt of all necessary approvals to proceed therewith; the
Company's ongoing exploration and development activities; and it
has also been assumed that no material adverse change in the price
of precious and/or base metals occurs and no significant events
occur outside of African Aura's normal course of business.
Such forward-looking information is 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 a failure to obtain, required shareholder, regulatory
and/or court approvals; the Company's inability to complete the
Arrangement or obtain a favourable confirmation from the Canada
Revenue Agency regarding the tax consequences of the Arrangement;
risks normally incidental to exploration and development of mineral
properties; adverse changes in precious and/or base metal prices;
and future unforeseen liabilities and other factors including, but
not limited to, those listed under "Risk Factors" in the management
information circular of the Company dated February 28, 2011 and the
Company's Annual Information Form dated April 30, 2010, copies of
which are available under the Company's profile on SEDAR at
www.sedar.com.
Forward-looking information speaks only as of the date on which
it is made and, except as may be required by applicable law,
African Aura disclaims any obligation to update or modify such
forward-looking information, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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